Important investment for Lowestoft – Fishupdate.com

Important investment for Lowestoft Published:  01 July, 2009

LOWESTOFT’S fishing industry has received an important investment and employment boost thanks to a new initiative by the local Waveney District Council and local politicians in helping to secure funding from European and from UK sources.

The Sam Cole Group, a leading local fish merchanting business, has received substantial support from the European Fisheries Fund and the Marine Fisheries Agency which will enable it to consolidate three of its existing businesses in a new purpose-built factory. The move creates ten new jobs and safeguards 40 existing posts with the prospect of even more jobs to come.

The two funds will provide 40 per cent of the total cost of the £2.25 million development in this once busy Suffolk fishing port.

Company managing director Sam Cole said: ‘This not only represents a massive financial commitment from ourselves but also from the national and European Union funds, not only to our business but to Lowestoft and the wider local fishing community, and to that end we want the new building to act as a focal point for the coastline of Suffolk and Norfolk.’

He added: ‘Our application received substantial local and regional support. During the whole process we have been fantastically supported by our local Waveney District Council, whose economic development and planning officers enabled us to meet deadlines within the application.’

The bid also received cross party support from local Labour MP Bob Blizzard and from Geoffrey Van Orden, the regional Conservative MEP, who both lobbied hard for the project.