Worcestershire businesses are creating more jobs and boosting productivity as a result of the £2million Worcestershire Growth Fund.
Financed by the Worcestershire Local Enterprise Partnership (LEP) through the Government’s Growth Deal and administered by Worcestershire County Council on the LEP’s behalf, the fund has already invested in a number of businesses, one of which is Malvern based Optimec.
Optimec is a world-leader in the provision of inspection and measurement instruments for the contact lens industry. The business has supplied instruments worldwide and developed a reputation for the highest standards of quality and service. Optimec’s talent for technical innovation and dynamic approach to research and development has enabled the business to meet the technical needs of the customer.
Worcestershire Growth Fund allowed Optimec to make available a number of test instruments to satisfy the global requirements for demonstration and evaluation of contact lens products, enabling the speeding up of the roll out of the instruments to a global market. Optimec invested in excess of £40,000 and received a grant of £41,637.62.
Optimec’s new equipment enabled the business to provide a higher quality product for the customer, to be able to compete in global markets, boost productivity and will lead to the employment of a further 4 members of staff.
Colin Richards, Director of Optimec Ltd, said: “I am very pleased that Worcestershire Growth Fund was able to match our investment and allow our business to realise its ambitions and invest in the latest machinery. This enabled us to modernise our business processes, create jobs and ultimately strengthen our competitive advantage in the international market.”
Gary Woodman, Chief Executive of the Worcestershire Local Enterprise Partnership, added: “Worcestershire Growth Fund has had a hugely positive impact for the County’s expanding businesses and highly skilled workforce with the creation of local jobs. Optimec is just one of many businesses that has been able to benefit from local business support. The positive impact that the Growth Fund has had on local business productivity will provide a real boost to Worcestershire’s economy.
Cllr Dr Ken Pollock, Cabinet Member with Responsibility for Economy, Skills and Infrastructure, added: “This is yet another example of how grant support can help ambitious businesses to grow. We have seen a number of success stories from this particular fund and I am pleased that the Worcestershire Growth Fund has been able to provide businesses with the opportunities to invest and continue to thrive.”
The Growth Fund followed the success of similar programmes such as the Worcestershire Expansion Programme which supported 22 businesses with grant funding of £2,269,693 levering £13,747,345 from the private sector and creating 225 jobs whilst safeguarding a further 99 positions.
For further information on the Worcestershire Growth Fund, visit the Worcestershire Business Central website.
Pictured: Worcestershire Growth Fund has enabled Optimec to invest in a number of test instruments.