THE future of East Lancashire’s economy relies on the success of 200 high-growth businesses, regeneration leaders said today.

Regenerate Pennine Lancashire said its strategy for growth involved helping nurture successful firms that are most likely to create the thousands of jobs needed every year.

Bosses are to submit a bid - likely to be worth several millions of pounds - for regional growth fund money from the Government to help the high-growth businesses expand.

At the unveiling of Regenerate’s 2011/12 business plan, leaders also aimed to create 1,000 new jobs this year and help start up more than 500 new companies.

Managing director Steve Hoyle said: “By working with these companies over two to three years, we can unlock the potential and assist with things like launching new products and finding new premises.

“We are differentiating between ‘lifestyle’ businesses and those with high-growth potential.”

Mr Hoyle highlighted Burnley audio supplier AMS Neve, new media firm Reach Global, of Church, and Blackburn-based marketing company MDA as the type of companies that are to be assisted.

Regenerate is also trying to persuade the county’s local enterprise partnership board to back sites in East Lancashire to bid for one of the Government’s remaining enterprise zones.

Mr Hoyle believes the initiative could create 1,500 new jobs, with companies lured by more relaxed planning laws and business rates reinvested.

Regenerate has shortlisted five potential sites: Whitebirk in Blackburn, Burnley Bridge, New Hall Hey in Rawtenstall, Brierfield Mills and Barrow Brook near Clitheroe.