Business growth and finance Archives - Page 27 of 29 - North East Local Enterprise Partnership

The North East LEP is inviting organisations to submit details of any forthcoming events which are designed to support economic growth in the North East.

Events which align with any of the LEP’s six key priorities, and its aim of delivering more and better jobs, will be promoted to the region’s business community via the organisation’s website and social media channels.

Kate Hargreaves said: “The North East LEP website is a hub of information for anyone who wants to find out about the plan for delivering more and better jobs here in the North East.

“We’re working to make the North East a place where businesses can invest grow and prosper and, as a part of that, we are providing an area of the site where people can view a selection of events coming up which are designed to help make the area a better place for business.”

Events which are aimed at members of the North East business community, and which fit with one or more of the following themes, can be submitted for inclusion on the website:

• Innovation
• Business support and access to finance
• Skills
• Economic assets and infrastructure
• Employability and inclusion
• Transport and connectivity

Kate Hargreaves added: “The types of events which we are helping to promote include conferences, seminars, mentoring and networking opportunities. We want to bring news of events like these direct to those who can benefit from them.”

Events can be submitted for inclusion on the website via the online form.

The North East Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £40.6m invested in the North East economy between 2016 and 2021. This is in addition to the £289.3m of funding committed by the Government last year.

Over the lifetime of its Deal (2015-2021) the Local Enterprise Partnership estimates that up to 5000 new jobs could be created and that it has the potential to generate £130m public and private investment.

The additional proposed projects include:

The creation of a facility for a national centre to develop and commercialise photonics based therapies. Lead by the Centre for Process Innovation, part of the High Value Manufacturing Catapult
Upgrading the facilities at Northumberland College to improve skills levels and support economic growth in key sectors such as advanced manufacturing, renewables and ICT
Sunderland Enterprise and Innovation Hub. Enterprise and Innovation Hub, comprising the first ‘Fab Lab’ in the North East, incubation spaces and workshop, office and laboratory space for manufacturing, creative and science-based businesses

In addition, the Government is committed in principle to support the development of Dun Cow Quay in Blyth and the regeneration of South Shields Town Centre through discounted Public Works Loan Board borrowing. These projects will provide 25,000 square feet of new commercial workspace in Blyth and a high quality bus and metro interchange to improve the public transport connectivity of South Shields Town Centre.

The North East Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the North East.

The Prime Minister said: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.

“And this is happening right across the North East, with more money announced today for key projects to boost the local economy as part of the multi-million pound expansion of the Government’s Growth Deals.

“And because the money will be in the control of a partnership of local community, business and civic leaders it means it will go on the things that really matter to people and businesses here.

“That is what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”

The Deputy Prime Minister said: “A quiet revolution is underway in the North East and across the country, as Growth Deals signal the death of the culture where Whitehall calls the shots. I’ve seen for myself the difference it makes to give the region more power over skills, over business support, over infrastructure spending.

“I am delighted to announce the expansion of the North East Growth Deal today.

“The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth. Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes.”

Paul Woolston said: “The North East’s economic plan ‘more and better jobs’ sets an ambitious vision for the North East, to transform the economy and enable more businesses to invest, grow and prosper, delivering more and better jobs for everyone. We are delighted that government is further supporting our proposals with such a significant investment.

“The additional £40.6m added to our £289.3m Growth Deal endorses our approach providing investment for innovation, skills, business support, and transport, developing our economic assets and supporting inclusive growth.

“The overall deal will act as a catalyst to lever in substantial private and public investment, creating thousands of jobs and providing sustainable and long term growth.

“The North East Local Enterprise Partnership is looking forward to working with our partners and government to make it happen.”

The search is on for the cream of North East business talent to help raise worker skills levels, creating more and better jobs as part of a programme of economic growth worth around £500m.

Up to six people are being sought by the North East LEP to represent local employers at the heart of a new employment and skills board.

These key posts will help underpin new economic growth by advising the full North East LEP Board where to best target funding to nurture a new generation of skilled workers to fill more specialist posts.

