• Swindon & Wiltshire News
• Monday November 7 2022
• Author Name: Peter Davison

Growth Hub funding cut by 50 per cent as two reports highlight positive effect on Swindon and Wiltshire economy

From Brexit fallout to Covid response, two new reports have highlighted the positive effect of Swindon and Wiltshire Growth Hub – the business support arm of Swindon and Wiltshire Local Enterprise Partnership – on the local economy.

The reports have been published as the hub has been handed a 50 per cent reduction in funding from the government.

An evaluative report by social and economic research group Wavehill, complement by an internal report, found that between April 2021 and March 2022 the Growth Hub had provided support to 2,402 businesses – above its target of 2,100 and representing around eight per cent of the 29,000 businesses in Swindon and Wiltshire.

Of those, 233 businesses each received a minimum of 12 hours support from the Growth Hub, with a further 921 businesses making use of one-12 hours support. A further 1,248 businesses used the service for up to an hour each.

The interventions, say the reports, contributed to the safeguarding of 149 jobs and safeguarded £8.4 million gross value added.

Seventy four per cent of 124 businesses who responded to a survey about their experience said the service had exceeded their expectations, while 69 per cent said they were in a better position having accessed support.

The evaluation found that key issues faced by businesses over the study period included staff shortages, supply chain disruptions and rising costs, the ongoing fallout of the EU exit, climate change, and Russia’s invasion of Ukraine.

Advice provided included:

• Starting and growing a business
• Understanding and accessing finance
• Digital capability
• Skills support
• Innovation and technology
• Marketing and sales
• Tax and compliance
• Sustainable business activities
• Strategy
• New product development
• UK’s exit from the European Union
• Coronavirus advice

Of the businesses supported by the Growth hub, 40 per cent were in retail, 46 per cent were in manufacturing, six per cent were in consumer goods, and 2.6 per cent were in materials.

Geographically, 39 per cent of the businesses assisted were in Swindon, 21 per cent in Salisbury, and 12 per cent in Swindon.

Looking to the future, the report notes that for the year 2022/23 the Growth Hub’s core grant from the government’s Department for Business has been slashed by 50 per cent to £231,000.

In response, the LEP is launching Growth Hub Plus. Alongside its funded assistance the sub-brand will provide additional charged support aimed at intermediate and advance level interventions for businesses with development and growth aspirations.

Chris Stevens, head of business support for the Swindon and Wiltshire Local Enterprise Partnership said: “I am immensely proud of the work conducted by the entire Growth Hub team.

“We adapt the support provided to the specific needs of businesses and have also focussed on key areas such as funding, skills, the green agenda, digital and cyber.

“The introduction of Growth Hub Plus will enhance this offering as we move forward.”