14th Apr 2014 09:02
LONDON (Alliance News) - Engineering firm Hayward Tyler Group PLC Monday said it has been selected as one of the bidders for a GBP300 million share of the UK government's GBP3.2 billion Regional Growth Fund.
Round five of the scheme, which was announced by Deputy Prime Minister Nick Clegg last week, supports eligible projects and programmes that are raising private sector investment to "create economic growth and sustainable employment".
The fund supports areas that are traditionally more reliant on the public sector to increase private sector investment and encourage businesses to expand.
Hayward intends to use the funding, potentially up to GBP3.8 million, to expand its existing manufacturing and research and development facilities in Luton. The company also plans to create what it called a global "Centre of Excellence" in Luton for designing mission critical motor and pump technology for the civil nuclear and oil & gas markets.
Hayward said it will provide a fuller update as and when the offer has been formally accepted, which it expects to be in July.
"This is a significant development for the company as it will allow us to 'future-proof' the group's main manufacturing facility which in turn will enable us to continue growing our core markets and fully participate in the anticipated growth of the UK Civil Nuclear market," Chief Executive Ewan Lloyd-Baker said in a statement.
"Further, the terms of the grant will not necessitate us to seek additional funding from investors," he added.
The stock was trading at 81.00 pence Monday morning, up 1.00 pence or 1.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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