We still have drawing power
Tyne and Wear continues to support growing businesses and investors, despite the challenges of the economic environment, says Paul Buie.
DEVELOPING a successful business is even more of a major challenge in a time when economic conditions remain uncertain.
But The Journal’s Top 200 list is a reminder of the region’s strengths, successes and the talents of the many people behind our leading companies.
They are an important barometer of economic success – and their achievements continue to create jobs, wealth and prosperity for our region.
In spite of the ongoing challenges, the last 12 months have been good for business investment in Tyne & Wear. This is testimony to facilities we’ve developed across the region, which are providing the infrastructure for exciting new businesses and sectors to emerge.
It’s also a measure of the excellent network of support available to growing businesses – even in tough times – in which Tyne and Wear Development Company plays a pivotal role.
This is one of the many reasons why we have been able to attract one of the North East’s biggest ever inward investment projects. Tesco Bank is creating up to 1,000 jobs in North Tyneside, with Quorum Business Park the location for its new customer service centre.
That a major brand like Tesco Bank invests here shows the area remains attractive to investors – a good place to do business.
Tyne and Wear Development Company, now in its 25th year, played a key role in bringing the bank to Tyneside, leading an inward investment team that worked closely with Tesco to ensure everything they needed was available on Tyneside.
The support included detailed information about the region, property opportunities and help with recruitment. More recently, the agency has worked with insurer Insurethebox, helping it establish its first customer service centre here.
This company, which plans to be a major player in UK motor insurance, is creating up to 150 jobs over three years – also at Quorum Business Park.
Again, Tyne and Wear Development Company acted alongside the firm’s management team to achieve a successful set-up.
These firms underline the shifting nature of the regional economy in recent years. Professional services, digital media, life sciences, finance and contact centres are just some of the new sectors now supporting our traditional strengths in areas such as engineering and manufacturing.
The Government’s Marine Management Organisation (MMO), which last month opened on Tyneside, builds on our maritime tradition. The new flagship agency, which manages the seas around the UK, has created 140 jobs at its national headquarters on Newcastle Business Park.
Its arrival is significant. It is one of the first government bodies to relocate to the region following the Lyons Review.
The investment was secured in face of stiff competition around the UK – and we look forward to the agency’s success in the years ahead. The skilled jobs it has created are good for the region and will help to build our reputation as an international centre for marine expertise.
All these investment projects are supported by the success of the hundreds of SMEs and Top 200 companies already here.
Through our Strategic Account Management Programme, we are working closely with these companies to meet their long-term growth needs.
As recession recedes, access to quick business support and finance will be even more crucial. Support from Tyne and Wear Development Company and new initiatives like the Finance for Business North East Fund – with £125m to invest – will be an important driver of future growth.
For firms looking to make the most of these opportunities, Tyne and Wear Development Company should be first port of call.
:: Paul Buie is manager of Tyne and Wear Development Company. Call 0191 516 9099 or visit www.tyne-wear.co.uk
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