An engineering company is the only Fylde firm to have won a share of the latest tranche of the Government’s Regional Growth Fund.
Helical Technology, which has recently built a multi-million pound technology centre in Warton, has been named as one of just 18 recipients of the fourth round of the fund designed to stimulate growth and create jobs by levering in private sector investment.
The company, which also has premises in Lytham and a new purpose built factory in India, specialises in precision engine and exhaust components for the auto industry and employs 175 on the Fylde.
The government said the RGF levers in private finance to allow companies to grow.
It is par t of the Government’s industrial strategy supporting key sectors including automotive, aerospace, energy and life sciences and has been extended until 2017.
Business Secretary Vince Cable said: “We have already helped over 2,600 SMEs through RGF programmes and recently announced a further £600m RGF funding to be available from 2015 so that we can continue to support British business and manufacturing.
“We are laying the right foundations for stability and good solid business growth as well as supporting sectors prioritised in the government’s industrial strategy – from automotive to oil and gas. Companies and their local economies are seeing the benefits of the Regional Growth Fund, creating jobs for the long term.”
Roger Salomone, Head of Business Environment at EEF said: “With significant new funding for organisations such as Local Enterprise Partnerships coming on-stream, we would like to see future regional growth funds focus on supporting business-led projects.”