Make it in Torbay Funding Program kicks off
A new Torbay Funding Program for foreign owned SME’s will soon be available.
The funding program will enable the SME’s to get their hands on £10,000 each if they choose to relocate all or part of their company to Torbay.
Already home to a rapidly growing manufacturing sector, the Invest in Torbay ‘soft landings’ growth package provides a further incentive to become part of this sector.
Torbay Council Cabinet Member for Economic Regeneration, Tourism, and Housing said:
“The purpose of the funding is to encourage foreign owned companies to expand, relocate, grow and create jobs in Torbay. A large majority of the manufacturing facilities in Torbay are supported by high levels of research and development, led by expert engineering teams, designing and developing new products for demanding global markets. Companies who relocate to Torbay will be part of a growing network of outstanding manufacturing companies who have discovered that Torbay is a great place to work and to live.”
Torbay Manufacturing Companies
We’ve already mentioned that Torbay is home to a growing manfuacturing sector.
Companies that make up this sector include
- Japaness owned Nissha Medical Technologies,
- Dutch Owned EFFECT Photonics,
- Swiss owned Dart Valley Systems,
- Gooch and Housego,
- Casting Support Systems (CSS group)
- Hymid and Manas Injection Moulding
Products designed and made in Torbay
These companies create products for the aerospace, healthcare, medical military, defense, telecoms, automotive, pharmaceutical and leisure sectors.
Some of these products include plastics and composites, tooling and component manufacturing, washroom products, food manufacturing, fibre optics and medical devices.
Investment Development Manager, Jason Buck at the Torbay Development Agency (TDA) said:
The Torbay manufacturing sector is booming. In past couple of years we have seen multiple new relocations, and these companies have continued to grow, invest and focus on innovation to drive further growth. We believe our soft landings programme, along with our other support for inward investors, can be the catalyst for more of the same
Introducing Casting Support Systems (CSS) Group,
Casting Support Systems, a locally owned group of companies that are responsible for tooling, components engineering, injection moulding and composites, have recently approved terms to let a purpose-built 60,000ft² manufacturing facility at Claylands Business Park in Paignton
Technical Director, James Head at CSS group said:
“The move into this new facility will help our business continue to grow. We have a number of exciting new projects for both our international and domestic customers that we are looking to deliver over the next few years. The extra space for equipment and employees will enable us achieve this.”
Considering manufacturing in Torbay?
Coupled with the Invest in Torbay soft landings, manufacturers considering Torbay as a location can look to apply to the Torbay Economic Growth Fund for a commercial loan with a low rate of interest.
This provides additional finance to support a new investment project, easing cashflow concerns, as a company expands into Torbay.