Latest news with #DevelopmentBank
Business News Wales
3 days ago
- Business
- Business News Wales
£150,000 Investment Supports Restoration of Historic Cliff Railway Carriages
A £150,000 investment by the Development Bank of Wales in the Cliff Railway in Aberystwyth has put the iconic tourist attraction on track for a bumper season. 75,000 visitors are expected to experience the newly refurbished Victorian railway carriages this year. Run by Constitution Hill Limited, Aberystwyth Cliff Railway is the second longest electric funicular cliff railway in Great Britain at 778 feet long. It's been an Aberystwyth landmark since 1896 and was electrified in 1921 before becoming a Grade II listed structure in 1987. The loan from the Development Bank has been used to carry out essential maintenance work to the Victorian carriages. Having safeguarded 20 jobs and created two new jobs, the investment has been welcomed by the First Minister of Wales who visited the Cliff Railway with colleagues Huw Irranca-Davies MS, Deputy First Minister and Julie James MS, Minister for Delivery/Counsel General. Eluned Morgan, First Minister of Wales, said: 'Tourism is one of the most important industries in Wales, contributing over £6.2 billion to Welsh GDP and more than 172,000 jobs. 'I'm pleased the Welsh Government, via the Development Bank, is providing support so that attractions like the Cliff Railway can bring in visitors, create new jobs and continue their important contribution to the local economy in Aberystwyth.' The Victorian carriages are powered by motor and high-tensile steel cables supported by a sophisticated electronic safety system. They travel to the summit of Constitution Hill at four miles per hour, venturing through a deep cutting, where 12,000 tons of rock were excavated to allow the winding footpath to cross via a series of bridges overhead. Once at the top of the summit, visitors can enjoy spectacular views of Aberystwyth, Cardigan Bay and 26 Welsh mountain peaks. One of the world's largest camera obscuras offers a bird's eye view of 1000 square miles of land and seascape. There is also a children's play area, a gift shop, a cafe and plenty of open spaces for picnics and walking. Robert Gray, Director of Constitution Hill Limited, said: 'Our railway is an iconic attraction and an important part of local heritage. It's enjoyed by thousands of visitors each year, most of whom go on to spend time and money in the local area. The support of Welsh Government and the funding from the Development Bank has made the biggest difference to the future sustainability of the railway; allowing us to carry out essential maintenance work and invest in our facilities for the benefit of local people and visitors alike.' Clare Sullivan is a Regional Manager for the Development Bank. She said: 'The Cliff Railway is a well-established and popular tourism attraction that has continued to invest heavily with the introduction of indoor and weather resilient facilities to encourage visitors all year round. As an affordable day-out for the family, it's a must-do activity when in the local area so we're pleased to have been able to help keep it on track by funding the much-needed repair works.' The £150,000 loan for Constitution Hill Limited came from the £50 million Wales Tourism Investment Fund. Financed entirely by Welsh Government, the fund offers loans from £100,000 to £5 million with repayment terms of 10-15 years for distinctive, stand-out tourism projects that align with the priorities of Welsh Government.
Business News Wales
28-05-2025
- Business
- Business News Wales
£152 Million Helps 502 Businesses to Create and Safeguard 6,185 Jobs in Wales
Sally Bridgeland, Chair, Development Bank of Wales; Giles Thorley, Chief Executive, Development Bank of Wales Debt and equity funding totalling £152 million from the Development Bank of Wales helped 502 businesses to create and safeguard 6,185 jobs across Wales during 2024/25. 82% of these businesses were classed as micro. The record figures have been released by the Development Bank of Wales for the period from 1 April 2024 to 31 March 2025. It brings the total amount invested in SME businesses and property developers by the Development Bank since its launch in 2017 to £958 million. With core objectives to facilitate an entrepreneurial culture, support financial inclusion and prioritise social impact, the Development Bank has £2 billion in funds under management and a portfolio of more than 3,600 small business customers. Highlights of 2024/25 include: Private sector co-investment increasing from £50.1 million in 2023/24 to £64 million in 2024/25 A 26% increase in funding for the property sector to £48 million in 2024/25 Five successful exits in 2024/25 totalling £7.4 million Deals ranging from loans of £2,000 to £17.5 million with the average deal size growing from £255,000 in 2023/24 to £272,000 in 2024/25 28 businesses benefited from £7.9 million from the British Business Bank's Investment Fund for Wales that is managed by FW Capital, leveraging £1.1 million private sector co-investment and creating or safeguarding 577 jobs. As a public finance institution owned by the Welsh Government, the Development Bank provides loans and equity for Welsh businesses, people and communities in support of the Government's wider policy objectives including the transition to a low-carbon economy and the development of new homes and commercial property. Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning said: 'The Development Bank is a unique resource for Wales – promoting innovation, increasing prosperity, and supporting the transition to a sustainable economy. 'These impressive results show that the Development Bank is delivering for the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow.' Sally Bridgeland FIA took over as the new Chair of the Development Bank of Wales in September 2024. She said: 'Boosting growth and unlocking investment by increasing the supply of debt and equity finance for SMEs is what underpins the long-term sustainability of any economy. 'The Development Bank is an organisation delivering long-lasting, positive change. Together, we're proud of what has been achieved in the last year and all that we're doing to support the aspirations of the Welsh Government and the people of Wales, creating opportunity, providing value for money for public funds and collaborating with others to increase investment in Wales.' Giles Thorley is Chief Executive of the Development Bank. He said: '2024/25 has been a positive year with more funding for more businesses than ever before. Indeed, we've seen strong demand for both debt and equity funding throughout Wales and the Investment Fund for Wales has performed particularly well, helping to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses. We are grateful for the continued support of the Welsh Government and the British Business Bank to make this level of investment possible. 'With teams based on the ground in communities throughout Wales, we're working across a broad range of sectors including those that offer the highest growth opportunities. From tourism and hospitality to life-sciences and defence, it's all about making sure that businesses based in Wales or relocating here can access the funding that they need to start-up, scale-up, adopt new technologies and create employment opportunities.' A detailed analysis of the financial statements for the Development Bank of Wales will be published in the 2024/25 annual report later this year.
