Each company will be provided with a dedicated growth coach to offer expert advice and guidance. Specific plans in key business growth areas will also be developed to help increase productivity and improve performance.

"This is really good news for us, a unique opportunity, I can already imagine the benefits of it. I am sure that lots of people, like me, realise that the advice, guidance and mentoring of this scheme will help us achieve our high growth potential, " said managing director James Cooney. "The Cooney vision has just started to get bigger and brighter'.

Cooney was chosen from nearly 100 medium-sized companies which submitted a formal application for the programme. A short list of 50 was drawn up to receive a halfday visit during which a specialist diagnosed their potential for further business growth.

That 50 was whittled down to 17 successful companies that were selected to receive more sustained support over a 12 month period.

All other applicants will receive alternative support from emda, through Business Link and other initiatives like the "Mentoring Escalator" programme, to ensure that their growth potential is not lost.

"The standard of applications was extremely high, clearly demonstrating that a wide range of companies across the region are committed to building up a competitive edge, " said Mike Carr, emda's executive director of business services. "We look forward to seeing the outcome of this programme, which will help companies with high-growth potential to make an even greater impact on the East Midlands' economy over the coming year."

Cooney is the only marine manufacturing company to be selected for the programme.