Firms share in 57m pot

One of the JDR sheds.
One of the JDR sheds.

COMPANIES in Hartlepool and East Durham have had a business boom after winning a chunk of a £57m regional fund.

Hartlepool Marina-based firm JDR Cables and Tinsley Special Products, in Peterlee, are two of 11 North-East firms to win bids for a share of the cash, from the Government’s Regional Growth Fund (RGF).

Although unable to confirm what the amount awarded to Greenland Road-based JDR was, a company spokeswoman said: “The provisional award of this RGF grant is great news for JDR.

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“It reflects the strength and credibility of our plans for future growth.

“The grant will provide valuable impetus to our work as we evolve our Hartlepool facility as a centre of excellence for the global offshore energy industry.”

Deputy Prime Minister Nick Clegg announced more than £300m to be awarded UK-wide from the fund, which is expected to create or safeguard 63,000 North-East jobs over 10 years.

Meanwhile, Tinsley Special Products, in Peterlee’s Fiennes Road, is celebrating after securing £3.5m from the fund.

The money will be used to buy land and build a new manufacturing facility at Peterlee, which will greatly increase production capacity and create 86 new jobs.

The company, which has a base in Stockton that was being visited by Justice Minister Simon Hughes today, has already received £2.9m in previous rounds and 63 jobs have already been created by those projects.

The £57m regional total, in the fifth round of the fund, is expected to raise £320m of private investment and create and safeguard thousands of jobs.

When added to the success of the first four rounds, this represents a total of £320m of RGF funding for North-East projects.

This has raised £1.6 billion of private sector investment and will create tens of thousands of jobs in the long-term.

Mr Clegg said: “The North East has seen major benefits from the Regional Growth Fund already, and the £57m investment I am announcing today is the latest important part in making sure the recovery is sustainable and balanced across the country.”

Mr Hughes said: “I am delighted to be visiting Teesside today to see the impact the Regional Growth Fund is having.

As a Government, we have been striving to rebalance the economy away from London and away from the financial sector, in order to avoid a repeat of the crash in 2008.”