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HSBC
Receives Scottish Executive Grant Support to Create up to 257 New Fund
Management Jobs in Edinburgh.
HSBC’s expansion project will be backed by £1 million
RSA, whilst Gemfire will be
supported by £1.7 million.
 Banking
giant HSBC is to receive Scottish Executive grant support to create up to
257 new fund
management jobs in Edinburgh, it was announced today.
The same Regional Selective Assistance (RSA) grant scheme will also allow
West Lothian firm Gemfire, which manufactures optical components for the
telecommunications market, to create up to 346 new posts at its Livingston
facility.
These companies are just two of 40 across Scotland to feature in the latest
RSA quarterly report. This shows that Executive grants accepted between
October and December last year will create or safeguard over 1,500 jobs
across Scotland and are linked to planned overall investment of £28.4
million.
Deputy Enterprise Minister Allan Wilson said that HSBC’s expansion project
will be backed by £1 million RSA, whilst Gemfire will be supported by £1.7
million.
He said:
“The financial services sector is one of Scotland’s most important, and
HSBC’s plans to expand its Edinburgh operation shows that the industry
continues to thrive.
“It is also highly encouraging to see US firm Gemfire Europe’s plans to
increase its Livingston workforce from 43 to around 400 by 2007, showing
there is still growth potential in our electronics sector.
“Both of these projects, supported by Scottish Development International,
show that RSA continues to help Scotland attract important inward
investment. At the same time, it also plays a vital role in helping to
support ambitious Scottish companies looking to grow and develop.
“Take another firm to benefit this quarter, Glasgow-based saw-you.com. The
cutting-edge technology this small company is developing, allowing internet
users to create digital character versions of themselves, is being used by
over two million people worldwide.
“RSA is not only helping this company to expand its staff base from 11 to
23, but is helping to strengthen Scotland’s reputation as a world-leading
centre for digital media.
“Another very different home-grown company which is using RSA to invest in
its future is Borders-based Plaisir Du Chocolat. This small firm has gone
from strength to strength in the five years that it has been operating, and
will use RSA to double its current workforce to 14.
“All of this is good news for Scotland’s economy, helping companies of all
types and sizes to invest in their future and create vital jobs. I would
strongly recommend other businesses across Scotland to consider now whether
they have a potential project which might qualify for RSA.”
• HSBC – the world’s third largest bank, has accepted an RSA offer of £1
million to create 257 new jobs in Edinburgh. This will enable the company’s
Edinburgh operations to become one of the key European centres for
outsourced fund administration services.
• Gemfire Europe Ltd – is part of a US owned group, GC Holdings. Its
facility in Livingston currently has around 43 employees and is a highly
advanced optical component factory. An RSA award of £1.7 million will enable
the company to increase its workforce by 346.
• Saw-you.com – is pioneering the development of digital character
technology. Based in the West End of Glasgow, the company has accepted an
RSA grant of £190,000 to expand is staff base from 11 to 23.
• Plaisir Du Chocolat Ltd – specialises in the manufacture of luxury
handmade chocolates. Set up five years ago, increasing customer demand led
to the firm last year opening a new, larger production facility in Newtown
St Boswells in the Borders. RSA funding of £50,000 will help the company
create seven new jobs.
Notes:
1. Today’s full quarterly report can be found on the RSA Scotland web page
at
www.rsascotland.gov.uk
2. Regional Selective Assistance (RSA) is the main national scheme of
financial assistance to industry. It provides discretionary grants for
investment projects that will create or safeguard jobs in Assisted Areas –
areas designated for regional aid under European Community law. The scheme
is administered by the RSA Scotland Unit of the Scottish Executive.
3. Payments of RSA are made in instalments as job and project expenditure
targets are met.
4. The amounts quoted above and in the report, therefore, represent the
maximum grant potentially payable if the project is satisfactorily
completed, and not the amount actually paid to date.
5. All job numbers are based on firms’ forecast figures at the time a grant
is offered, and are subject to change depending on future economic
conditions and other factors affecting the business concerned.
6. In the previous RSA quarterly report – covering July to September 2005 –
RSA grant accepted was £15 million with 35 offers expected to lead to
capital expenditure of £60 million and the creation or safeguarding of 1,900
jobs.
7. The current RSA map expires at the end of 2006 and the European
Commission’s regional aid settlement for 2007 onwards will offer reduced
scope for RSA in Scotland. For further details, go to
www.rsascotland.gov.uk
Contact: Claire Delaney – 0131 244 2547 / 07767 411 988
News Release: NREL
Internet:
www.scotland.gov.uk
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