Member Article

North West firms see transformation following £8 million boost

Two North West firms which have received more than £8 million in government funding between them say the investment is helping to transform their businesses.

The £3.2 billion Regional Growth Fund was set up in 2010 to help businesses get the investment they need to grow and stimulate private investment, creating and safeguarding thousands of vital local jobs.

Liverpool-based pharmaceutical firm Redx Pharma received £5.92 million from the Regional Growth Fund in 2012 to set up a completely new company, create 111 jobs, and start eight drug development projects.

Chemical engineering firm AM Technology in Runcorn also received £2.1 million last year to relocate to larger premises with better facilities, and bring in funding from private investors. Eight jobs have been created over the past 12 months and one apprenticeship.

Dr Neil Murray, Chief Executive of Redx Pharma, said: “Our business has grown steadily over recent years and, although we had secured part funding for this, we needed a further cash injection to finish the project – this is where the Regional Growth Fund grant came in.”

Robert Ashe, Managing Director of AM Technology, said: “The Regional Growth Fund has transformed the company by allowing us to invest in more research and development staff and undertake in-house testing and characterisation. The award of this grant has also been an important catalyst for raising money from priva

This was posted in Bdaily's Members' News section by Simon Malia .