Full steam ahead as strategy boost Shropshire’s economic growth

Work has been taking place to support businesses and provide the necessary infrastructure to attract inward investment in the county through Shropshire Council’s economic growth strategy.

The strategy, which was launched six months ago, outlines plans to increase the annual economic output or GVA of the county by 12 per cent, from its current base of £6 billion, by 2021.

In doing so it hopes to unlock £300 million worth of private sector investment, create 3,700 new jobs, and build 1,375 homes every year.

Shropshire Council today revealed how work so far has had very real benefits for both employers and workers.

It says of the successes so far has been the Marches Growth Hub Shropshire, designed to provide advice, support and signposting for local businesses and start-ups. Since opening in 2016, the hub has dealt with more than 700 enquiries from local businesses, contributing towards the creation of over 30 new jobs in the area.

Profile of one company supported by the strategy

Local artisan confectionary company Champion & Reeves is one of many companies that has benefitted.

The company, set up in 2015, has seen rapid growth with a customer base that includes high end retailers like Harrods and the Houses of Parliament shops.

Jacqueline Champion, Champion & Reeves's managing director, said: "As a business we have received excellent support through the Shropshire Growth Hub. The staff were always willing to talk through our needs and aspirations. By understanding fully what we were looking to achieve, they could suggest potential support to help us to realise our ambitions.

"It has been great to have the hub as the 'go-to' place, not only for signposting, but for practical help too. We were also fortunate enough to access free social media training through them. The hub has certainly helped with our growth and development plans."

Support offered under the strategy

Alerting businesses to funding and helping to complete applications is another key service offered by the Growth Hub, and Shropshire is amongst one of the most successful areas in supporting its businesses through the process, according to Shropshire Council.

The Business Growth programme, made available through the European Regional Development Fund, is designed to strengthen supply chains, stimulate innovation and grow existing small to medium sized enterprises across the Midlands. To date, over 25 Shropshire businesses have been supported, with 71 jobs created, stimulating about £1 million of investment in the county.

"With dedicated officers assigned to locating these opportunities, we have been particularly successful with over £37 million of funding accessed for business support and innovation, environmental projects and social inclusion in Shropshire over the last few years," said Nic Laurens, Shropshire Council's cabinet member for economic growth.

As well as finding funding opportunities for its businesses, the team also look-outs for additional financial resources to support a range of infrastructure projects.

To date, over £11.2 million worth of investment has been made in delivering digital connectivity across Shropshire through the council's Connecting Shropshire project.

Benefits

In addition, the council has been successful in securing financial support for a number of key strategic transport schemes in the county including the Shrewsbury Integrated Transport Package (STIP) with investment of around £12 million.

Selling the benefits of moving a business or setting up a new business in Shropshire remains a major priority, Shropshire Council said.

This year, alongside its Marches partners, Shropshire will exhibit at property and real estate show MIPIM, which features over 24,000 participants from over 100 countries. Here many investment opportunities will showcased, including the Flaxmill Malting development, Clive Barracks, Ironbridge Power Station and Oswestry Innovation Park.

Councillor Laurens added: "It has been a bold decision to take part but it's a highly competitive market-place. We need to start presenting these very exciting and potentially lucrative projects to potential investors, alongside our regional partners, on the world stage."