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LEP announces £1.5m investment in Proper Cornish business
A £1.5m investment in a local business that will create 50 new jobs and safeguard 183 more has been announced by the Cornwall & Isles of Scilly Local Enterprise Partnership.
Proper Cornish, the Bodmin based pasty company, has been awarded £1.5m of investment through the Business Catalyst Fund. The funding will enable a £3.75m capital project to convert an empty 48,000 sq. ft unit on the Walker Lines Industrial Estate to accommodate a modern bakery and head office all under one roof.
Chris Pomfret, Chair of the Cornwall & Isles of Scilly LEP, said: "The investment in Proper Cornish is an example of the real difference this fund can make, not only to a company but also the wider community. It has enabled a project that will safeguard the existing business but will also create new jobs and promote growth, which is a key priority for the economy of Cornwall in 2013."
In addition to gaining a competitive advantage in their market and achieving efficiencies by combining the company's 6 current locations, the project will safeguard the jobs of the existing 183 strong workforce and will create 50 new jobs over the next two years.
Paul Saunders, Group Financial Director for Proper Cornish, said: "We are delighted that the LEP has recognised the opportunity this project offers in terms of sustainable employment and business growth.
Funds such as these are vital in the current economic climate and we are excited to be able to move the business forward in such a positive way."
The £5m Business Catalyst Fund is delivered by Cornwall Development Company on behalf of the LEP and Cornwall Council. Funded from Regional Growth Fund, it forms part of the £17m Business Boost investment programme and supports businesses to make significant investments to create a step change in performance, productivity and growth. It can help fund large scale expenditure for capital investment or revenue projects, leading to the creation of new jobs and/or allow the business to retain staff that might otherwise be at risk.
Stephen Rushworth, Cornwall Council Portfolio Holder for Economy & Regeneration said: "I welcome the announcement today; the Council is committed to working with partners to support the local business community in achieving growth and creating new jobs for the people of Cornwall."
Chris Pomfret, Chair of the Cornwall & Isles of Scilly LEP, said: "The investment in Proper Cornish is an example of the real difference this fund can make, not only to a company but also the wider community. It has enabled a project that will safeguard the existing business but will also create new jobs and promote growth, which is a key priority for the economy of Cornwall in 2013."
In addition to gaining a competitive advantage in their market and achieving efficiencies by combining the company's 6 current locations, the project will safeguard the jobs of the existing 183 strong workforce and will create 50 new jobs over the next two years.
Paul Saunders, Group Financial Director for Proper Cornish, said: "We are delighted that the LEP has recognised the opportunity this project offers in terms of sustainable employment and business growth.
Funds such as these are vital in the current economic climate and we are excited to be able to move the business forward in such a positive way."
The £5m Business Catalyst Fund is delivered by Cornwall Development Company on behalf of the LEP and Cornwall Council. Funded from Regional Growth Fund, it forms part of the £17m Business Boost investment programme and supports businesses to make significant investments to create a step change in performance, productivity and growth. It can help fund large scale expenditure for capital investment or revenue projects, leading to the creation of new jobs and/or allow the business to retain staff that might otherwise be at risk.
Stephen Rushworth, Cornwall Council Portfolio Holder for Economy & Regeneration said: "I welcome the announcement today; the Council is committed to working with partners to support the local business community in achieving growth and creating new jobs for the people of Cornwall."
