DEPUTY Prime Minister Nick Clegg has seen first-hand how companies in Sheffield are benefiting from grants worth millions of pounds handed out through the Regional Growth Fund.
Sheffield Hallam MP Mr Clegg visited William Beckett Plastics, on Shepcote Way, Tinsley - one of dozens of companies awarded hundreds of thousands of pounds each.
The business is forming a new company called Beckett MIM which has plans to exploit the huge potential of metal injection moulding titanium components for the aerospace industry and medical instrument markets.
Deputy Prime Minister Clegg said: “William Beckett Plastics is an example of the real difference that Regional Growth Fund money makes on the ground – allowing the company to invest in advanced machinery, grow their business and create jobs.”
William Beckett Plastics has received some of £25 million awarded to Sheffield City Region LEP from the Regional Growth Fund. In total, the Sheffield area is receiving £70 million with other schemes benefiting including the Advanced Manufacturing Park.
Managing director William Beckett said: “The funding is fantastic news for the city, fantastic news for the region and fantastic news for our company.”
Labour has criticised the time it is taking for funding to be paid out with up to 40 per cent of awards from the first rounds of the RGF still waiting to be paid out.
The Lib Dems said details of schemes granted funding sometimes ‘take time’ to be put together before money is paid out.