Business News Wales
21-05-2025
- Business
- Business News Wales
Micro Loan from Development Bank Backs Growing Industrial Supply Business
Andrew Harrison, Owner, QTS; Callum O'Neill, QTS; Nicola Edwards, Development Bank of Wales; Donna Strohmeyer, Development Bank of Wales The Development Bank of Wales has backed Cardiff-based QTS Industrial Supplies Ltd with a micro loan, allowing the business to set its sights on growth with improved machinery and stock. Established in 1984, and now led by current owner Andrew Harrison, QTS provides all aspects of industrial supplies and machining equipment to business customers, including cutting tools, precision engineering equipment and hand and power tools. It also offers maintenance, repair and overhaul services and uniforms and textiles equipment including PPE, with clients including Transport for Wales, Caerdav, Dow Silicones and Ryanair. The micro loan, from the Wales Flexible Investment Fund, will be split across machinery and stock for the business, which has seen growth of nearly four times in the last four years. Andrew Harrison said: 'We've seen some significant expansion over the last few years and that's been supported by us investing in ourselves. The capacity we've built up means we've been able to provide a wider range of goods, and bring in more contracts. 'This loan from the Development Bank of Wales means we'll be able to carry on with our growth plans, and as we're a Welsh business based in Wales, it made sense that we approached them for support. I'd like to thank Donna Strohmeyer, Investment Executive at the Development Bank, for her support and guidance during the deal process – she was fantastic'. Nicola Edwards, Fund Manager at the Development Bank, said: 'I'm really pleased at the level of support we've been able to provide to QTS Industrial Supplies. We've recently made a number of changes to our micro loans, including classifying any investment from £1,000 to £100,000 as a micro loan, and removing 1% arrangement fees. 'With these changes, we can help businesses like QTS Industrial Supplies get the funding they need to start up and grow quicker and easier than before.' She added: 'We're also pleased that we're continuing our relationship with the Wales Council for Voluntary Action, who will continue to manage the third-sector and social impact of our micro-loans.' The Development Bank offers micro loans from £1,000 to £100,000, with fixed interest rates for the duration of a loan, flexible terms and fast-track applications available. For more information, visit Development Bank of Wales – Micro Loans
Zawya
21-05-2025
- Business
- Zawya
Development Bank CEO highlights climate finance leadership
Muscat: Development banks are evolving from project financiers to strategic climate partners, fundamentally reshaping sustainable finance. Development Bank CEO Hussain Al Lawati explored these changes during a panel discussion at the Islamic Development Bank Group Annual Meeting in Algiers on Wednesday, sharing insights from his institution's experience. For Oman, this evolution means moving beyond traditional project funding. Mr. Al Lawati highlighted Development Bank's commitment to key industries including manufacturing, fisheries, agriculture, mining, logistics and tourism with a focus on projects that will help achieve the 2050 Net Zero target. 'We serve as a catalyst for sustainable development by providing tailored financing solutions that support Oman Vision 2040 and drive economic diversification,' he remarked. This approach is clear in the bank's response to national priorities. Mr. Al Lawati explained how Development Bank's work connects local and global climate goals: 'We aren't just financing projects, we're enabling Oman's transition to a low-carbon, resilient economy that can thrive despite climate challenges.' Oman's changes are part of a bigger picture. Mr. Al Lawati noted how the global investment landscape has changed since November's COP29, where countries committed to providing at least US$300 billion annually for climate action in emerging economies by 2035, with developed nations leading the charge. This historic climate finance deal marks a turning point in worldwide environmental efforts. The proposed funding, combined with domestic finance will help countries adopt low-carbon technologies, build climate resilience and unlock green development opportunities. 'It's about building a safer and more prosperous future for everyone,' added Development Bank CEO. Addressing the economic implications, Mr. Al Lawati said climate change poses the biggest long-term threat to the global economy. Without decisive action, temperatures could rise by nearly 3°C, potentially shrinking the world economy by as much as 18% over the next 30 years. This reality underscores the urgency behind Oman's climate targets, including emission reductions of 21% by 2030 and 92% by 2050. In response to these challenges, Oman has designated 65,000 km² for renewable energy projects and launched major green hydrogen initiatives at the Special Economic Zone in Duqm. These projects not only address environmental concerns but are also expected to create quality jobs, supporting skilled employment and contributing to sustainable economic development. Development Bank is funding renewable projects and working with partners to attract private investment into the country's climate transition. 'We're expanding beyond traditional lending to become a strategic partner in Oman's green economy,' commented Mr. Al Lawati. 'Investing in renewable energy projects today creates long-term economic value, proving that climate action makes both environmental and economic sense.' 'Our goal is to ensure Omani businesses of all sizes can access the financial solutions and expert advice needed for sustainable, green growth,' said Mr. Al Lawati, reflecting on Wednesday's panel. 'By working together, we can build a more resilient and competitive economy for the future.' About Development Bank Development Bank (DB) is a key enabler of economic growth, providing innovative financing solutions to support Oman's Vision 2040 and the transition to a diversified, sustainable economy. DB offers tailored financial products and services to a wide range of sectors, including agriculture, fisheries, tourism, manufacturing, renewable energy, health, education and logistics, focusing on projects that drive in-country value and job creation. By funding MSME development, DB plays an important role in fostering entrepreneurship, promoting regional development that aligns with national and global sustainability goals.
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.