Better skilled workers will be more appealing to employers who are demanding more qualified employees to fill jobs in fast growth sectors such as digital and tech industries, marine offshore and advanced manufacturing.

The new North East Employment and Skills Board is due to go live in March.

Its aim will be to drive new thinking around employability and skills. The new board will bring together up to six ambitious business, voluntary and community sector representatives working alongside LEP board members and other key partners in the employability and skills arena.

Employability and skills are two of the six priorities outlined in the North East Strategic Economic Plan ‘More and Better Jobs’.

The skills and employability programmes provide the framework for an investment of about £500m over the next six years into the local economy through the North East LEP from Government and European Union funding.

A substantial part of this investment aims to drive up skills achievements across all levels, from engaging with those who are traditionally hard to reach, through to ensuring graduates are equipped with appropriate skill sets for working in growing companies.

North East LEP board member and Sunderland College Principal Anne Isherwood said: “We are seeking up to six ambitious representatives from the North East business, voluntary and community sectors who will offer energy, commitment, vision and business insight in their respective sectors.

“They must have strong experience in developing business operations and ambitions for growth in their businesses through understanding skills requirements and needs within industry sectors.”

The non-executive posts will demand about nine days time per year with appointments made for up to three years. The posts are unpaid. Initially the employment and skills board will meet bi-monthly.

Andrew Hodgson, North East LEP Vice Chair and Skills Lead, said: “Specifically, we are aiming to ensure that North East businesses have access to appropriately skilled people who will participate and thrive in a competitive economy.

“We wish to appoint up to six leaders to represent employers – both private and voluntary sector – in the North East LEP area, who are able to champion and articulate the skills needs of businesses in the context of the North East Local Enterprise Partnership.”

Businesspeople wishing to apply for a new board post should send a CV or up to date biography with a covering letter to Michelle Duggan.

Closing date for applications is 12 noon on Tuesday 10 February 2015. You can read the Employment and Skills Board Applicant Brief here.

Business leaders from across the region have been recruited to form a new North East Business Support Board that will help propel the enterprise partnership’s Strategic Economic Plan .

The North East LEP has announced that the Business Support Board will be co-chaired by LEP board members Gill Southern and Paul Varley.

The eight leading business figures from key sectors across the North East appointed to the Business Support Board are:

John Barnett, operations director and vice president of Nissan Tier 1 supplier Calsonic Kansei
Rob Earnshaw, artistic director of the National Youth Film Academy and managing director of Creative North and the Youth Training Academy
James Hall, business development director at facilities management firm Cofely
Julian Leighton, director of creative agency Orange Bus
Paul McEldon, chief executive of the North East Business and Innovation Centre
Ammar Mirza CBE, director of business consultancy AmmarM (UK) Ltd and the business network Asian Business Connexions
Alison Thompson, director of Ashmore Consulting Ltd and previously the Northern Rock Building Society
Neil Warwick, partner at law firm Bond Dickinson.

The North East Combined Authority is represented by Cllr Paul Watson, and government agencies are represented by Tom Smyth, deputy area director of BIS Yorkshire, Humber and the North East. Nominations are being sought through the LEP Board for three key individuals to represent the region’s universities, further education and the North East’s LEP’s Innovation Board.

The success of long term economic growth for the North East will be driven and delivered by businesses and organisations working together to achieve a common goal.

Building up strong relationships and networks across sectors and industries is essential to achieving this. Together we can work to make sure the North East is known globally as a hub for open innovation, with the right skills and opportunities for our young people, to build successful businesses backed by world-class support and infrastructure. Developing excellent and responsive communications is an important part of this journey.

We are delighted to launch the new North East LEP website. The new site provides the opportunity for everyone to find out more about how we are working to deliver more and better jobs for the North East. By creating a clear, accessible and comprehensive website, we are able to show the breadth of work that the North East LEP is working on to tackle the skills gap, bring investment and better support for businesses to the area and drive forward a new era in innovation.

This is just phase one though – over the coming months we will continue to develop the site. It will also include a new apprenticeship site to support businesses and individuals create and secure more apprenticeships and a new growth hub for the North East, which will provide a comprehensive directory of local business support.

