Case studies: Unlocking Business Investment
Case Study: Mayflower Engineering (taken from press release issued August 2014)
An independent engineering firm is set to recruit 11 new members of staff, and safeguard a further three jobs, thanks to a grant from the Sheffield City Region Local Enterprise Partnership.
Mayflower Engineering Ltd, based in Coleridge Road, Darnall, was established in 1974 and currently employs 72 members of staff, who deal with all aspects of the engineering business from design through to installation.
The company, which is fighting back after being badly affected by the recession, is now celebrating after being successful in gaining £82k of funding from the Local Enterprise Partnership (LEP’s) Regional Growth Fund.
That money will cover 20 per cent of the cost of two vital new pieces of equipment – a plasma and flame cutter for cutting through mild steel, and a press brake for bending pieces of steel or aluminium.
Kevan Bingham, managing director of Mayflower Engineering, said:
“Like many small, independent firms, we were hit hard by the recession, and plans that we had in place for growth have had to be adapted and rethought as a result.
“Although the company is now well on the way to recovery, what we badly need now is the money to enable us to put into place our new and innovative ideas, in order to modernise and expand even further.
“This grant funding from the LEP will enable us to implement new ideas that have been formulated over the course of this year and also, most importantly, enable us not only to save existing jobs but create new ones.”
Thanks to this grant funding from the Regional Growth Fund, Mayflower Engineering will be able to keep at the forefront of modern technology and operate at the cutting edge of the steel industry.
The company will also be able to enter new markets and enhance its product range by using plant machinery with an increased capability.
Case Study: LION Trackhire (taken from press release issued 9th January 2014)
A Sheffield City Region temporary road provider is growing its export operations to Germany with help from a £400,000 grant from the Local Enterprise Partnership (LEP).
From 2014, LION Trackhire will invest over £2.2 million to grow its business in German and European markets. The growing company will create 30 new jobs by March 2016, almost doubling its existing workforce.
LION Trackhire joins the growing number of businesses to benefit from LEP’s “Unlocking Business Investment” programme, which is currently helping 88 projects to grow and create local jobs. By January 2014, the programme had allocated over £28 million which led to over £190 million of investment in the Sheffield City Region. These projects are expected to create or safeguard over 3,000 local jobs by March 2016.
LION Trackhire, based in Worksop, is the market leader in portable roadways and access solutions to the events and construction sectors. LION is Europe’s fastest growing portable roadway company, and was recently listed 26th in The Sunday Times Virgin Fast Track 100 league table, an annual ranking of Britain’s 100 fastest growing private companies.
LION Trackhire’s Director Dale Robinson said,
“LION is an ambitious company with significant plans to grow in the Sheffield City Region.
“The LEP’s local RGF programme has given our fast growing company the ability to grow even faster – creating more jobs and more exports in 2014.
“The local RGF programme, led by the LEP and supported by Sheffield City Council, has been a smooth process from our perspective. I would strongly encourage any other company with a strong plan for growth to visit the LEP’s website and apply.”
Decisions on where to invest the RGF money are made by the LEP RGF Steering Group, which is led by leaders from successful businesses in the Sheffield City Region. LEP Board Member David Grey MBE, Group Managing Director of OSL Group Holdings, is part of the LEP RGF Steering group. He said:
“The aim of the LEP’s RGF programme is to maximise the growth opportunities for businesses in the City Region whilst securing the maximum value for the public money invested.
“We have a good track record of securing excellent value for public money by rigorously evaluating the plans put forward by local businesses. This has allowed us to perform significantly better than the national RGF programme, partly because we really know the businesses in our City Region.
“By making prudent investments linked to long-term business strategy, we have been able to use funding in a way that makes a real, long-term difference to the fortunes of individual companies and to the Sheffield City Region more generally.”
LION Trackhire Ltd (LION) is a UK leader in temporary access solutions for infrastructure projects and events, allowing movement on uneven and unpaved remote sites.
The business has diversified into the renewable energy market (wind and solar) production installations, creating an export opportunity to service demand in the EU, particularly in the German market.
Other case studies
Loadhog Limited’s project involves the purchase of two state of the art injection moulding machines to increase moulding capacity and a third moulding machine to bring in house some component manufacturing currently undertaken elsewhere. Increasingly the problems that Loadhog are solving necessitate the investment in pooling structures. The project will put in place the necessary rental fleets and wash facilities for a number of major contracts. Investment will also be made in vacuum forming technologies, which will open up lower cost solutions for Loadhog together with an investment to increase the usage of recycled polymers. Further investment will continue to be made in researching and developing innovative patentable solutions.
Avoca Systems Ltd is a market leader in Healthcare data management and migration and currently employs 30 people based in Chesterfield, Derbyshire. The aim of its project is to provide the skills and infrastructure necessary to grow its business rapidly to enable them to maximise the potential of a new exporting venture whilst securing their market share in the UK. Avoca’s business focus is healthcare data management and technology and it is currently in negotiations over a new opportunity for selling its service in the Middle East where initial feedback indicates their service would be fit for demand. Avoca will be looking to increase its workforce by 60% (18 new UK Chesterfield based staff) in the period Aug 2012 – Jan 2015 to support both new and existing contracts.
Magnomatics is a high technology spin-out company from the University of Sheffield. Its patented motor technology offers a significant efficiency increase, maintenance reduction and reliability benefit for applications as diverse as traction motors for electric vehicles and trains; propulsion motors for modern ships and actuators for use in aircraft. This project enables the company to crucially transition from proven demonstrators to being able to produce robust motors in serial production for use in electric vehicles, trains and ships for multinational clients.
Cathelco Ltd, based in Chesterfield, plans to manufacture a new product which will be sold to ships operating around the world. The ballast water treatment system prevents invasive creatures and other marine organisms from being transferred from one ocean to another when ships discharge their ballast water. This is recognised as a major environmental problem resulting in legislation making it compulsory for all ocean going vessels to be installed with such equipment in the near future. Demand for the new system means that Cathelco are looking to increase the size of their existing factory and recruit over 70 new staff over the coming years and will distribute the product through its international network of agents.