Thursday 10th October 2024
Showground, Wadebridge

Penryn firm among first to benefit from South West Growth Fund

A Penryn business is among the first to secure a grant from the South West Growth Fund. The £230,695 grant is helping to create 19 high level research and development (R&D) jobs. Allen & Heath, world-leading designer and manufacturer of audio mixing systems, is transforming its Penryn site to focus on developing new products for the music industry.

The £8.7million South West Growth Fund was launched last year by Plymouth University’s GAIN team, SWMAS Ltd, South West Water Business Services and the Western Morning News. Worth £1.9million, the first grants will deliver 250 new jobs for the region.

Supported by the Regional Growth Fund, the new fund supports transformational projects in businesses, primarily in manufacturing, marine and digital industries and is set to create 1,000 new jobs.

With a heritage incorporating Genesis, Pink Floyd and The Who, Allen & Heath products have been used by stars like Adele, Pete Tong, Frank Ocean, Morrissey and Rita Ora, as well as installed in clubs, studios, theatres and houses of worship across the globe. Allen & Heath is part of Audiotonix, a UK group of pro audio companies, which also comprises the other leading brands, Calrec and DiGiCo. The South West Growth Fund grant has unlocked an additional £800,000 of private investment, enabling the firm to realise its growth aspirations.

With 105 staff currently based at Kernick Industrial Estate, Allen & Heath is embarking on a nine-month programme to turn its manufacturing building into an R&D space. Over the next three years, the firm will recruit 19 new members of staff to establish a centre of excellence for music technology in the South West.

Glenn Rogers, Managing Director of Allen & Heath said: “With much of our manufacturing now being outsourced, we needed to invest in R&D to grow the business, and keep our competitive edge. The South West Growth Fund has enabled us to raise enough investment to redevelop our site so we can keep developing products to drive future growth.

“We’re now embarking on a major recruitment drive and are creating high level jobs for talented people, including graduates from the South West’s universities. I’m very happy to see the company expanding and thriving.”

Through the South West Growth Fund, Allen & Heath can access expert advice from SWMAS Ltd, whose manufacturing specialists are on hand to provide independent technical knowledge and practical training for staff, helping firms make informed investment decisions and then supporting the deployment of new technologies into their production processes. The company will also receive free water and energy audits provided by South West Water Business Services as a continuation of their mission to help regional businesses be more efficient.

Adrian Dawson, Head of GAIN at Plymouth University said: “The South West Growth Fund is the latest round of RGF funding to have been secured for the South West by GAIN and regional partners. Together these funds now total more than £20million and are forecast to support the creation of nearly 2,500 new jobs.

“As a University, we are particularly pleased that these grants will create a number of high level jobs, helping more of our graduates to stay in the South West as well as boosting innovation across the region.”

Simon Howes, Managing Director of SWMAS Ltd, said: “This scheme is unique, combining both funding for capital investment and expert on site support. It is delivering growth to our region and driving productivity improvements for our ambitious clients continuing our 13-year history of championing manufacturing in the South West.”

Monica Read, South West Water’s Business Services and Sustainability Director, said: “South West Water Business Services is delighted to have played a key role in helping to secure funding for these grants, which are already providing a big boost to developing businesses and creating jobs in the South West.  Our business customers are our priority and we are pleased to offer free water and energy audits to successful companies, helping them to be resource efficient.”

Bill Martin, Editor of the Western Morning News said: “The Western Morning News has been proud to support Westcountry business throughout its history and is delighted to be associated with the type of job creation being stimulated   by the South West Growth Fund.”

High growth businesses across the region, from Gloucestershire, Wiltshire and Dorset to Cornwall and the Isles of Scilly can still apply for grants of up to £1million by visiting:

www.gaininbusiness.com/swgf or www.swmas.co.uk/business-support/south-west-growth-fund-0