Nottingham-based precision engineering company P S Marsden is investing £1.5m in a centre of excellence at its Colwick Industrial Estate premises.
The project is part funded by a £140,000 award through East Midlands Development Agency’s (emda’s) Selective Finance for Investment in England (SFIE) grant scheme. According to emda, it will help the company grow and expand their product development work for the aerospace and transport industries. It is also set to increase capacity and create 25 skilled jobs over the next three years.
P S Marsden’s general manager, Simon Marsden, said: ‘We’re excited to be able to go ahead with our plans for a Centre of Excellence which will enable us to compete in national innovation schemes for projects within our industry sector. It is good to know that emda recognises the funding difficulties that companies face when expanding, and we welcome their support.’
SFIE is a discretionary scheme delivered by the Regional Development Agencies, on behalf of the Department for Enterprise, Business and Regulatory Reform (BERR, the former DTI). It is aimed at businesses which need financial help to invest in land and buildings or plant and machinery in order to expand and modernise.
Jonathan Lowe, emda’s head of business investment, said: ‘This SFIE award under the extended scheme is great news for P S Marsden as they embark on their growth plans and investment. I wish the company every success in the future as they continue to expand.’