Foreign investment creates 305 jobs

Marches LEP region celebrates increased levels of Foreign Direct Investment (FDI)

Figures released today show that the Marches enjoyed increased levels of investment from overseas businesses during the year 2014-15.

The report,  published by UK Trade & Investment (UKTI), outlines that there were a total of 16 successful investments secured, marking an increase from 12 in the previous year. 13 of these were directly supported by the Marches LEP and UKTI.

As a result of these investments, over 302 new jobs have or will be created and a further 250 existing posts have been safeguarded.

The Marches LEP is one of just 17 Local Enterprise Partnerships nationally to have seen an increase in overseas investment, whilst 18 have experienced a fall.

Speaking in response to the publication of the report, Gill Hamer, Director of the Marches LEP, said: “The Marches has enjoyed a significant uplift in the levels of overseas investment in the last year with 16 successful projects being confirmed. This is an increase from 12 in the previous year.

“We have witnessed particular interest from businesses within advanced engineering and manufacturing, as well as food and drink production, which plays well to the LEP’s key business sectors. We have also found that the region is of particular interest to investors from across Europe, the Middle East and Asia.

“The inward investment teams at our three local authority partners should be applauded for their hard work in achieving these figures, not least of all because almost half of our investors over the last 12 months were new to the region.”

Notable investments in Shropshire and Herefordshire include Bridgnorth Aluminium, a 75% Greek owned specialist manufacturer of aluminium coils for the food, pharmaceutical and printing industries which, with the support of Shropshire Council’s Planning, Highways and Economic Development teams, has invested over £24m in its 60 acre site enabling it to significantly increase capacity and create an additional 20 jobs.

Tyrells Potato Crisps Ltd in Leominster, meanwhile, was bought by Bahrain-based Investcorp in 2013 and in the last year undertaken further global expansion in to new markets allowing for the creation of 20 new jobs.

Figures for the Marches LEP region:

16 successful Foreign Direct Investment projects, 13 of which were supported by the Marches LEP and UK Trade & Investment (UKTI)

This compares with 12 successful projects in the previous period (2013/14)

The investments created 302 jobs and safeguarded a further 250