100 jobs to be created after 12 Peterborough firms secure recovery funds

The firms will share an injection from a £2 million pot overseen by the Cambridgeshire and Peterborough Combined Authority (CA).

The Peterborough firms, whose names have not been released, will share a total of £663,000. The money is awarded by the Combined Authority’s Growth Works service for projects that will generate expansion and will be completed by next April.

Across the county the funding is expected to encourage £11,184 million in capital expenditure over three years, creating 320 jobs.

Nigel Parkinson, chairman of the CA’s Business Growth Company, said: “The funding will enable the businesses to create secure jobs at a time when the labour market has been challenging.”

“With the economy beginning to open up and businesses looking to the future with growing certainty, these grants are being award at a time when they will have the most impact.

“I am particularly pleased to see Growth Works supporting a very diverse group of business across a multitude of sectors, we want to give business in all areas of the economy the support they need to build back better quickly and strongly.

“The success of this grant scheme sets the standard for Growth Works and the Growth Company will be ensuring these high levels of impact are maintained over the next three years.”

Austen Adams, chairman of the Combined Authority’s Business Board, said: “We have investment significant in support businesses across the region over the past year, but we now need to turn our attention from helping those hardest hit to facilitating a strong local recovery.

“The businesses supported by Growth Works have all demonstrated their potential to grow and the funding will help them enact their deliverable scale-up strategies.

“The Business Board are looking forward to working with Growth Works to ensure their investments support and complement our Local Economic Recovery Strategy.

“Together we can support small and medium-sized enterprises and larger businesses to invest in Cambridgeshire & Peterborough and improve opportunities for local people.”