Latest news with #Abergavenny-based
Wales Online
20-05-2025
- Business
- Wales Online
Wealthy businessman steps in to rescue the struggling firm he sold for £36m
Wealthy businessman steps in to rescue the struggling firm he sold for £36m The move could save hundreds of jobs at the firm that is behind the dualling of the Heads of the Valleys road Current Griffiths projects include the final dualling of the Heads of the Valleys road, pictured here (Image: John Myers ) A wealthy businessman has stepped in to help rescue a Wales-based construction contracting company potentially saving hundreds of jobs. It's understood Abergavenny-based businessman 79-year-old Alun Griffiths, who established Griffiths in 1968 and is a popular philanthropist in the area, is in the process of buying back the company he sold to the Tarmac group for £36m in 2018. Griffiths - also known as Alun Griffiths Contractors Ltd - is the construction firm behind the dualling of the Heads of the Valleys road and was also behind the 2010 Ryder Cup golf course in Newport. Earlier this year the firm had failed to file its accounts on time and had previously recorded four years of losses. Results filed at Companies House for 2023 showed a pre-tax loss of £95m. In a statement the company, which employs more than 900 people, said in March its review of market conditions and financial performance had led to discussions of 'proposed changes' with staff, which the Welsh Government described as 'worrying news'. In a new statement the company confirmed its intention for a 'smooth transition' following Mr Griffiths' renewed investment. Article continues below 'Tarmac will continue to work closely with Alun Griffiths Contractors Ltd to ensure there is a smooth transition on a business-as-usual basis,' they said. 'The intention is to refocus the company as a privately owned entity with an emphasis on its established strengths of safety, customer service, engineering excellence and a local geographic presence.' Mr Griffiths was confirmed as a director on May 8 on Companies House. According to Companies House he is being joined by Tim James and Simon Dunn, who both left the business just over a year ago and are returning as managing and deputy managing director. Article continues below Current Griffiths projects include the final dualling of the Heads of the Valleys road and a joint venture to develop Bristol Airport's new £60m transport hub.
Business News Wales
19-05-2025
- Business
- Business News Wales
Care Group takes on Ownership of Seventh New Home with Development Bank Support
Neil Reid-Chesworth, Operations Director; BP Khanal, Owner; and Gavin Reid, Development Bank of Wales. An Ebbw Vale care home has been taken on by a new owner, supported by a £2.97 million loan from the Development Bank of Wales. Bankhouse Care Home in Beaufort provides residential, nursing and dementia care for 54 residents. After a period on the market, the care home has been bought by Abergavenny-based Oxford Care Group supported by £2.97 million from the Wales Flexible Investment Fund. Oxford Care Group is owned by BP Khanal and Rama Khanal Guragain. This is the third time that the company has been supported by the Development Bank, having previously had funding to purchase Sketty House Care Home in Swansea, and Cefn Lodge Nursing Home in Neath. The addition of Bankhouse Care brings the total number of homes owned by BP and Rama across England and Wales to seven. They said: 'The investment we had from the Development Bank has allowed us to safeguard the future of this home. Without the Development Bank's support, there is a real risk that Bankhouse Care Home could have been permanently closed – not just resulting in the need for current residents to be moved elsewhere and the loss of about 90 members of staff, but also impacting on suppliers and traders locally. 'We have always been very impressed by the Development Bank's ethos of committing to investments which are about more than just returns. The support they've given us with expansion and purchases in the hugely important care sector has been fantastic.' Gavin Reid, Senior Portfolio Executive at the Development Bank, said: 'Care homes such as Bankhouse provide a vital, much-needed service in communities across Wales. We're therefore very pleased to have supported the Oxford Care Group with the purchase of Bankhouse Care Home, safeguarding care and jobs in the local community.' The loan for Oxford Care Group came from the Wales Flexible Investment Fund . It offers loans, mezzanine finance and equity investment for deals between £25,000 and £10 million, with terms of up to 15 years available.
