Grant funding is helping deliver new jobs at an Ilkeston rail firm.
Railway Electrical Services (RES) is one of the first projects to benefit from a new funding stream through the Derby Enterprise Growth Fund (DEGF), which is managed through Derby City Council.
The company, a supplier of electrical solutions to the railway industry, was awarded £43,000 after demonstrating its potential for sustainable growth and job creation.
Confirmed orders from customers such as Balfour Beatty, Network Rail and Carillion created increased demand, together with enabling work at London’s Euston station in readiness for delivering HS2.
This meant the company needed to extend its premises to employ 50 more staff at its site on Hallam Fields Road.
Managing Director Simon Winson said: “The opportunity for RES to expand and create more jobs may have been lost without the intervention from the funding.
“Our turnover increased from £6 million in 2015 to £10 million in 2016. Projected turnover for 2017 is £16 million. The funding helped to create the right conditions to be able to make this increase deliverable.”
Following the achievements of the DEGF in and around the city, the fund has recently been successful in bidding for additional funding to make the scheme countywide.
The funding has been awarded through the European Regional Development Fund and will enable DEGF to support a greater number of businesses wishing to invest in innovation and growth and job creation. The fund will now have two streams, DEGF and D2EGF.
Derby City Council Deputy Leader and Cabinet Member for Communities and City Centre Regeneration, Councillor Martin Rawson, said: “RES is a great example of a local company with the potential to expand with some support.
“This is exactly what our successful funding scheme has been created to do, stimulate growth in order to create sustainable new jobs.”