Holroyd to build new facilities following Regional Growth Fund grant
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Holroyd Precision Technologies is one of 50 companies and partnerships set to benefit from provisional grants allocated in the first round of the £1.4bn Regional Growth Fund. The £450million invested in the first round will be accompanied by significant investment from the private sector.
Holroyd has received conditional funding to develop a new factory, R&D centre and offices in Rochdale. Dr Tony Bannan, Holroyd's chief executive, said: "This grant will assist our business to develop and grow. It forms part of our strategic plan to establish a worldwide Research, Development and Innovation HQ for our Group's manufacturing technology products. The grant will enable us to recruit and train highly skilled staff, building on the training academy that we are already putting in place. We are grateful for the support and will put it to good use."
Bidders had to demonstrate how they would create jobs and a high level of private sector led sustainable economic growth in their local communities over the coming years. It is anticipated the funds will directly create 27,000 new jobs, with a further 100,000 jobs created in associated trades and supply chains.
The bidding process for the remainder of the fund closes on 1 July 2011. Other companies to receive conditional funding include: Chirton Engineering, Nissan Motor Manufacturing, Bentley Motors, Pilkington UK, SSI UK, E2V Technologies, Jaguar Land Rover, and David Brown Gear Systems.
Lord Heseltine, chair of the Independent Advisory Panel, said: "I believe the £450m, which levers in around £2.5bn of private sector investment, supports projects delivering real jobs to real people on the ground now. They show government is getting actively behind the private sector to rebalance our economy."
