Let's Grow advisors visiting Nick Todd at Superkrush
The government-backed programme has helped create and safeguard 7,700 North East jobs since its launch back in 2012.
The Let’s Grow programme was first launched back in 2012 through the government’s Regional Growth Fund (RGF), to provide grant support for capital investment and R&D projects which could create or safeguard jobs in the North East.
Managed by Seaham-headquartered BE Group in association with accountancy firm UNW and The Journal, the scheme, through its three extended programmes, has provided £52m in funding to 207 businesses since its launch, helping create and safeguard 7,700 jobs.
One of the companies to have benefited from Let’s Grow funding is creative video agency Superkrush which has more than doubled its workforce and turnover since securing £90,000 of Let’s Grow funding back in early 2014.
Managing director Nick Todd said: “We have been able to increase production and offer the same products to a greater range of organisations. Our national client base is expanding and we can now better service larger clients with a wide variety of needs.
“We did something different with the Let’s Grow funding, a lot of people used the money to buy plant and capital assets but we spent the money on doing out the building and growing Superkrush as a business.
“At the same time, we expanded our footprint physically, we also took on some key hires. We have developed from a traditional video production company into a creative video agency that handles strategic video campaigns rather than one-off projects.”
Another business to benefit was family-owned filtration and separation specialist PSI Global, which planned to use the funding it secured last year to create 30 new jobs and increase its turnover by 60% over the next three years.
Speaking at the time, MD Daniel Hunter, whose parents George and Sue Hunter started the business 40 years ago, said: “Our aim is to continue to innovate and remain at the forefront of filtration and separation technology. It’s part of the drive to ensure we are responsive as possible to our clients’ needs.”
Following the success of the campaign, Phil Sly, a business and investment adviser at Let’s Grow, told BQ: “The scheme has really delivered and has passed all forecasts. It has allowed business to grow at a time when many were unable to finance it alone.
“It has also attracted business to the region as well as helping existing business grow. In some cases, it has even attracted work back to the North East which had previously been based overseas. We couldn’t be happier with the results!”