The manufacturing sector can play a major role in continuing to grow the UK economy, according to an industry expert.
Andy Traynor, Senior Investment Executive of FW Capital, said the industry had shown modest growth in comparison with the service sector which offered an opportunity to boost the economy for the rest of the year.
Figures released by the Office for National Statistics last week showed the economy grew 0.4 per cent in the second quarter of the year, an increase from 0.2 per cent in the first quarter.
FW Capital manages the Northern Powerhouse Investment Fund (NPIF) Debt Finance, an ERDF and EIB-backed fund which offers loans of between £100,000 and £750,000 to businesses across the North West.
It is also the category sponsor of the Manufacturer of the Year prize at this year’s Be Inspired Business Awards, the BIBAs, which holds its annual awards ceremony next month.
Andy said: “Lancashire is a great example of where a strong manufacturing industry can be a driver for growth across the wider economy.
“The growth we are seeing in the economy is good news, but manufacturers offer an opportunity for even greater growth and supporting them to be able to invest is a crucial part of achieving this.
“FW Capital is working with manufacturers across the Northern Powerhouse region to support this investment and we are delighted to be celebrating the successes of the sector through our sponsorship of the BIBAs.”
FW Capital is a UK fund management company which provides tailored commercial investments to businesses across the North of England, building long-term relationships which enable it to continue to invest as companies grow.
The BIBAs holds its annual prize-giving ceremony at The Blackpool Tower on September 14 with up to 1,000 members of the Lancashire business community expected to attend the evening which will see 18 prize categories handed out.
In 2017, the winners of the Business of the Year category, Burnley-based refrigerated vehicle specialist, CoolKit, also collected the Manufacturer of the Year award, while Preston-based Sunshine Events also winning two categories, Employer of the Year and Excellence in Corporate Social Responsibility.
Fox Brothers, which is headquartered in Poulton-le-Fylde, was the winner of the Construction Business of the Year, with Blackburn non-profit making body, Community and Business Partners, winning the Third Sector of the Year category.
For full details of the awards up for grabs at the BIBAs 2018, visit its official website at www.thebibas.co.uk.