Surgical Innovations Ltd has announced that it has received confirmation from the Department of Business, Innovation and Skills, that it is one of 119 successful bids in the UK in the second round of the Government’s £1.4 billion Regional Growth Fund.
“This funding will allow us to invest heavily in the business and its future growth through product innovation, manufacturing equipment and employment.”
The Regional Growth Fund (RGF) is a £1.4bn fund operating across England from 2011 to 2014. It supports projects and programs that lever private sector investment creating economic growth and sustainable employment. It aims particularly to help those areas and communities currently dependent on the public sector to make the transition to sustainable private sector-led growth and prosperity.
SI has received a conditional offer, subject to due diligence, which has been earmarked for job creation, apprenticeships, training, development of innovative medical devices and manufacturing infrastructure. The quantum of the funding to SI remains confidential at this stage of the process.
As part of the bid process, SI has committed to continue its own program of investment in the business, creating direct jobs and increasing the number of apprenticeships it offers over a three year period.
Commenting on this announcement, Graham Bowland, Chief Executive Officer of SI said: “This is a significant boost for the Group and we are incredibly pleased that our bid has been successful. This funding will allow us to invest heavily in the business and its future growth through product innovation, manufacturing equipment and employment.”
Source: Surgical Innovations