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North east firm receives double funding boost to hire graduates

Published: Sunday, 26 February 2017   Category: All Graduate Jobs News

A pharmaceutical firm located in Northumbria has been awarded funding to expand, which will create more than 30 new jobs.

Arcinova – located in Alnwick – has received a £750,000 loan from the North-East Growth Plus fund to expand its business and subsequently take on more staff.

The North-East Growth Plus fund – controlled by FW Capital – has invested £24.4 million to date and has created 1,185 jobs since it was first launched in 2010.

Arcinova, a research and development company, also recently received approval for a £60,000 grant from the North East Rural Growth Network fund, who allocate money to companies to stimulate economic growth.

The company has faced uncertainty over recent years, and was taken over by new owners in February last year, saving around 50 jobs.

Currently, the business employs 63 staff, but plans are in place to hire an extra 31 employees following the investment.

Deliver plans for significant growth

Ian Shott, Managing Director of Arcinova, said: “This funding will help us deliver our plans for significant growth as we aim to offer best-in-class technology services for contract research, development and small-scale manufacturing of drug substances.”

The £60,000 grant will be added to the investment that is set to be used to develop a new suite for drug research and development – construction of the new suite will create at least four new graduate-level jobs.

Arcinova were made aware of the possibility of finding investment so they could expand their site during regular meetings with local companies, who thought the development would significantly add to Northumberland’s life-science and pharmaceutical sector.

The Rural Growth Network has secured enough funding to be able to support businesses in the rural areas of Durham, Gateshead and Northumberland up until 2020.

For fresh graduate jobs across a range of locations, visit Grad Plus today 

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