Through better communications we can continue to strengthen our partnerships and deliver the Economic Plan – together we can achieve a stronger future for the North East.

Work has now started so that a new £160m JEREMIE2 venture capital fund will be open for business from 2016 to provide major new investment fuelling the growth of North East businesses.

The fund, which is being developed in a unique collaboration for businesses across the region by the North East Local Enterprise Partnership and Tees Valley Unlimited LEP, has unveiled Estelle Blanks as its full time Deputy Project Director. Estelle was most recently Deputy Director of the Newcastle Science City initiative.

The new programme will provide funding for growing businesses in both local enterprise partnership areas and will expand the work of the original JEREMIE fund, which has been hailed as England’s most successful regional investment fund.

Launched in 2010, JEREMIE1 has invested nearly £110m to date in 650 North East companies and secured more than £120m in investment from the private sector. Funding from the programme was instrumental in the development of Durham University spin-off Applied Graphene Materials, which was floated on the AIM last year and is now valued at £70m.

Estelle, who takes up her new role this month, said: “JEREMIE2 will build on the work of the original fund, which has provided much-needed investment for businesses across both Local Enterprise Partnership areas over the past four years. In addition it will have created 5,000 jobs and safeguarded a further 2,800 posts by the end of this year.

“Confirmation that JEREMIE2 will continue this vital financial support through loans and equity investments is hugely exciting. I am now working with the two LEPs, the project team and project board to plan for a seamless transition between the current and the new JEREMIE funds.”

The current fund provides investment through seven different funds targeting firms across a range of sectors from high growth potential start-ups to larger businesses that need cash for further development.

It is envisaged that JEREMIE2 will bring together EU structural funds, legacy returns from earlier regional schemes and financing from the European Investment Bank. Development costs for the new fund are being part funded by the European Regional Development Fund (ERDF) and through funding from historical legacies built up as a result of the success of previous investment initiatives in the region.

By working together, the two LEPS will be able to ensure more funding is available for businesses to increase growth and secure economic prosperity in the two LEP areas of the North East.

Paul Woolston, chair of the North East LEP, said: “Working with our colleagues at Tees Valley LEP means we will be able to promote the funding available through JEREMIE2 to businesses across the region.
“The first JEREMIE fund has made an enormous difference to the North East economy and we’re delighted the Government and the European Investment Bank are supportive of our vision to use the new fund as part of our plans to bring further growth to the region.”

Sandy Anderson, chair of Tees Valley Unlimited, said: “The JEREMIE 2 programme now has real momentum and we are committed to working with our colleagues at the North East LEP to deliver a new investment programme which will benefit growth businesses here in the Tees Valley.”

Representatives from the two enterprise partnerships and Government form part of the high-level Project Board which is working to ensure JEREMIE2 is ready to launch in 2016.

Project team leader, Andrew Mitchell, said: “This is a really important project for the two LEP areas. “We need to ensure that entrepreneurs and ambitious businesses from the Tees to the Tweed can continue to get the investment their businesses need, once the current programme comes to a close at the end of 2015.

“This is a hugely complex development and Estelle will bring the project management skills we need to ensure that we are ready to launch at the beginning of 2016.”

The Digital Catapult has today announced intention to appoint a LEP-led consortia in the North East to support national digital economy drive.

Due to open in March 2015, the Digital Catapult Centre North East & Tees Valley will be located in Sunderland and will provide a physical space for start-ups and small businesses in the creative and technology sectors to develop and showcase their digital ideas and products. They will also be able to use it to connect and collaborate with larger businesses, universities and public sector organisations.

With a united aim of generating thousands of new jobs, driving innovation at a local level and creating millions in linked investment and future funding by 2025, the three local centres will support the London King’s Cross Digital Catapult Centre which was opened today by Ed Vaizey MP, Minister for the Digital Economy.

The Digital Catapult Centre North East & Tees Valley will host a high bandwidth connection linking it with two additional centres planned for Brighton and Bradfordand also with the Digital Catapult Centre London.

