Regional growth fund success for Plymouth City Deal

Businesses in Plymouth and the west country peninsula will benefit from £4 million funding awarded to the Plymouth City Deal partnership.

A Regional Growth Fund bid from Plymouth University, backed by other Plymouth City Deal partners including Plymouth City Council, the Heart of the South West Local Enterprise Partnership (LEP) and the Cornwall and Isles of Scilly LEP and the Plymouth Chamber of Commerce has been successful.

The £4 million investment from the Department for Innovation and Skills will be used to provide grants to high growth businesses and to enhance business support through the region's Growth, Acceleration and Investment Network (GAIN).

The successful bid, made against fierce national competition, is expected to lever millions of pounds of additional private sector investment, creating hundreds of jobs in the region.

Plymouth City Council leader Tudor Evans said: "This is a great result for all the partners in the City Deal and a real show of confidence in the partners and the ambitions they have for the region.

"It's proof that the City Deal is working, will lead to more investment in the area – and most importantly – businesses with plans for expansion will directly benefit."

Professor Wendy Purcell, Vice-Chancellor of Plymouth University, who earlier this year was appointed as an expert adviser to the national Witty Review looking at the how universities can help support regional growth, said:

"Plymouth University was the first in the country to receive Regional Growth Funding (RGF), and now with this unprecedented third award, we're leading the way for the higher education sector again.

"It demonstrates how the University, working with partners, acts as a catalyst for socioeconomic regeneration and jobs growth, opening new pathways to investment for fast-growth businesses in the region."

The City Deal was set up to ensure Plymouth and its surrounding area make the most of its economic potential and has attracted broad regional support.

Chief Executive of Heart of the South West LEP, Chris Garcia said: "We are very pleased and it shows that the Plymouth City Deal is already creating exciting prospects for ambitious companies across the region.

"We've got great brands, great products, great businesses in the South West and with a little bit of back up and support – they can take the national and international stage."

David Parlby, Chief Executive of the Plymouth Chamber of Commerce, said: "This is a great result for Plymouth and the SW Peninsula. It demonstrates the power of effective partnership working and I look forward to working with our partners to deliver the results that are achievable."

The RGF funding announcement follows two previous successful RGF bids from Plymouth University to set up a business growth fund that is already on target to create more than 400 jobs in the South West since being launched in 2011.

The latest fund will build on that success but be aimed at businesses with larger projects across the Cornwall and Isles of Scilly and Heart of the South West Local Enterprise Partnership (LEP) areas, covering Cornwall, Devon, Torbay and much of Somerset.