Government criticised as Forgemasters axe fund bid

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A Government scheme providing cash to help regional businesses expand has been criticised after Sheffield Forgemasters pulled out of a bid for £36 million.

Toby Perkins, Labour’s shadow minister for small business, said: “The government’s flagship Regional Growth Fund has been plagued by delay and bureaucracy with some firms have been left waiting years to get their money.

“More than 50 winning bidders across Britain have withdrawn altogether, and it is disappointing that Forgemasters have now had to pull out of the scheme too, particularly given the fiasco of the government cancelling a previous loan to the firm in 2010.”

Forgemasters said it decided to pull out for ‘commercial reasons’.