‘Make it in Torbay’ with a new incentive to relocate or expand
A new funding programme offers foreign owned SMEs up to £10,000 to relocate all or part of their company to Torbay.
Torbay is home to rapidly growing multinational manufacturing businesses. The Invest in Torbay ‘soft landings’ growth package provides a further incentive to foreign owned companies looking to become part of this fast growing manufacturing base.
Councillor Swithin Long, 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.”
Some of the manufacturing companies in Torbay include Japanese 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.
These companies create products for aerospace, healthcare and medical, military and defence, telecoms, automotive, pharmaceutical, retail and leisure sectors. Products include plastics and composites, tooling and component manufacturing, washroom products, food manufacturing, fibre optics, and medical devices.
Jason Buck, Investment Development Manager at TDA, said: “The Torbay manufacturing sector is booming. In the 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.”
Casting Support Systems (CSS) Group, a locally owned group of tooling and components engineering, injection moulding and composites companies, have recently agreed terms to let a purpose-built 60,000ft² manufacturing facility at Claylands Business Park in Paignton.
James Head, Technical Director 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.”
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.