Business Secretary Vince Cable has said that the government has given Lotus the green light for it’s £10m Regional Growth Fund cash boost, according to Norfolk’s EDP newspaper. This was first approved under the companies last CEO Dany Bahar in October 2011 when Lotus promised 1,100 new jobs in the region from increased manufacturing output however following on from last year’s takeover, the grant was scrapped and has since been re-applied for with a change of management and business plan under new owners DRB-Hicom.
Lotus are yet to accept the offer however it’s good news for the company as it shows the RGF has confidence in their future. Lotus are one of Norfolk’s largest employers and set to grow if the grant is activated which is a positive move for the region. Lotus must have a firm and convincing plan for their future if the RGF to approved the cash injection which is good news for those who have recently been concerned about the company under the stewardship of DRB.