£6.5 million new industrial units to create 170 jobs
Work has started on a £6.5 million project to build two large industrial units at Redruth covering a massive 130,000 sq feet and creating an estimated 170 jobs.
Midas Developments has secured £2.27 million of Objective One funding towards the project on the Cardrew Industrial Estate, making it the largest private-sector led development to be approved to date under the Objective One programme.
The larger of the two units, covering 75,000 sq feet, will be occupied by Stralfors plc, the specialist printing and information transfer company that will relocate from its existing premises in Falmouth next year. The second unit will be marketed nationwide to attract a high value business to Redruth.
The announcement comes less than a week after Regeneration Minister Tony McNulty approved the formation of an Urban Regeneration Company for Camborne, Pool and Redruth, heralding a new dawn in the fortunes of the area.
Terry Murch, Director of Midas Developments, said: “This is one of the largest development projects ever undertaken by us in Cornwall and we’re already confident of its long term success and of the benefits it will bring to the county in terms of securing and attracting jobs.
“We hope that our financial commitment to and confidence in the Redruth and Camborne area, our success in bidding for Objective One funds and securing a major international company like Stralfors as an end-user, will lead the way for other private sector developers to come forward to work with the public sector on major regeneration projects like this one.
“I’d also like to thank BLS Estates in Truro for their help and support in making the successful grant application – they will now work with us to market the second 60,000 sq ft phase of development.”
Mike Murphy, managing director of Stralfors Plc, said: “Our success in winning substantial contracts in recent years means we are outgrowing our premises at Falmouth and now require a state-of-the-art facility.
“The new factory will enable us to grow our business and expand through the use of new technology, and our investment underlines our continued commitment to Cornwall.”
Bill Bawden, Objective One programme director, said: “This project will have a substantial impact on the local area and is the largest industrial development we have funded to date. It will not only safeguard jobs at Stralfors and allow the company to expand in the future, but will also create an estimated 170 new jobs when the second unit it occupied.”
Swedish-owned Stralfors employs 150 staff at Falmouth and combines generations of printing expertise with cutting-edge technology to provide a wide range of services including security printing and critical information transfer.
Clients include the public sector (National Blood Service, NHS Trusts, DVLA, Prison Service); financial services sector (TD Waterhouse, HSBC, Lloyds TSB); retail (Next; John Lewis); utilities (Centrica, Scottish Power) and gaming and leisure (Camelot, Tote, Best Western).
Stralfors expects to move from its current premises on the Tregonnigie Industrial Estate in Falmouth in May of next year.
A photograph showing the official start of work on site is available direct from the Apex Photo Agency on 01392 824024.
Midas Developments’ insight and understanding of the South West market has already seen the first phase of its 125,000 sq ft Torbay Business Park development being 90% let within six months of completion. It was also responsible for the successful relocation and expansion of Habit Diamond to Saltash Parkway Business Park last year.
Stralfors Plc is part of the international Stralfors Group, headquartered in Sweden. It operates in 11 countries and specialises in developing bespoke solutions for the transfer of information. By drawing on modern logistics and information technology experience, the company has developed from its traditional base in the print industry into one of Europe’s leading information transfer companies. For more information visit www.stralfors.com.
The Objective One Programme for Cornwall and Scilly provides £314 million of grant funding in the period 2000 to 2006. Funding for this project has come from the Objective One European Regional Development Fund, defined by Europe as:
Helping reduce the gap between development levels and living standards among the regions and the extent to which least-favoured regions are lagging behind.
Helping redress the main regional imbalances in the Community by participating in the development and structural adjustment of regions whose development is lagging behind, and the social conversion of regions.
Objective One Partnership Office
Truro TR1 2UD