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Lotus will get £10m boost

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Lotus will get £10m boost

The way forward for Group Lotus is searching more upbeat after it had been revealed the Norfolk firm is to buy an believed £10 million cash injection in the government’s regional growth fund (RGF).

Business secretary Vince Cable revealed this news towards the Eastern Daily Press. He told the paper: “We have finally agreed the neighborhood growth fund for Lotus. It had been a couple of days ago that people finally signed off onto it. There’s lots of detail still to grind through, but we’ve essentially approved the bid.”

Group Lotus isn’t formally commenting on Cable’s thought. Autocar sources have revealed the new application was posted some days ago and also has been agreed in principle, with simply research left to accomplish, as Cable alluded to.

Under former boss Dany Bahar, Lotus posted a credit card applicatoin to obtain £10m in the RGF 2 . 5 years back. Sony playstation fund growth and development of five new cars, an agenda that’s been placed on ice following Bahar’s exit this past year.

The applying for that RGF was placed on hold and also has been reprised under Lotus’s new management team, headed by Aslam Farikullah. How much money is described as like the original £10m, although sources remain coy with an exact figure and just what it might be employed for. This really is to prevent any speculation in regards to a new ‘plan’ for Lotus following a failure of Bahar’s proposals.

The RGF is made for new jobs and training, as well as for R&D projects, suggesting Lotus still intends to expand its line-up.

Cable says the government’s investments close to £1 billion in the RGF have brought close to £6bn of investment in the private sector, using the vehicle industry a specific beneficiary.

 

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