Chancellor Osborne at LVS
Chancellor George Osborne (left) visited LVS Small Plastic Parts in Telford and applauded the business for turning its fortunes around thanks to government funding.
Chancellor of the Exchequer, George Osborne, paid tribute to a British success story on a recent trip to Telford, when he visited a specialist plastic manufacturing firm to see how government funding has helped the business increase its turnover by over 300 percent in the last five years.
LVS Small Plastic Parts Ltd, a family business that sustained the financial crisis with the help of government funding, has turned itself around to significantly increase turnover, double its number of employees and secure contracts with some major international clients.
“It was fantastic to have the Chancellor visit Telford and to acknowledge the efforts and contribution to the economy of a SME business like LVS Small Plastic Parts Ltd,” commented Simon Anderson, the firm’s Managing Director.
The firm says its growth has been bolstered by several Government funding schemes, including a large investment in new machinery via the government’s Capital Allowances scheme, which has allowed the business to deduct the value of the new machinery from its pre-tax profits. Further grants from the Regional Growth Fund, the Business Innovation Programme, have also given LVS a “much appreciated” boost.
“The success of our company has been built on the hard work and flexibility of our staff, and I’m exceptionally proud of their dedication, including the outstanding work of our apprentices. The Regional Growth Fund support has been key to getting the right people in the right jobs, and has helped us make the right investments to reshore product manufacturing from the Far East,” Anderson added.
During the visit, the Chancellor said: “LVS Small Plastic Parts Ltd has turned itself around in the last five years to become a brilliant local success story. I’m incredibly proud of firms like them, which is why I’ve made sure that, wherever we can, we’ve taken action as a government to back them.”