The North East based consortia led by the North East LEP and Tees Valley LEP was selected following an open call for partners in July 2014 andchosen from 17 LEP and local consortia bids involving more than 50 business, local authority, SME and university partners (1).

The project will be led by Sunderland Software City on behalf the North East LEP and Tees Valley Unlimited. The consortia will focus specifically on the controlled delivery and security of data so as to increase information sharing amongst businesses and organisations and to open up new business models and revenue streams. Other key partners involved include Newcastle University, Durham University, Northumbria University, University of Sunderland and Teesside University.

Ed Vaizey MP, Minister for the Digital Economy said “It is an exciting time to be a tech business in the UK. Our digital economy is already one of the strongest markets in the world, valued at more than £100 billion. Growth areas including the Internet of Things and digital creative industries are opening up a range of new opportunities for companies in the sector.

“The new Digital Catapult Centre will provide a thriving, state-of-the-art hub for some of the country’s most innovative digital companies and entrepreneurs.”

Activity will run until March 2018, and the consortia will also be tasked with

Initiating and collaborating with the Digital Catapult on a range of innovative projects, designed to be accessible to start-up and SME businesses to use and learn from.
Creating links between universities and the local business community and networks that enable university led R&D in the Digital Catapult challenge areas to be converted into commercial market opportunities which can be prototyped and piloted by start-ups and SMEs.
Helping to develop the higher level skills needed to realise and exploit new data and media capabilities.

Paul Woolston, said, “The North East has a growing reputation as a hub for the digital economy in the UK. With almost 2000 businesses in the sector, including some of the most creative in the sector, a host of global brands, and the highest rate of start up outside of London and South East, this is a part of our economy which we know can contribute significantly to our plans to deliver more and better jobs.”

“The decision of the Digital Catapult to locate this centre in the North East and Tees Valley is hugely welcome. It is national acknowledgment of our current strong profile and future potential. And it means that the North East and Tees Valley will be at the forefront of a national project to break down barriers in data sharing between businesses. This will create a unique opportunity for North East businesses to be at the forefront of innovation in this area, with the potential for new business models and sources of growth for the sector as a whole to be led from our region.”

Sandy Anderson, Chairman of Tees Valley Unlimited, the LEP for Tees Valley, said: “Rapid innovation and digital technology have the potential to help diversify and transform the industrial landscape in Tees Valley.It is fantastic and exciting news for Tees Valley and the North East that we have been appointed to help strengthen the reach of this important sector.

“Being selected to help drive the digital revolution in our region will ensure that firms and entrepreneurs are able to capitalise on emerging opportunities with the Digital Catapult empowering us with the means, support and knowledge to bring ideas to fruition more speedily and effectively.”

Chris Thompson, Partnerships Director at the Digital Catapult said: “The North East consortia demonstrated a long-term commitment to supporting business creation, growth and economic impact through data-led innovation. They also clearly presented how the Catapult could add significant value to their broader local initiatives and link in with existing university, EU, national and regional funding sources. We hope to work closely with them in the next three years to encourage some truly disruptive innovations.”

The Digital Catapult initially will support the LEPs with resources and collaborative support of up to £500,000. This includes the cost of setting up the local Digital Catapult centre, costs for developing and delivering projects agreed and aligned with the Catapult’s focus areas and for use of Catapult resources to support engagement and initiatives.

BUSINESS LEADERS are being sought to help inform and lead a key component of the North East Local Enterprise Partnership’s Strategic Economic Plan.

The North East LEP is looking for passionate, well-connected businesspeople from across the region to join its Business Support Board, which will lead the formation of the new North East ‘Growth Hub’ which aims to transform access to business support in the North East.

As part of the its wider North East Business Support Programme, the North East LEP is currently developing the digital Growth Hub which will act as a conduit for business support and funding providers in the region.

The Hub will provide a single point of reference for entrepreneurs and businesses seeking support, advice and finance to help them grow.

Now the North East LEP is looking for representation from across sectors to form the Business Support Board, to helpshape the development of the Hub which is scheduled to launch on April 1, 2015.

Up to eight business leaders from across the region will be required to commit an estimated two days every quarter over the next three years.

