Chancellor announces investment into local business Brose which will see 400 new jobs created

Bedworth business Brose have been granted millions of pounds worth funding from the Government in the Regional Growth Fund scheme. The investment, announced by George Osborne will help to create 400 extra jobs locally, and has been welcomed by local Politicians Craig Tracey and Dan Byles who championed Brose’s bid for funding.

The Chancellor, George Osborne said:“Our brilliant candidate Craig Tracey and MP Dan Byles have consistently and effectively campaigned for support for Brose as a successful local company looking to expand. They made the case for this investment from the Regional Growth Fund which will help to create up to 400 new jobs. Craig & Dan were right to push for this investment as part of the Long Term Economic Plan for the Midlands, which will create hundreds of new jobs, each providing economic security for more families. As the home of leading manufacturers, the Midlands should be an Engine of Growth for the whole of the UK, and our Long term economic plan for the midlands sets out how we will achieve that.”

Local Conservative Candidate Craig Tracey, who lobbied the Chancellor for local investment in Brose said:“This is fantastic news for Brose and for our local economy. The investment that the Government is providing through the Regional Growth Fund will help create hundreds of new jobs at Brose in Bedworth and will also see £35m invested into the site in Bedworth by the local business. Dan Byles and I have made it make a priority to support local businesses and focus on job opportunities for residents. Creating more jobs by backing local businesses is a key part of the Conservatives’ long-term economic plan to secure a better and brighter future for Britain.”

This latest investment brings the total funding to the West Midlands to date from the Regional Growth Fund to £400 million, attracting £3.1 billion of private investment and projecting to support 119,000 jobs.

The Regional Growth Fund stimulates enterprise across the country by providing grants to projects and programmes with significant potential for economic growth, unlocking private sector investment and creating jobs.

Today the fund is awarding 63 new projects and programmes across England with a further £297 million of investment. In total, £2.85 billion has now been invested in regional businesses since the launch of the fund in 2010, helping them to expand and create jobs.

Jurgen Zahl, Managing Director of Brose commented:“Support from the Regional Growth Fund has accelerated our ability to open the new facility by early 2016 and gives us the platform to win future business within the Brose Group.With the additional capacity and introduction of new technology, we are now in a more competitive position in relation to our overseas plants. The £34.8m investment is a clear indication of Brose’s commitment to Bedworth, the West Midlands and the UK supply chain.” 

Local MP Dan Byles, who supported Brose’s bid said:"Brose are one of our strong local success stories. They are major employer in Bedworth and I have worked closely with them for a number of years, helping with their growth plans in 2012 that led to their workforce almost doubling by today - including skilled jobs and a strong apprenticeship scheme. I worked with them again recently on their Regional Growth Fund bid and I am delighted that the Government has selected Brose to receive this grant, which will unlock significant additional investment in the Bedworth site from the company and will create hundreds more high quality local jobs. After the worst recession in living memory, I am proud of the work we have achieved locally in turning the economy around and slashing unemployment. This is another example of how getting a grip of the economy is leading to real, tangible benefits locally and for local people."