Over 85 high value jobs and £3million investment will be generated over the next 3-years across Devon, Plymouth, Somerset and Torbay thanks to the Invest in the Heart of the South West Inward Investment service.
Funded by the Plymouth and South West Peninsula City Deal, the service has created tailored packages for companies considering relocation.
The Heart of the South West (HotSW) area is increasingly a destination of choice for growing companies from the UK and overseas. They are attracted by the well established advanced engineering, manufacturing and technology clusters that are supported by innovative research and development from world leading colleges and universities and a highly skilled labour supply.
Julia Stuckey, Heart of the South West Inward Investment Manager said: “The Investor Growth and Soft Landing grants have helped us attract and support SMEs relocating or expanding in the HotSW area. The funding pays for potential investors to visit HotSW and meet the team, enabling us to showcase the area’s significant potential for growing businesses; and to support a company’s relocation and growth, creating new jobs and investment in the local economy.”
Patrick Hartop, Head of City Deal said: “Investment from the Plymouth and South West Peninsula City Deal is already making a substantial difference to our ability to attract companies into the area. With the development of South Yard and the Marine Industries Campus, we are seeing a level of interest that can only cement our global reputation for excellence in marine industries.”
Successful grant recipients include:
- TePe, a Swedish company that designs and manufactures oral hygiene products. The grant will assist with the cost of moving its UK division to larger premises in Somerset, an investment of almost £2 million.
- US-based BB Photonics, which has landed in Torbay, investing over £1million in total, further strengthening the network of hi-tech photonics and electronics companies in South Devon.
- Imaginative Cuisine is moving its manufacturing operation to Somerset and investing over £200,000 in the local area.
- US-based Assure Controls are setting up marine technology and training projects in Brixham and Torbay. They are investing over £100,000, and reinforcing established links between the Heart of the South West and the USA’s marine and maritime industries.
- Somerset’s Wiseman Energy Ltd are importing innovative wind turbine designs from the US in a £500,000 plus investment.
- Prodek has relocated to introduce pioneering construction, roofing and specialist hydrophobic coatings products, investing over £80,000 in Devon.
- South African signage and display holder company Barkermad has now opened a branch in Exeter and will be investing over £100,000 in the upcoming year
- MSubs, a US-owned marine industries specialist in autonomous systems, is now operating in Plymouth. The grant has aided a £100,000 project to expand capability, grow the product range and increase productivity, creating at least 10 highly-skilled jobs.
Richard Hill, Business Development Manager of MSubs said: “With close ties to Plymouth City Council and Plymouth University, and with the news that Plymouth’s South Yard is soon to become a Marine Industries Enterprise Zone, being located in the Heart of the South West is pivotal to MSubs future growth.”
Michael Boyd, UKTI Managing Director said: “Overseas companies are attracted by such a strong network of business support. With UKTI’s presence overseas, the specialist sector teams in-country and the Heart of the South West partnership all focused on one goal, to attract, support and maintain high value inward investment, we are in a strong position to win even more investment for the UK.”
The Invest in the Heart of the South West Inward Investment service was established in July 2015. Supported by the Regional Growth Fund Plymouth and South West Peninsula City Deal and the Heart of the South West Local Enterprise Partnership. The service works with public and private sector partners to attract companies and stimulate growth in the area. UKTI’s Inward Investment team plays a vital role in the Heart of the South West Inward Investment partnership’s success.