COMPANIES looking to expand in the Tees Valley are about to benefit from a £178,000 influx of European cash.

Following additional funding from the European Regional Development Fund (ERDF), a Teesside institution is extending its market research service.

New Customers, New Markets is based at the University of Teesside's Business School and available to small and medium-sized enterprises.

The business school's commercial and European projects manager, Fiona McQuillan, said: "We are delighted to have secured additional funding for this important project.

"It means we will be able to assist more companies in the Tees Valley area who are looking to develop and grow in size."

Businesses eligible for the service must be based in Teesside, have fewer than 250 employees and an annual turnover of less than £27m, or 40m euros. They must be at least three years old and be no more than a quarter owned by a larger company.

The service is available at a subsidised rate and includes research, such as questionnaires or interviews, which will be adapted to meet the company's needs. Trained staff will administer the research and undertake a detailed analysis of the findings.

New Customers, New Markets project manager Joanne Hughff said: "The research can benefit the companies in so many ways by helping them to respond to their customers' requirements more effectively, and by helping to develop forward plans and strategy."

For details call Ms Hughff on (01642) 342 821.