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Half Million Pound Investment in South East Cornwall
European Regional Development Funding worth more than half a million pounds is being invested in Liskeard, South East Cornwall. The funding is part of the Cornwall and Isles of Scilly Growth Programme. The investment is capitalising on Cornwall’s EU funded superfast broadband connectivity and is seeking to revolutionise financial technology and develop a new, high skilled jobs sector.
CFT Group is the name of the company leading this exciting project. The aim is to modernise the old method of direct debit payments. Making a more flexible method of payments will, the company say, help both merchants and consumers and should reduce the risk of people finding themselves in avoidable debt. CFT Group have contributed £239,277 to the project plus an additional £200,000 in non-project related funding.
The newly formed team, have recently moved into Liskeard and now occupy an office space on the high street which had been vacant for the last four years. The project staff have been recruited from Cornwall and elsewhere in the UK. The offer of a higher than average salary coupled with the environment and lifestyle that Cornwall has to offer, has attracted a diverse and talented team. The skills required are a mix of strong IT including coding and programming and, finance, the latter offering a renewed career opportunity for people no longer working in a shrinking high-street banking industry. Creating jobs in these areas aligns with the Local Enterprise Partnership’s Strategic Economic Plan (Vision 2030). The Plan aims to improve the availability of skills and jobs in Science, Technology, Engineering and Maths (STEM).
Director and co-founder of CFT Group Marcus Kern said, “We’re thrilled to start this exciting business in Cornwall. Our research and innovations will revolutioninse recurring payments in the UK and we’re living proof of the fact that not every new fintech start-up has to come out of London’s squaremile. We have fantastic offices and our broadband connection here is three times faster than anything I got in my previous businesses in London. Finding talent is more challenging, but I’m super pleased to be working with such a great team already and we’re still growing.”
Bob Egerton Cornwall Council Portfolio Holder for Economy and Culture, said, “I’m delighted that this ERDF investment has been secured. We must capitalise on the resources we have created for business in Cornwall. Here is an excellent example of a new business starting up here, creating higher than average salaries, and largely because not only is Cornwall a fantastic place to work and live, but we also have superfast broadband which is better than many major cities in the UK. We must continue to create and support these opportunities for growth.”
The project is already underway and will complete by the end of 2018. The Cornwall and Isles of Scilly Growth Programme builds on previous European investments. This project is part of a number of investments in Research, Development and Innovation which aims to stimulate new, high value and high growth business in Cornwall and the Isles of Scilly.