A CABLE firm has received £250,000 from Europe to help fund its expansion plans.

Cableworld Ltd, the manufacturer and distributors of electrical cables, is celebrating the grant from the European Regional Development Fund (ERDF).

The award, which is one of the largest to be made to a business in the Bolton area, is to part fund relocation of the company headquarters to larger premises in Westhoughton.

The company, currently based on the Morris Green Business Park in Bolton, has seen sustained growth since its formation in 1994. It now employs 14 staff and has an annual turnover exceeding £2 million.

Growth in the business has been attributed to new markets and improved service levels due to increased stockholding capability.

Jim Vegad, managing director of Cableworld, said: "We are delighted to have been successful in our grant application and I would like to thank the team that worked together to make it possible. This award will underpin the continued development of Cableworld, securing and creating jobs for the area by enabling us to relocate and expand our business."

Cableworld received financial backing from the Bolton Business Improvement Grants project, funded by the European Regional Development Fund.

Esther Shepley, external funding co-ordinator for Business Link North Manchester added that "£800,000 of European funding has been made available in Bolton to invest in premises for small and medium sized companies, generating £1,923,827 of private sector investment." The ERDF Objective 2 funding was made available for new build or refurbishment of existing buildings to address the shortfall of high quality business premises in Bolton. This project has also encouraged joint working between Business Link North Manchester and Bolton Metropolitan Borough Council.

A Bolton Metro spokesman said: "Close working with Business Link has allowed local high growth businesses to take advantage of all the help and advice that is available to them, enabling rapid expansion, and ultimately the creation of new jobs".

Bentleys Corporate Finance identified the funding for Cableworld and managed the application process to its successful conclusion. The Royal Bank of Scotland and the Bank of India also provided support.