Nick Clegg, the Deputy Prime Minister is today announcing investment from the government’s Regional Growth Fund (RGF) in West Yorkshire.
Bed manufacturing company Harrison Spinks is being awarded more than £2 million from the Fund to help create 138 jobs and safeguard 40 jobs in Leeds. This will be matched with £4.5 million from the private sector. They will use the money to further develop an innovative recyclable spring technology to replace foam products in their beds.
Normanton-based company Really Useful Products has successfully secured £1 million of Regional Growth Fund investment to help create 175 jobs. The storage box company will use the investment to install new machinery and expand their factory which will allow them to increase the manufacture of plastic products and grow their business. It has also secured nearly £6 million of private investment.
The cash comes from the Regional Growth Fund, which sees government and the private sector work together to grow the economy in a balanced way across all regions and a range of industries.
The Deputy Prime Minister will visit both businesses to meet workers and see where the cash from the Regional Growth Fund will be invested to boost jobs and growth across the region.
Deputy Prime Minister Nick Clegg said: “Britain is on the road to recovery, and it’s because of businesses like this who are working hard and helping us build a stronger economy.
“Investment allows these ambitious companies, in Yorkshire and across the country, to grow and create more jobs. It boosts the local economy, and helps fuel Britain’s economy.
“I am delighted that hundreds of new jobs will be created thanks to the Regional Growth Fund. I want 2014 to be another great year for growth in Yorkshire. And the eyes of the world will be on us as the Grand Départ of the Tour de France takes place here, bringing millions of pounds of investment to help the region thrive.”
Really Useful Products Finance Director Neil Ashton said: “We are really pleased to have been successful in our bid to the Regional Growth Fund and this investment has already been used to create 24 new jobs in manufacturing, distribution and sales.
“The money will also help us expand our family-owned business and create 175 new jobs in the area over 7 years. Without the grant we would not have the funding or confidence to make such a large investment.”