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[August 2008]
Challenge Issued to North Staffordshire Enterprises
Newly released statistics from Michelin Development Ltd, the business development arm of Michelin Tyre Plc, show the North Staffordshire region is the lowest ranking of the four regions – the others being East Lancashire, Dundee and Ballymena – where the Michelin Development fund is available to firms. Having only two years ago accounted for 48% of all the jobs created through investment assistance from the Michelin Development fund, North Staffordshire now finds itself in alarming decline with no new loans or jobs created in 2008.Michelin Development Ltd is dedicated to helping small and medium sized businesses that can create new employment in the areas of the UK, including North Staffordshire, East Lancashire, Dundee and Ballymena, where Michelin has present or historic links with the community. The UK operation, which is part of an European initiative to support entrepreneurs and a cornerstone of Michelin's Corporate Social Responsibility Programme, helps expanding businesses through the offer of unsecured loans at Bank of England base rate and the provision of free business advice.
In the three other regions where the fund is available the scheme is flourishing. In East Lancashire, for example, the scheme is on target to create 200 jobs in 2008. With very promising results so far in Dundee and Ballymena, Michelin is providing a substantial boost to those respective regional economies in terms of investment and jobs.
Back in North Staffordshire, the picture could hardly be more different with the rich seam of entrepreneurship that ran through the region only a couple of years ago, now drying up. North Staffordshire now lags worryingly behind, creating the need for Michelin Development to issue the challenge to the region to improve its entrepreneurial skills and create 200 jobs over the next year through the Michelin scheme.
Mike Cole, Director of Michelin Development, said: “We issue this challenge as we want to see a North Staffordshire renaissance, returning to the times when the region accounted for almost half of the jobs created by our fund. East Lancashire is a wonderful example of what can be achieved, particularly when you consider that demographically it's a very similar region to North Staffordshire. This leads us to question what is holding back North Staffordshire? Given this situation we today call on entrepreneurs in North Staffordshire to take up the challenge, realise their business dreams and make the region the flagship area once again".
Despite the decline in loan applications, companies who took up the challenge in the past are shining examples of what can be achieved. With investment and support from Michelin Development, Caverswall China – a Stoke based producer of niche market fine china – has gone from strength to strength since facing an uncertain future two years ago.
Michelin Development explained: “Caverswall China's renaissance reached a high point earlier this year when the company was given a royal warrant – the first pottery manufacturer in ten years to be given the ultimate royal seal of approval. With investment and support from Michelin Development – it's not just the money but priceless sales, technical and marketing advice that is also on offer – Caverswall China and other firms in Stoke are living testament to the success of the fund, showing that with the right vision and assistance the region can return to its glory days.
“Over the five years since it was formed in the UK, Michelin Development has helped over 100 new enterprises in industries as varied as engineering, construction, IT and fine china. Michelin Development is in the next year looking to loan a further £1 million, help another 30 companies and create around 250 jobs.”
ENDS