A FYLDE aerospace engineering company has landed a share of a £1bn government handout.
Kilgour Metal Treatments is one of 22 North West companies to get a share of the £88m earmarked for the region from the third round of the Regional Growth Fund.
Kilgour, founded in 1966, manufactures parts and offers treatments and project management for aircraft projects at its state of the art site at Redmarsh Industrial estate in Thornton.
It was one of 414 applicants to the fund which is designed to use £1bn of public money to lever in a further £6bn of private sector investment.
The Government said the investment will help manufacturing firms, small businesses and local partnerships across England to expand their operations, create new jobs and stimulate growth.
It said bidders will be putting in £6bn of their own cash into the projects and programmes which are expected to create and safeguard more than 240,000 jobs over the long term.
It said this comes in addition to the 300,000 jobs that are being created or safeguarded from rounds one and two of the fund – the majority of which are being added over the next five years.
Deputy Prime Minister Nick Clegg said: “This £1bn boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.
“In tough economic times the Regional Growth Fund is good value for taxpayers’ money – this £1bn round of the fund is pulling in £6bn of private sector investment.
“I have seen for myself the real difference this makes on the ground – from iconic businesses like Eddie Stobart expanding in Widnes and creating 3,450 jobs in the local area, to the Sunderland car parts factory, Unipres who have used their funding to buy a new 3,000 tonne press, letting them accelerate production and take on an extra 316 people.
“The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy.”
Business Minister, Michael Fallon said: “Round 3 created a lot of high-quality demand for the fund which made the decision process very tough.
“However the selected bidders represent a good breadth of different sectors and a strong distribution across the country.”