On 20th November, the UK government launched England’s third Investment Zone in West Yorkshire at the Huddersfield headquarters of HealthTech company Paxman Scalp Cooling.

The West Yorkshire Investment Zone could create more than 2,500 new jobs over five years across the region and unlock over £220 million of investment, with Paxman investing £5 million to bring their innovative health tech products to global markets.

Chancellor of the Exchequer Jeremy Hunt said:

“We are changing our country for the long term, driving economic growth across all corners of the UK.

“It will mean thousands more jobs in the exciting industries of the future backed up by better infrastructure, and communities to be proud of.”

The Chancellor launched West Yorkshire’s Investment Zone alongside West Yorkshire Mayor Tracy Brabin at Paxman Scalp Cooling in Huddersfield, where they met executives and discussed the future growth of the company.

West Yorkshire Mayor Tracy Brabin said:

“We know that devolution is working for West Yorkshire and this new investment zone is further recognition of that from the government.

 “Home to NHS England, our region’s digital and health tech businesses are driving forward innovation and transforming the lives of patients world-wide.

 “This investment is a massive vote of confidence in our top-tier universities and talented graduates and will help our mission to build a stronger, brighter region that works for all.”

The West Yorkshire Life Sciences Investment Zone will benefit from a range of interventions which include skills training and business support to encourage more business investment. The plan will boost innovation in the area’s thriving healthcare sector and create a talent pipeline at the forefront of technological advances.

Richard Paxman OBE, CEO of Paxman Scalp Cooling, said: 

“This news is incredibly exciting for the region and our health tech sector, and will only further attract investment in a sector that changes lives and makes a real impact commercially and socially.

“Paxman has invested significantly in the region over the past 5 years, attracting over £10 million of foreign direct investment. Now, we are more committed than ever before in increasing our presence and investment in Huddersfield – providing further employment growth and delivering additional investment in research and development.”

Read more on the Investment Zone here: https://www.gov.uk/government/news/boost-for-uks-life-sciences-sector-as-west-yorkshire-hosts-englands-third-investment-zone