A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Productivity Challenge grant of £80,315 to a manufacturing, product developing, distribution and marketing company, with a globally recognised audio brand within the Audio industry.
The grant would allow the company to purchase 2 CNC machines, 1 studio machine, two 3D printers, building modifications and compressed air electrical installations to leverage the expertise within the company and provide a solution to the existing and growing demand from the global market.
The project is estimated to result in a 95% increase in productivity, with GVA per worker forecast to increase from £29,694 to £58,030, and creation of 7 FTE’s by 2020, considered acceptable value for money for the BIF Productivity Challenge investment.