Department for Business, Innovation and Skills
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Vince Cable toasts growth on the South Coast
A new multi-deck trade vehicle terminal at the Port of Southampton, which will be able to meet extra demand for exporting British-built cars overseas, was unveiled today by the Business Secretary Vince Cable.
The fourth terminal comes as part of a major investment by
Associated British Ports (ABP) in the expansion of its vehicle
export facilities to accommodate the large amount of vehicles
being shipped to overseas markets, particularly China. Last year
UK automotive exports were up 15 per cent at an all time high of
£29.5 billion in cash terms. ABP also announced today a further
£7.5m investment to construct a fifth multi-deck trade vehicle
terminal at the port.
The visit and announcement coincides with other investment by
the Department’s flagship policy - the Regional Growth Fund.
Southampton City Council received a conditional offer of £5.6m as
part of the second round to support the development of the city’s
surrounding road infrastructure.
As part of his visit to Southampton, Vince Cable will also
visit Griffon Hoverwork Limited – a British owned 40 year old
company and world leader in the design, manufacture and operation
of Air Cushioned Vehicles (ACV) including hovercraft.
The company has 170 craft operating in more than 40 countries
ranging from the humid jungles of South America and the dry heat
of the Middle East to the High Arctic.
Griffon Hoverwork, which makes all its craft at the
Southampton factory, has also enjoyed success in its exports. They
recently worked with UKTI to secure a contract to supply India’s
Coast Guard service with 12 hovercraft worth approximately £34m.
Business Secretary Vince Cable said:
"The British car industry is a great success story
and our increasing exports are proving a boon for the Port of
Southampton - the opening of a new vehicle terminal along with
provisional funding from the Regional Growth Fund for the City of
Southampton’s infrastructure will allow further growth for the future.
“The work of Griffon Hoverwork also highlights the value of a
skilled workforce including local apprentices and undergraduates
who are employed across a range of different disciplines. As they
have shown, British manufacturing has a big role to play in
exporting to international markets.
“There is still more to do but I am pleased to see that our
work to support business and boost British manufacturing with
schemes such as the Regional Growth Fund is helping local people
unlock growth in their area and give a real boost to the economy.
I should also remind businesses that they have until June 13 to
submit their bids for round three of the Regional Growth Fund.”
As part of the visit the Secretary of State will also meet
Doug Morrison, ABP Port Director Southampton and Chair of the
local enterprise partnership (LEP). The LEP, in partnership with
Portsmouth City Council and local newspaper The News, was awarded
£2.1m as part of the Regional Growth Fund.
The funding is for a project to run a competitive programme
for their local area to award micro-finance and small business
grants (£5k to £100k) to create new business start-ups, and allow
existing businesses to grow. This will create some 120 jobs in the area.
The Daedalus SME Marine and Aviation grant scheme based at
the Daedalus Enterprise Zone, a former MOD base near Gosport, has
also been conditionally awarded £3 million from the Regional
Growth Fund which will help to create new and safeguard private
sector jobs.
The scheme will support up to 20 businesses by targeting
business growth and improvements for existing occupants of the
business park and for companies wishing to expand onto the park.
The grant scheme will be delivered through Gosport Borough Council
and delivered by Solent LEP.
Notes to editors: 1. The Regional Growth Fund is a £2.4
billion fund designed to support businesses with projects that
will create jobs in areas dependent on the public sector and will
be supported by private sector investment. The £1 billion third
round of the fund is open to bids now. The deadline is noon on 13
June. More information can be found at www.bis.gov.uk/rgf/
2. For more information on the Regional Growth Fund,
including summary details of bids in the first round (total
number, collective value etc) please visit: http://www.bis.gov.uk/policies/regional-economic-development/regional-growth-fund
3. For more information about Associated British Ports please
contact Beth Evans on 02380 488844
4. For more information about Griffon Hoverwork please
contact Selina Coombe on 02380 686747 or visit www.griffonhoverwork.com
5. BIS's online newsroom contains the latest press
notices, speeches, as well as video and images for download. It
also features an up to date list of BIS press office contacts. See
http://www.bis.gov.uk/newsroom
for more information.
Contacts:
BIS Press Office
bispress.releases@bis.gsi.gov.uk
Ed Smith
Phone: 020 7215 5945
ed.smith@bis.gsi.gov.uk