A new funding opportunity being managed through Derby City Council DEGF team will enable local firm Railway Electrical Services (RES), to more than double their workforce. The company is one of the first projects to benefit from the new funding stream which will see coverage expand into the whole of Derbyshire. Ilkeston based RES have been experiencing increased demand for the supply of electrical solutions to the railway industry. To meet increasing demand, the company needed to extend their premises to employ 50 more staff at the site on Hallam Fields Road.
Following the achievements of the Derby Enterprise Growth Fund in and around the city, the fund has recently been successful in bidding for additional funding to make the scheme countywide. The funding has been awarded through the European Regional Development Fund (ERDF) and will enable DEGF to support a greater number of businesses wishing to invest in innovation and growth and job creation. The fund will now have two streams, DEGF and D2EGF.
Derbyshire firm RES were successful in their grant application for £43k on the basis of their potential for sustainable growth and job creation. Confirmed orders from customers such as Balfour Beatty, Network Rail and Carillion have created the increased demand, together with enabling work at London’s Euston station in readiness for delivering HS2.
The funding will support the capital costs of building work to expand their Head Office in the former St Bartholemew’s Church. The building is a well-known local landmark, having been partially destroyed during a First World War Zeppelin raid.
Managing Director Simon Winson, feels the funding was a vital element in enabling the company to grow.
“The opportunity for RES to expand and create more jobs may have been lost without the intervention from the funding. Our turnover increased from £6 million in 2015 to £10 million in 2016. Projected turnover for 2017 is £16 million. The funding helped to create the right conditions to be able to make this increase deliverable.”
Derby City Council Deputy Leader and Cabinet Member for Communities and City Centre Regeneration, Councillor Martin Rawson, comments:
“RES is a great example of a local company with the potential to expand with some support. This is exactly what our successful funding scheme has been created to do, stimulate growth in order to create sustainable new jobs.”
To find out more about the DEGF visit the Derby City Council website.
Published: Wednesday 15th February 2017