A £1MILLION fund has helped create 60 new jobs in Torbay.
Torbay Growth Fund was set up six months ago by Torbay Council and Torbay Development Agency and so far invested £158,000 over five Torbay businesses.
The Select Group of Paignton has secured £112,500 to enable a £450,000 project for an internal extension to house offices and space for assembly, research and development, design and technical support.
This will enable them to produce the new Alert range of early asbestos detection equipment, creating 45 new jobs over three years.
SJG Energy Solutions is a new business based in the South West Energy Centre at South Devon College.
Funding of £12,000 will enable it to expand its renewable energy installation business by purchasing equipment and training new staff.
Torquay-based specialists business service company HRA was granted £6,000 towards workstations and specialist software, and has recruited two new graduates. HRA offers marketing, research, commercial and design services to the food, drink and agriculture industries helping them improve business overseas and in the UK.
Torquay International School was granted £10,000 for marketing the business, computer equipment and creating new classrooms, creating four new jobs. The school is looking to expand into new markets, including direct booking clients and destinations such as Columbia and Chile.
Advanced Technical Recruitment was awarded £18,000 to move its home-based business into office space and train new employees, creating six new jobs. ATR specialises in permanent roles for hi-tech business sectors. It works with hi-tech companies both in the Bay and across the country.
Iona Mulligan, director of Advanced Technical Recruitment, said: "The fund has provided us with invaluable support towards the next stage in our growth.
"We are very excited to be able to expand into professional offices and in turn create six long-term permanent and sustainable positions in Torbay."
Stuart Giles, of SJG Energy Solutions, said: "The fund will help us take on new staff as we expand our growing business into the renewable energy market as Green Deal assessors and installers.
"We wouldn't be able to achieve our goals without the help of this funding."
Alan Archer, managing director of the Select Group, said: "This is an invaluable resource at a crucial time in our growth. This will accelerate the commercialisation and manufacture of our life-saving technology."