A SUBSTANTIAL jobs boost is on the cards for a rapidly growing Isle of Wight company which is in line for more than £1 million in government funding.
Composites firm STRUCTeam Ltd, based in Medina Walk, Cowes, was one of 109 companies from across the country to receive support from the Regional Growth Fund (RGF) — a £3 billion fund to support private business.
Headed by managing director, Julien Sellier, STRUCTeam has an international client base and hopes to become a world leader in structural and composite engineering services.
Mr Sellier said: "This funding award confirms that for the last three years we have been on the right path.
"We still need to complete the process and are about to sign a conditioned engagement letter prior to the due diligence process taking place.
"We started the company in 2010 with a team of three people, which has now grown to 16.
"Ninety per cent of our business is international, raising the profile of the Island overseas and contributing to the Island’s economy. This funding will provide the boost the company needs, and should result in substantial job creation."
Last year the company won the New Business Award in the Chamber of Commerce Awards for Excellence. They also received a commendation in the International Business Award category.
Various sources of government funding are available to help the private sector to create or protect jobs by investing in and strengthening their business.
Island MP, Andrew Turner, said: "This is great news for STRUCTeam and I am sure, with the help of this funding, they will continue to go from strength to strength, employing more people and helping to build the Island’s economy.
"Island businesses are mainly small companies and if they have plans which would create new jobs or protect existing ones I would encourage them to look into the various sources of government funding for support."
Stuart Love, director for the economy and the environment at the Isle of Wight Council, added: "There is a competitive process to go through but as STRUCTeam’s success has shown a well-planned, good project can attract significant financial support."
*It was initially reported the grant was worth £1.45 million, due to information supplied by Mr Turner's office. Mr Sellier said the final figure had yet to be confirmed, however that it would be more than £1 million.