Leading motor company secures grant to return to Shropshire
Market Drayton Business Grant Scheme has enabled a company to move back into Shropshire, bringing jobs and investment into the county.
The scheme, which is funded by Shropshire Council and administered by the Marches Growth Hub, was launched in 2017 to support the growth of new and existing businesses in Market Drayton and those wishing to move to the area.
A 50 per cent grant towards the £137,000 transformation of a business unit at Tern Valley Business Park has enabled Valley Motorsport to locate their entire business in Shropshire, after previously having to base a part of the business in Wrexham, Clwyd.
Dan Morris, Valley Motorsport’s Director, said:
“We started the company in Shropshire nine years ago. All of our employees live locally in Shropshire, but we expanded so quickly, we had to move into Wales to find the additional space we needed. This meant that our employees had to commute, and our business was split over two sites. However, we are now delighted to be able to bring the entire business back home”.
Valley Motorsport is a family-run business. The company restore and prepare historic racing cars, specialising in Jaguars, and have clients all over the world.
“The grant has been a huge help. We could not have developed the building to the specification we needed without it. We have a number of high value customers who take cars to high-profile races in Europe and the UK each year. It’s our job to get the cars race-ready and ship them to wherever they are needed. We now have a purpose-built modern workshop and can entertain these clients in first-class premises, and in our home county of Shropshire.
“The tremendous support we received from Marches Growth Hub Shropshire and Shropshire Council has also made the application process a smooth one.”
Market Drayton Business Grant Scheme supports both the start-up of new businesses and the growth of existing businesses within Market Drayton. It also supports those looking to relocate or expand their business into the town and surrounding area.
Steve Charmley, Shropshire Council’s Cabinet member for assets, economic growth and regeneration, said:
“We are really pleased we have been able to assist Valley Motorsport in securing this grant. It has helped the company to streamline their business and create efficiencies, as well as create and safeguard jobs.
“The grant scheme was launched to encourage economic development and to support the growth and expansion plans of businesses in the town through capital investment. Enabling businesses to grow and succeed is one of our key economic growth priorities and the grant scheme is helping us to drive forward investment in Market Drayton and create jobs’’.
Grant money is still available for eligible businesses and anyone interested in finding out more should email the Marches Growth Hub Shropshire at email@example.com
Market Drayton Business Grant Scheme
Market Drayton Business Grant Scheme supports the start-up of new businesses and the growth of existing Small/Medium Enterprises (SMEs*) within Market Drayton and those also looking to relocate or expand their business into Market Drayton.
It is funded by Shropshire Council and is being delivered by the one-stop-shop for business support in the region, the Marches Growth Hub.
*SME Definition – businesses employing fewer than 250 full time equivalent persons and having an annual turnover not exceeding 50 million euro and/or have an annual balance sheet total not exceeding 43 million euro.
How much funding is available?
Businesses can apply for discretionary grant support up to a maximum of 50 per cent of the total project cost and subject to state aid limits. Match funding will have to be from private sources and will need to be evidenced at application stage.
The scheme will complement grant schemes currently available through EU funding, including programmes such as the Business Growth Programme and Marches Building Investment Grant.
This grant will support commercial businesses delivering projects which will:
- Create new jobs and contribute to the creation of new employment opportunities.
- Contribute to the creation of new businesses.
- Increase productivity and turnover.
- Enable inward investment.
- Encourage innovation, diversification and business growth.
Current European Regional Development Funding (ERDF) is restricted to enterprises engaged in business to business trading, whereas this scheme is open to all apart from agricultural and retail businesses (shops, cafes, takeaways etc). Please check with the Project Officer if your business falls within the planning use classification of Class A1-A5.
Businesses can apply for the grant at any point, though it is a competitive grant scheme and applicants are encouraged to submit an application as soon as possible.