On Thursday April 10th, the Deputy Prime Minister Nick Clegg visited a number of Regional Growth Fund (RGF) projects including Knowsley manufacturer Tratos.
Tratos received a £3.5m loan from the Chrysalis Fund back in December and secured an additional RGF Round 4 investment of nearly £3m following this. The combined funding is going towards supporting the redevelopment and expansion of the production facilities for the Italian cable manufacturer with 100,000 sq ft of new and refurbished manufacturing capacity.
On his visit to Merseyside, the Deputy Prime Minister announced that funding from Round 5 of the RGF is expected to unlock £1.9 billion of additional private sector investment and create or safeguard thousands of jobs, while also generating thousands of jobs in the supply chains.
Commenting on the announcement, Iain Jenkinson of the Chrysalis Fund said: “This announcement highlights a real success story whereby several ‘pots’ of public money have been combined to leverage private equity and secure a major inward investment and jobs boost for the region.
“The £30m Chrysalis Fund is of course one of these which focuses on funding commercial and industrial property development and redevelopment projects in Merseyside and is part funded by the European Regional Development Fund. It is satisfying for us to see one of the companies we have invested in doing so well and being highlighted by the Deputy Prime Minister as a success story.”
The Chrysalis Fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the local authorities.
The initiative is backed by the European Investment Bank, the Homes and Communities Agency (HCA) and European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme.