A funding programme has been created to encourage foreign owned companies to expand, relocate, grow and create jobs in Torbay.
The Invest in Torbay ‘soft landings’ growth package offers foreign owned SMEs up to £10,000 to relocate all or part of their company to Torbay. Foreign owned companies already with a presence in the UK but not in Torbay can also apply.
TDA, on behalf of Torbay Council, is working with several foreign owned companies across Europe and the US to support investment.
In February next year, TDA will be attending the Photonics West trade show to develop further relationships with US companies and US photonics clusters such as Bozeman, Montana.
Jason Buck, Investment Development Manager at TDA, said: “We have some excellent examples of foreign owned companies continually investing in Torbay and thriving.
"At EPIC, we have brand new, dedicated lab and clean room facilities ready for companies to relocate to. The soft landings programme provides a further incentive and helps support companies with the initial financial challenges of relocating.
"The UK also offers R&D tax credits and low corporation tax which are a big plus for tech companies, particularly those from the US.”
The world-class Torbay cluster offers a highly skilled and expert workforce, and an exceptional education sector with links to leading colleges and universities.
Specialist capabilities that exist within the cluster include; quantum technologies, RF & wireless, GNSS, industrial lasers, optical systems technologies, photonics integrated circuits, telecommunications and nano technologies. Companies such as Lumentum, II-VI Lasers, Gooch & Housego, EFFECT Photonics, Spirent Communications, and Prior Queensgate all continue to grow in Torbay.
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Mr Buck continued: “Torbay and the wider region has unique strengths in robust and resilient photonics and microelectronics. This is built on world-class experience in supplying the aerospace, military and marine sectors which are also key sectors regionally.
"Foreign owned companies who integrate critical photonics and electronics based solutions should consider Torbay. The capabilities within our companies, and those in the wider region, will drive forward future technology in the development of sensors and systems for autonomous vehicles.
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"There is also a focus on new technologies to meet the ever increasing global demand driven by bandwidth, content storage and data consumption.”
Wayne Loschi, EPIC Centre Director, said: “EPIC is a brand new centre which provides over £1m of specialist equipment within its prototyping suite, including both wire and die bonders, a scanning electron microscope with more items to follow.
"EPIC also has a dedicated ISO7 classified cleanroom, purpose-built labs and modern offices for lease. The facilities here at EPIC are starting to attract enquiries from overseas companies that are considering opening a UK site. The soft landings funding will help make expanding or relocating to Torbay easier.”
To find out more about the soft landings funding click here.
