Derby based Railway Vehicle Engineering Limited (RVEL) has secured grant support from the £20 million Derby Enterprise Growth Fund (DEGF) which will be the catalyst for growth and it is anticipated to create 33 new jobs.
RVEL have been awarded a £165,000 grant from DEGF towards their £487,000 investment programme which will see a new paint facility installed and other significant enhancements take place at their engineering facilities in the RTC Business Park on London Road, Derby.
RVEL’s new paint shop has been designed specifically for the painting of railway locomotives and rolling stock – enabling the company to win more business and potentially increase its £12 million turnover by £5 million a year. RVEL hopes to open the new paint shop in September of this year.
The new jobs created will be a combination of project managers and paint shop personnel, as well as skilled engineers, welders and fitters. The new roles will support RVEL’s expansion plans as it targets growing demand in the industry for specialist rolling stock maintenance and overhaul skills, to cater for passenger and freight growth on Britain’s railways.
Andy Lynch, managing director of RVEL, said: “We are grateful to Derby City Council and the Derby Enterprise Growth Fund for supporting our growth plans.
“DEGF funding will allow us to fast-track the installation of a paint facility that will help us meet growing customer demand and allow us to speed up recruitment of local people into our growing and successful business.
“Today’s announcement is further proof that Derby supports local companies and the City’s unique cluster of rail businesses, which is the largest in the world.”
RVEL specialises in engineering work on railway traction and rolling stock. Based in Derby, at the heart of the UK rail industry RVEL offers modern, well equipped workshops that provide customers with a full range of rolling stock engineering solutions; from train servicing through routine fleet maintenance to the heaviest of vehicle and component re-engineering projects.
DEGF is supported by the Government’s Regional Growth Fund and run by Derby City Council. It aims to support the growth and job creation at businesses in Derby and the travel to work area through a mix of loans and grants.
Councillor Martin Rawson, Derby City Council Deputy Leader and Cabinet Member for Planning, Environment and Regeneration chairs the DEGF panel of industry and financial experts who consider applications.
He said: “Derby celebrates 175 years of rail manufacturing this year which is a major milestone for our city.
“The DEGF panel has been very impressed by the quality and calibre of the applications from companies in this sector such as RVEL who continue to be innovative and ambitious in their future growth plans.
“The continued growth of the rail industry is crucial to the economic health of the city and companies such as RVEL evidently remain committed to increasing the number of skilled local jobs for local people.”
Applications continue to be welcomed by Derby City Council. To find out more visit: www.derby.gov.uk/degf. Alternatively call 01332 641628 or email degf@derby.gov.uk
