What's the news?
Lotus has been awarded a £10.44 million grant from the Regional Growth Fund (RGF) to be used to research and develop new products as well as for training its staff. The grant will also see 313 new jobs created as it expands production to cater for new products.
"We have very exciting plans for our sports cars and it's a very positive move for Lotus that we're in a position to create new jobs and to significantly contribute to Britain's automotive industry," comments Aslam Farikullah, Chief Operating Officer at Lotus. "The team here at Lotus have worked very hard to secure this grant and every employee is playing their part in the stability, growth and future success of our company."
The grant was announced by Business Secretary, Vince Cable MP, who visited the facility on 25th November. Cable was taken on a tour of the unit including the factory and engineering sectors, and was then involved in a management meeting where the grant was awarded.
"I am pleased to announce today that our flagship economic plan to create jobs outside of London - the regional growth fund - is awarding Lotus a £10 million grant which will help them develop their next generation of cars and create over 300 new jobs in East Anglia," said Cable. "Lotus is an iconic British car maker; and the car industry is one of Britain's great success stories, employing over 130,000 people and helping to build a stronger economy by contributing £11 billion a year."
This recent £10 million cash injection will work in conjunction with the hefty £100 million investment the company received by its owners, DRB-HICOM. As well as creating over 130 additional new jobs, the capital influx has been put to use improving engineering, production, efficiency and quality at the factory.
Anything else?
The RGF is a £3.2 billion fund that is available from 2011 to 2017 that supports businesses and organisations that uses private sector funding to help create economic growth and sustainable employment. So far, over 400 projects have been funded at a total cost of £2.6 billion.
James Giddings - 27 Nov 2013