Market instability sees firm quit flagship scheme — for now

AN Oldham company has pulled out of a government flagship scheme aimed at promoting private sector growth.

Diodes Zetex Semiconductors Ltd had successfully applied to the Regional Growth Fund. But the government says the electronic components company, in Lansdowne Road, Chadderton, is one of 10 bidders no to have pulled out of the scheme.

But production director Dave Benstead says Zetex could reapply in future.

He said: “We have withdrawn from the process simply due to the instability of the market and the economy is pretty volatile. It is as simple as that.

“We did not think it fair to hang on to the award at the moment and it can be put back into the fund.”

The Regional Growth Fund was designed to help businesses create private sector jobs in parts of the country with high levels of public sector employment, but has been criticised recently for, in some cases, spending large amounts of money to create too few jobs.


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