Recommendations: (a) the spend for the property purchase appears in the trading company
balance sheet as an asset and (b) a formal market value lease is in place for the two companies.
The Panel noted the business has been heavily impacted by Covid, and still in a difficult period, so
the move to bigger, more suitable, premises will enable the company to transition, diversify and
recover. General discussion took place. Panel suggested the company may benefit from
expansion into different areas in due course.
(2) Two Magpies Bakery Limited - Agreed to support.
£44,000 - GBER
Twelve full time jobs to be created.
NS provided background information on the grant application. General discussion took place. A
good project.
(3) Flexion Global Limited - Agreed to support.
£194,700 - GBER
Thirteen full-time jobs to be created.
NS provided background information to the grant application and general discussion took place. A
straight-forward application by a successful, local business, with ambitious growth plans, operating
in a LEP priority sector. Panel noted purchase of the new building will also bring local benefits in
returning the building back into commercial use.
Panel made observation that the new jobs are low paid and that going forward the company may
need to lift their salaries to employ good quality staff.
(4) A further application was considered and declined by the Panel.
Small Grant Scheme (SGS) | Growth Through Innovation Fund (GTIF) Updates
JW made observation made that, overall, applications are coming through in small batches for all the
grant schemes.
Small Grant scheme
The Panel noted the award of four grants in the month of February 2021, totaling £14,756 (Grants
Awarded). Two grants withdrawn. See Annexe 1.
The Panel noted the award of four grants in the month of March 2021, totaling £40,807 (Grants
Awarded). Two grants withdrawn. See Annexe 1.
Small Grant Scheme balance - £21k available for award. MB made observation that we need to foster
the smaller grants as they do make a big difference.
Growth Through Innovation Fund (GTIF)
The Panel noted the award of two grants in the month of February 2021, totaling £49,000 (Grants
Awarded). See Annexe 2.
The Panel noted the award of four grants in the month of March 2021, totaling £99,995 (Grants
Awarded). Two grants withdrawn. See Annexe 2.
Funding, Updates and Jobs Creation
Funding and Updates not provided. The Panel noted that Beverley Davies, replacement for Barry
Henson, Suffolk County Council, will take up her post on 10 May 2021 and will join the GBF June
meeting.
JW reported that the New Anglia LEP Grants Team had made a lot of GBF payments recently leaving
only a few grants outstanding for claim and payment.