By Daniel Hunter

A manufacturing company that has a hundred and fifty year history in Rochdale will start building its new European headquarters in the area after being given the green light for funding from the Government’s Regional Growth Fund.

Holroyd Precision received the final approval for the funding personally from Business Minister Michael Fallon today when he visited the site. The company will receive £2.8 million from the fund which will support the development of a new factory and an R&D European innovation centre, securing 187 existing jobs and creating 137 new positions within Holroyd Precision.

Mr Fallon’s visit came on the day that the Government announced the allocation of £1.05bn of extra funding from the third round of the Regional Growth Fund.

The North West region has received £77million from round three of the fund, which will create nearly 11,000 direct jobs and an estimated 8,900 indirect jobs. This is on top of the 46 successful bids from rounds one and two of the fund, of which 32 have already started

Business Minister Michael Fallon said:

“Today’s news that £77 million of Regional Growth Fund money will be coming to the North West is a real boost for the area. But the real story of the Regional Growth Fund is the thousands of jobs that the fund is creating and the companies that it’s helping.

“Holroyd Precision is a prime example of how we can help companies achieve their aspirations and create jobs in a timescale that works for them. The company will maintain its strong links with Rochdale thanks to the Regional Growth Fund and build its new European headquarters in the area. So not only are they staying here in the North West, but they are expanding and creating new jobs. Success stories like this are happening up and down the country thanks to the Regional Growth Fund.”

The precision engineering company can now draw on the Government funding as soon as they are ready. The project represents a substantial vote of confidence in UK development and manufacturing by Holroyd’s Chinese parent company Chongqing Machinery & Electric Co Ltd.

Don Whittle, HR Director of Holroyd Precision said:

“We are extremely pleased to have been awarded this £2.8 million from the Regional Growth Fund. This has enabled us to make further investments in additional staff, research and development projects, as well as securing the future of Holroyd Precision for many more years to come.

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