26th April 2013
Nine small and medium-sized businesses in the South West have secured cash from the first round of Plymouth University’s growth fund awards and are set to create 95 new jobs.
A total of £843,223 has been awarded to the companies, which include a brewery, a manufacturer of protective phone and tablet cases, and a media business, and the funding is expected to unlock an additional £1.1m in private sector investment.
The university was awarded the funding in the third round of the government’s Regional Growth Fund.
The winning companies are Colour Express, COSMIC, Original Pasty House, Otter Brewery, Plymouth Kitchen Company, Rebecca Garrett Media, Scanstrut, Teignbridge Propellers and Underhill Engineering.
The schemes include a project to increase the production capacity of Otter Brewery’s site in Honiton; bringing in-house work at Teignbridge Propellers which was formerly undertaken outside the region and allowing Colour Express in Plymouth to purchase equipment to deliver a large contract.
Professor Julian Beer, pro vice-chancellor for regional enterprise at Plymouth University, said: “We have experienced huge demand and have been consistently impressed by the quality, ambition and diversity of applicants.
“The availability of finance is still one of the biggest stumbling blocks to business growth but the appetite is there and we’re delighted to be creating almost 100 jobs in the first round and playing a key role in the economic growth of our region.”
Further funding decisions are set to be announced in June and September.