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those operational projects and programmes, we are also publishing a list of 16 projects and programmes that have withdrawn since the last Annual Monitoring Report.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.
Name of beneficiary
Bentley Motors Ltd (R&D)
Surgical Innovations Ltd
Sea Change Sussex
Avanti Communications Group plc
JDR Enterprises Limited
Marine Current Turbines Ltd
Sidcot Investments Limited
Absynth Biologics Ltd
Farnborough International Ltd
Gestamp Tallent Ltd
GT Energy UK Ltd
ARLINGTON WHEELS LIMITED
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
This statement has also been made in the House of Lords