Skip to main content

Regional Growth Fund (Publication of 2014-15 Annual Monitoring Report)

Statement made on 11 September 2015

Statement UIN HCWS188

Statement

Today I am announcing the publication of the Regional Growth Fund (RGF) 2014-15 Annual Monitoring Report.

The progress made by the Regional Growth Fund in 2014-15 is set out in the publication of the Annual Monitoring Report. This is the third RGF Annual Monitoring Report. It covers Rounds 1-5, including projects funded under the Exceptional RGF, up to 31 March 2015. The report focuses on the delivery of RGF investment, jobs created and safeguarded by the RGF, and private sector investment leveraged.

£924 million of RGF support reached companies in 2014-15. This brings the total funding paid by RGF to £1.53 billion, which has leveraged £4.63 billion in private sector investment. As of 31 March 2015, RGF beneficiaries had delivered 141,000 monitored jobs.

As well as reporting on the outcomes achieved against those operational projects and programmes, we are also publishing a list of 16 projects and programmes that have withdrawn since the last Annual Monitoring Report.

Bidders may withdraw a project or programme for a number of reasons. Commonly these include global market conditions; realisation through the due diligence process that the project could not be supported (including on state aid grounds); and changes in senior management or parent company strategy.

A list of bids that withdrew during the 14-15 reporting year is below.

No.

Round

Name of beneficiary

1

eRGF

North Sails

2

2

Bentley Motors Ltd (R&D)

3

2

DI UK

4

2

Surgical Innovations Ltd

5

3

Sea Change Sussex

6

4

Avanti Communications Group plc

7

4

JDR Enterprises Limited

8

4

Marine Current Turbines Ltd

9

4

Sidcot Investments Limited

10

5

Absynth Biologics Ltd

11

5

Farnborough International Ltd

12

5

Gestamp Tallent Ltd

13

5

GT Energy UK Ltd

14

6

ARLINGTON WHEELS LIMITED

15

6

Conder Structures

16

6

S Cartwright & Sons (Coachbuilders) Limited

I will be placing the report in the Libraries of the House. It will also be published online at www.bis.gov.uk/rgf

Statement from

Department for Business, Innovation and Skills

Linked statements

This statement has also been made in the House of Lords

Department for Business, Innovation and Skills
Regional Growth Fund (Publication of 2014-15 Annual Monitoring Report)
Baroness Neville-Rolfe
Parliamentary Under-Secretary of State for Business, Innovation and Skills and Minister for Intellectual Property
Conservative, Life peer
Statement made 11 September 2015
HLWS181
Lords