Member Article

£170k RGF win for Hull engineering group

Hull’s Point Group has successfully bid to the Growing the Humber regional growth fund, and is expected to create 14 jobs as a result.

The RGF support equates to £172k, or about 17% of the company’s £1 million investment in new and extended premises and specialist equipment.

The latest project will add more than 1,800m sq, taking its Hull manufacturing, yard, storage and office space investment to 10,000m sq. across three sites, including West Carr Lane. Employee numbers are expected to rise from 70 currently to 84 by 2017.

Jonathan Rollison, financial director, said: “This is another significant event in the history of our business which will secure and create further, predominantly skilled, jobs for people in Hull, add new equipment, boost capability and improve our productivity.

“We are delighted that the Humber LEP approved our application and was subsequently accepted by North East Lincolnshire Council who facilitate the release of the funding.

“There is potential among local SMEs for growth through funding if they can unlock it. It is well worth it and any SME with a good product or service that can obtain the backing of a bank must also be able to apply the same to funding – but don’t be afraid to ask someone else who may know more for help.

“I believe we must make every effort to retain the skills that the business has and engage with our people – the last thing we need is Siemens causing an employment vacuum for local business!”

The remainder of the £1 million investment is to come from Point’s own capital reinvestment, borrowing from HSBC and the equipment manufacturer.

This was posted in Bdaily's Members' News section by Clare Burnett .