This in from Andrew Turner‘s office, in their own words. Ed
Cowes based company STRUCTeam Ltd, is set to receive a £1.45m grant from the Regional Growth Fund (RGF).
Headed by Engineering Director, Julien Sellier, STRUCTeam specialise in structures involving composite materials. They are a rapidly growing company with an international client base aiming to become a world leader in providing structural and composite engineering services.
Mr Sellier commented:
“This funding award confirms that for the last three years we have been on the right path. The fund’s criteria fits well with our needs and objectives at this stage. That is why we applied to the Regional Growth Fund at the end of March this year. We still need to complete the process and are about to sign a conditioned engagement letter prior to the due diligence process taking place.
“We started the company in 2010 with a team of 3 people, which has now grown to 16. Ninety per cent of our business is international, raising the profile of the Island overseas and contributing to the Island’s economy. This funding will provide the boost the company needs, and should result in substantial job creation.”
New Business Award
Last year STRUCTeam won the New Business Award in the Chamber of Commerce Awards for Excellence. They also received a commendation in the International Business Award category.
Various sources of Government funding are available to help the private sector to create or protect jobs by investing in and strengthening their business. STRUCTeam’s bid was one of 109 selected from across the country to receive support in Round 4 of the RGF.
In June a further £600 million was allocated to the Regional Growth Fund and Ministers are currently considering the scope and timings of Round 5 of the RGF and announcements will be made in the autumn.
Great news for STRUCTeam
The Island’s MP, Andrew Turner, commented:
“This is great news for STRUCTeam and I am sure, with the help of this funding, they will continue to go from strength to strength, employing more people and helping to build the Island’s economy.
“Island businesses are mainly small companies and if they have plans which would create new jobs or protect existing ones I would encourage them to look into the various sources of Government funding for support. Stuart Love, Director for the Economy and the Environment at the Isle of Wight Council will be pleased to give any help and advice. There is a competitive process to go through but as STRUCTeam’s success has shown a well-planned, good project can attract significant financial support.”
Image: Howard Lake under CC BY 2.0
