‘Stars of the East’ feature in campaign to promote Growing Business Fund grants

FOURchampions for key industry sectors across Suffolk and Norfolk are featured in a new campaign to promote the LEP’s Growing Business Fund grant scheme, which provides up to £500,000 investment to help SMEs invest and grow.

The four businesses will be featured on new leaflets and marketing materials to promote the fund, which has so far awarded over £15.6m to 300 businesses helping to unlock around £100m of private match funding and create over 2,200 new jobs.

The businesses were selected for their commitment to grow and create new employment opportunities across food production, creative design and advanced manufacturing industries.

And one company in Great Yarmouth is among the first to benefit from the LEP’s Oil and Gas Taskforce support, where the Growing Business Fund can be used to support companies during the global oil and gas downturn, to sustain jobs and look for new avenues for growth.

Family-owned engineering firm Hydramec Offshore has received a £200,000 grant which helped them move into new facilities and safeguard high-skilled jobs.

Karl Hawkins, General Manager of the family-owned Great Yarmouth offshore engineering firm Hydramec Offshore said: “We’ve seen tough times in the oil and gas sector but the Growing Business Fund has allowed us to buy new premises, doubling previous internal floor space. This vital investment will see increased productivity as we take more production in-house, ensuring that jobs are saved.”

In the Creative Digital sector, Cubiqdesign, a graphic, web and advertising design agency, based in Newmarket received a £41,000 grant which meant they could also move to a bigger office and expand their digital team.

Gemma Treby, Managing Director of Cubiqdesign said: “As demand for our services increased, we had outgrown our former premises and desperately needed to relocate to a bigger commercial property. We applied for the grant to help plug the funding shortfall and enable the expansion to take place. The application was straightforward and we’ve had tremendous support from the New Anglia Growth Hub advisers throughout.”

First established in 2004, Stokes Sauces based in Rendlesham, Suffolk, are now a well-recognised brand in shops, hotels and restaurants across the UK. They received a £65,000 GBF grant to buy machinery to produce sauce sachets, new cooking equipment and IT systems.

Commercial Director, Chris Reeve said: “The Growing Business Fund has helped us to increase our project range, moving into the sachet market and opening up more financial prospects for the business. This growth has led to us securing new contracts with British Airways and Virgin Atlantic to supply selected condiments, such as red onion marmalade and BBQ sauces, on their flights.”

And in Ipswich, manufacturer Colour Marketing Services, a colour sampling business, used their £67,000 grant to buy new machinery and equipment and move into a larger facility on Farthing Road Industrial Estate.

Anne Harrison, Finance Director at Colour Marketing Services, said “We have ambitious growth plans for the future, which include expansion into overseas markets and increasing our product range. The funding allowed us to move to a new facility, which is a light, bright and a comfortable working environment for our employees.”

Chris Starkie, managing director of New Anglia LEP said: “These are the stars of the East, the companies and sectors that are powering our growth and driving the economy. It is great to be able to showcase their achievements in this way and invest in their exciting future plans. So far our Growing Business Fund has helped around 300 companies, we would like to help hundreds more to do the same.

The Oil and Gas Taskforce was set up by the LEP in 2015 to support those companies suffering from the global downturn in energy prices. It is supported by local authorities, EEEGR, local MPs and business groups.

Chris Starkie, continued: “A key aim of the Taskforce is to help companies diversify and understand the opportunities that other markets present. We are currently assisting a number of businesses, large and small, by providing subsidised accessed to specialist consultants as well as providing grant funding via our Growing Business Fund to sustain jobs and support new growth plans. Hydramec in Great Yarmouth is one of the first companies to receive that support and I am delighted that we have been able to help them in this way.”

To help businesses with their applications for the Growing Business Fund, the New Anglia Growth Hub advisers can provide free support and guidance.

To find out more about the Growing Business Fund and other programmes, go to newanglia.co.uk/business-support and contact the New Anglia Growth Hub on 0300 333 6536 or email [email protected]