The Business Support Board will comprise business leaders and members of the North East LEP Board, and will oversee and advise on programme implementation and development.

North East LEP Board member, Paul Varley, explained: “Our ambition is clear. We will help businesses find and utilise the right information, expert advice and finance to thrive and grow.

“The Business Support Programmeis an essential part of the North East Strategic Economic Plan. It provides the framework for an investment of over £200m in access to finance and business support over six years.

“This investment will increase profitability, wages and employment across the economy. Specifically, we will invest over £40m in developing the business support offer, ensuring that the support services and products on offer meet the needs of business.

North East LEP Board member, Gill Southern added: “The North East Growth Hub is at the heart of this growth programme. The hub will make it easy for businesses to find the right support at the right time for the right results. Created for business and lead by business, the highly networked digital hub will drive growth, productivity and trade, ultimately creating more and better jobs in the North East.”

The deadline to apply for the unpaid Business Support Board positions is Friday October 10 2014. Those interested should contact Dinah Jackson or download the application pack.

Work on North Tyneside’s first speculative business park since the credit crunch has been completed and developers expect to announce the first tenants in the next few weeks.

The Hellens Group’s £2.6 million West Chirton development near the A19, known as Elm Park, was funded by a £460,000 loan from the North East Local Enterprise Partnership’s (LEP) North East Investment Fund, £1.1m from the European Regional Development Fund (ERDF) and the company’s own money.

Comprising 17 units, the 34,000 sq ft of high quality business space is expected to create or safeguard 68 jobs when it is fully occupied.

Hellens Group chief executive Gavin Cordwell-Smith said: “We’ve received significantly more interest that we expected. We tend to find that businesses like to see units completed before committing themselves but we’ve had a number of viewings already and are discussing terms with a number of parties.’

“The units are primarily aimed at small and medium sized businesses and we’re hoping to attract manufacturers, possibly those working in the offshore field. There are a number of large contracts underway along the Tyne and we’re hoping we’ll be able to tap into the supply chain.

“There’s very little available of this quality and no developments have been built in North Tyneside for a number of years. From the interest we’ve received, there is significant demand.”

Hellens also completed the second phase of the Teal Farm business park development at Washington in February. The first part was completed in 2008 and let during the recession but there was no bank finance available for the second phase.

The £1.2 million for development of the four units was funded through a £200,000 Growing Places Fund loan from the North East LEP and a £680,000 grant from the ERDF. Teal Farm is now 50 per cent let and Mr Cordwell-Smith is confident the units will be fully occupied by the end of the year.

“We hope Teal Farm’s success will be emulated by Elm Park, West Chirton,” he said. “The level of enquiries has been significantly higher than at Teal Farm, which suggests it will be.”

Hellens already owned the West Chirton site near the Silverlink roundabout and the Tyne Tunnel, but like Teal Farm, the project was put on hold for a number of years because of the recession and the lack of available funding for speculative projects.

Mr Cordwell-Smith said: “We were hoping to develop the units sooner but due to the lack of bank finance progress stalled. Without the ERDF grant funding and the loan from the North East LEP we wouldn’t have been able to develop it.

“The North East LEP loan was really straightforward. The staff and consultants were very thorough in terms of due diligence.’

The North East LEP manages the North East Investment Fund, including Growing Places Fund and Regional Growth Fund contributions. Money from the fund is reinvested to supply future loans for developments aiming to improve the region’s economy.

Paul Varley of the North East LEP’s investment panel, said: “We are delighted that the West Chirton project is on course to welcome its first tenants and create more employment for the region.

“The demand being experienced by West Chirton and Teal Farm developments shows the need for new high quality business space in the North East and is an excellent indicator of improvements in the region’s economy

Category: Business growth and finance

Call For Events Supporting North East Businesses

£40.6m investment secured in Growth Deal expansion

Business talent sought to lead new skills board as part of £500m economic investment

Business leaders recruited to new North East Business Support Board

Building a stronger future together

£160m North East investment announces senior appointment

New Digital Catapult Centre Announced

Growth hub on lookout for leaders

West Chirton prepares to welcome first tenants