Business News Round Up (03/12/2021)
UK’s largest offshore wind tower factory to be built in Scotland
The UK’s largest offshore wind tower factory will create more than 400 manufacturing jobs when it opens in Scotland in 2023, a spokesperson for lead partner Global Energy Group said. The Port of Nigg factory, to be known as Nigg Offshore Wind (Now), will be capable of producing up to 135 towers per year. The site, north of Inverness, will be 450 metres long and will cover an area of 38,000 square metres, equivalent to more than five football pitches. The £110 million project is a joint operation between Global Energy Group (GEG), which has its headquarters in Inverness, and Spanish offshore wind tower manufacturing specialist Haizea Wind Group. Tim Cornelius, chief executive of GEG, said: “The continued focus on a just transition to a carbon neutral economy has received fresh impetus as a result of the impact of Covid-19.
https://www.business-live.co.uk/manufacturing/uks-largest-offshore-wind-tower-22351998
North West benefits from £167m in regeneration grants
Ambitious plans to regenerate town centres across the North West have received a £167.6m boost from the Government’s flagship Towns Fund today (December 2). The package of investment totalling £2.4bn across the UK, will drive improvements to transport routes, lead to the creation of new cultural hubs, and provide enhanced educational opportunities for local communities. Seven areas across the North West have been given the green light to implement plans to improve the look and feel of their high streets, strengthen transport links and create jobs for local people. They were originally offered the funding in July this year. Birkenhead, Crewe, Darwen, Nelson, Runcorn, St Helens and Millom have today signed their final deal agreements bringing total Towns Fund investment in the North West to £486m. The 15 agreements signed today are the last of 101 deals to be put in place across the country. They can now develop pioneering plans, backed by £2.4bn from the Government’s Towns Fund, to invest in transport and infrastructure, boost skills, create jobs and make their towns a more desirable place to live, work and visit.
Dwindling Scottish footfall prompts call for budget boost
Scottish footfall decreased by 19.8% in November, compared with 2019 figures, which was also a 2.8% decrease from October. The Scottish Retail Consortium (SRC) and Sensormatic IQ data also showed that this is below the UK average decline of 15.7%. For the fourth consecutive month, Scotland saw the deepest decline in footfall of all UK nations. Scottish shopping centre footfall declined by 28% in November, compared to pre-pandemic, down from a 26.3% fall in October. In November, footfall in Glasgow decreased by 22.2% compared to the same month in 2019 – a 3.8% decrease from October. SRC director David Lonsdale explained that the latest figures were the weakest in four months. “Footfall shrivelled across all retail destinations, with the dip in Glasgow more pronounced and the weakest in five months. Indeed, Glasgow recorded the weakest performance of the 11 UK cities surveyed, which bore out anecdotal reports from some retailers about the adverse short-term impact on footfall from the transport restrictions and demonstrations associated with hosting COP26.”
https://www.insider.co.uk/news/dwindling-scottish-footfall-prompts-call-25599507
New investment company created with £10.5m funding
A new investment company has been created in the Liverpool City Region with a £10.5m funding pot. LCR Ventures will help innovators turn their ideas into high-growth businesses and good-quality jobs. It comes as Metro Mayor Steve Rotherham revealed his vision for the area to be a “UK innovation powerhouse”. The Liverpool City Region is aiming to invest more than double the national target on Research and Development by 2030, linked to £3bn of innovation projects. LCR Ventures will initially provide so called “incubator” services and funding to very early-stage start-up companies in the City Region’s health and life sciences sector. In the short term LCR Ventures, thought to be the only company of its kind in the country, is expected to create 60 to 100 jobs. More will be created as the start-up companies grow. The firm will take an equity stake in innovative new businesses in return for financial support and expertise in an effort to make them fully sustainable and high growth. If the business is successful, the investment will be recycled and reinvested.
https://www.insidermedia.com/news/north-west/new-investment-company-created-with-10.5m-funding