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Inventory control and management specialist, Propeller GB, is one of a consortium of eleven small and medium-sized businesses in the North East awarded a total of £3 million, in the latest round of the Regional Growth Fund programme.
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Inventory control and management specialist, Propeller GB, is one of a consortium of eleven small and medium-sized businesses in the North East awarded a total of £3 million, in the latest round of the Regional Growth Fund programme. One of only two such initiatives in the country, the collaborative bid was put together by local newspaper The Newcastle Journal, to give SME's access to much-needed investment funds and create new jobs in the region.
Peterlee-based Propeller has developed world-class technologies and solutions for securing centralised and lineside inventory stores and its share of the Government funding will enable the doubling of existing floorspace and continued development of advanced systems for the automotive, aerospace, energy, pharmaceuticals, food processing and defence sectors. It will also help safeguard current employees and finance the recruitment of high quality graduate trainees to sustain its R&D programme.
"We are delighted to have secured this funding, since it allows us to move forward with our ambitious growth plans," says Commercial Director, Catherine Young. "The rules of the Regional Growth Fund meant that businesses had to bid for at least £1m and commit to even more investment, so the Journal's regional initiative has enabled smaller firms like ourselves to compete for funds."
Part of the Government's vision for creating a fairer and more balanced economy, the Regional Growth Fund was established to encourage private sector enterprise, by providing financial support for projects with potential for economic growth, and to support regions that are currently dependent on the public sector, like the North East. In addition to sustainable economic activity, successful bids had to focus on the creation and safeguarding of employment and the fostering of R&D and job skills.
Set up on the back of its Let's Go campaign for kick-starting the local economy, the Journal put together a package of individually specified projects, working in conjunction with the regional Business & Enterprise Group. Having invited bids from local SME's, it selected 11 companies to take part in the collective bid, eventually securing £3m in funding that should help create over 400 jobs.
"We shall use our share of the funds to either expand our existing floorspace or relocate to larger new premises," says Propeller's CEO, Tony Goodwin. "This will allow us to increase production of our British designed and manufactured automated inventory management systems, Pro-Vyda and Pro-Pod, and work toward the next generation of this technology. It also helps secure the immediate future of our current workforce."
Further enquiries to Propeller GB Ltd, 5 Winchester Drive, South West Industrial Estate, Peterlee SR8 2RJ, tel 0191 569 1690, email sales@propellergb.co.uk, www.propellergb.co.uk
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Press Contact David Gent Creative 01706 220388 david@davidgent.com
Contact Information
David Gent
David Gent Creative
PO Box 30
Rossendale
Lancashire
BB4 7ER
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