By Daniel Hunter

Two major Devon employers now have access to grants worth more than £7 million thanks to the government’s Regional Growth Fund.

During a two-day visit to the South West, Dr Cable confirmed that Princess Yachts could start drawing down its £4.6 million grant to help the company invest over £35 million in a new superyacht hall. This investment has already created 290 jobs and helped safeguard 400.

The Business Secretary also visited Plessey which can now access its £3.1 million RGF grant to establish a manufacturing facility for Light Emitting Diodes at their Plymouth site - an investment which is expected to create 108 jobs and safeguard 199 more.

"Growing businesses like Princess Yachts and Plessey Semiconductors that are creating high tech, and highly skilled jobs are precisely the sort of companies that the government wants to support," Business Secretary Vince Cable said.

"Through the Regional Growth Fund, and more widely through our long term industrial strategy, government can give business the clarity and confidence to invest for the long term. That creates growth, and jobs for people here in the South West and all across the country."

Vince Cable has been leading development of the government’s industrial strategy which looks to the future and presents a long-term, whole of government approach to supporting British business, giving them the confidence they need to invest, hire staff and grow. During his tour he visited Supacat in Honiton which links to key industrial strategy sectors: oil and gas, and renewables.

Supacat, which has built a strong reputation developing specialist high-mobility all terrain vehicles including the British Army’s Jackal, is diversifying its business from focusing on defence into the marine, oil and gas and renewables sectors. It has already designed and is now building the Royal National Lifeboat Institution’s new Launch and Recovery System and is currently building a flexible, multi-role support vessel aimed at the offshore engineering sectors including the support to offshore windfarms.

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