£200,000 grant secures jobs at Great Yarmouth offshore firm Hydramec

Four champions for industry sectors across Suffolk and Norfolk are featured in a new campaign to pro

Four champions for industry sectors across Suffolk and Norfolk are featured in a new campaign to promote the LEPs Growing Business Fund grant scheme, which provides up to 500,000 investment to help SMEs invest and grow. Pictured is Hydramec Offshore, which has been awarded a 200,000 grant. - Credit: Archant

An offshore hydraulics firm has been awarded a £200,000 grant to help its move into larger premises and safeguard high-skilled jobs.

The cash for Hydramec Offshore has come from the Growing Business Fund operated by New Anglia Local Enterprise Partnership.

It was made available through the LEP's Oil and Gas Taskforce, which was set up to support companies through the global oil and gas taskforce to sustain jobs and find ways to grow.

Karl Hawkins, general manager at the family-owned business in Great Yarmouth said: 'We've seen tough times in the oil and gas sector, but the Growing Business Fund has allowed us to buy new premises, doubling previous internal floor space.

'This vital investment will see increased productivity as we take more production in-house, ensuring that jobs are saved.'

New Anglia managing director Chris Starkie said: 'A key aim of the taskforce is to help companies diversify and understand the opportunities that other markets present.

'We are currently assisting a number of businesses, large and small, by providing subsidised accessed to specialist consultants as well as providing grant funding via our Growing Business Fund to sustain jobs and support new growth plans.'

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The grant was awarded as a campaign to promote the Growing Business Fund was launched with the support of companies which have benefited in four key sectors: creative design, offshore, food production and advanced manufacturing.

The fund has already awarded over £15.6m to 300 businesses, with grants of up to £500,000 helping to unlock around £100m of private match-funding and create over 2,100 new jobs.

As well as Hydramec Offshore, the campaign is being supported by Newmarket-based design agency Cubiqdesign, which was given £41,000 to move to new offices and expand its team, and colour sampling business Colour Marketing Services in Ipswich, which spent its £67,000 grant on new machinery and larger premises.

Stokes Sauces of Rendlesham, Suffolk, was awarded £65,000.

See newanglia.co.uk/business-support for more details.