North West based Holroyd Precision Limited, a world leader in the supply of precision gear, thread & rotor grinding and milling machines, is to receive £2.8 million from the Government’s Regional Growth Fund.
Holroyd Precision’s successful bid for funding was confirmed on Friday, 19 October 2012, by Business Minister, Michael Fallon, when he visited the company’s Rochdale headquarters.
The £2.8 million will be available for Holroyd Precision Limited to draw on as soon as it is required. It will be used to support the development of a new manufacturing facility as well as a new European R&D and Innovation Centre, securing 187 existing jobs and creating 137 new positions.
Speaking of the Government’s decision to award funding to the organisation, Michael Fallon said: “Holroyd Precision is a prime example of how we can help companies achieve their aspirations and create jobs in a timescale that works for them.
“The company will maintain its strong links with Rochdale thanks to the Regional Growth Fund,” he continued, “and build its new European headquarters in the area. So not only are they staying here in the North West, but they are expanding and creating new jobs. Success stories like this are happening up and down the country thanks to the Regional Growth Fund.”
Dr Tony Bannan, Chief Executive Officer of Holroyd Precision Limited, added: “We are extremely proud to have been successful in our application for Regional Growth Fund Investment. We continually strive to develop and grow our business, and this award will help us to create many new permanent employment opportunities at all levels – something that is not only good news for us, but is also fantastic news for the region.
“On behalf of our staff, shareholders, directors and sister companies,” added Dr Bannan, “I would like to thank everyone involved in giving the green light to our business receiving this extremely important funding. It represents a significant vote of confidence in our technologies and manufacturing capabilities and will help secure the future of Holroyd Precision Limited for years to come.”
For more press information, please contact:
Neil Jones – Group Business Development Director, PTG
Tel: + 44 (0) 1706 526 590