Latest news with #DevelopmentBankofWales
Business News Wales
18 hours ago
- Business
- Business News Wales
'Productivity Heroes' Could Unlock Economic Potential in Wales
Investment in skills and a new generation of productivity champions could be the key to transforming the Welsh economy. That is according to leading business owners, policymakers, and industry experts gathered at the second of a series of briefings hosted by the Federation of Small Businesses (FSB), Development Bank of Wales, and Economic Intelligence Wales. Designed to address the critical challenges facing business, the event focused on how closing skills gaps can unlock higher productivity levels and drive growth. The discussion, which explored the opportunities for boosting SME performance, was chaired by John Hurst, newly appointed Policy Chair for FSB in Wales, with opening remarks from Rhian Elston, Wales Investment Director for the Development Bank of Wales. 'If we are serious about bridging the productivity gap, investing in skills must be a top priority,' said Rhian Elston. 'Increasing productivity isn't just about improving efficiency—it's about empowering businesses with the tools, funding and talent to grow, innovate, and contribute to a thriving Welsh economy.' A key highlight of the event was the panel discussion featuring Jane Wallace-Jones, Founder and CEO of Swansea-based Something Different Wholesale; Dr. Ali Wright, Founder and Owner of Needle Rock in Ceredigion and Professor Stephen Roper, Director of the Enterprise Research Centre. In anticipation of two forthcoming reports by Economic Intelligence Wales, which will explore the role of 'productivity heroes' and productive investment in Wales, Professor Roper highlighted the urgent need for businesses to drive growth and employment through higher output. He also pointed to the critical role of mental health and well-being in fostering a productive workforce. 'Businesses that lead in productivity—those that innovate, upskill their workforce, and create jobs—hold the key to closing the productivity gap between Wales and the rest of the UK,' Professor Roper said. 'We need to address not just the technical skills gap but also the broader issues that affect workers' mental health, which directly impact performance.' The conversation also delved into practical solutions for tackling the productivity challenge, including aligning educational qualifications with employer needs, expanding R&D activity, supporting infrastructure improvements, and ensuring better access to business support. 'At the Development Bank of Wales, we understand that productivity isn't a one-size-fits-all solution,' said Rhian. 'It's about providing businesses with the capital and support to invest in people, technology, and skills—so they can achieve sustainable, long-term growth. By working together across sectors—business, education, government, and finance—we can build a pipeline of talent and opportunity that drives Wales forward.' Ben Cottam, Head of FSB Wales, said: 'The productivity issue in Wales is multifaceted. It's not just about increasing output; it's about unlocking the potential within our workforce. Every business, large or small, needs the right skills to succeed. We need to ensure that our people are equipped to tackle the challenges of the future—because only then will we see the growth, innovation, and job creation that will elevate our economy.' Economic Intelligence Wales collates and analyses data to create independent, robust and reliable insight to help better understand and improve the Welsh economy. The latest quarterly report is available to read at Quarterly report – Dev Bank
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
Business News Wales
13-05-2025
- Business
- Business News Wales
Development Bank Supports Buyout at Financial Services Business
An independent advisory business looking to buy out a retiring director has been supported with a £325,000 loan from the Development Bank of Wales, via the Wales Flexible Investment Fund. Premier Commercial Wealth Management is an FCA-authorised business providing financial advice and services to businesses across South Wales on pensions, investments and tax planning. It was set up by former HSBC colleagues Jonathan Williams, Paul Tracey and Jeremy Reed in 2012, and has since gone on to advise businesses and manage funds for a number of providers. With the upcoming retirement of outgoing director Jeremy, fellow directors were keen to find a way of continuing the business while allowing him to step back. Jonathan Williams at Premier said: 'We were keen to look at routes to buy out our fellow director – Jeremy wanted to plan for retirement, while Paul and I wanted to carry the business on. The loan from the Development Bank has meant we've been able to follow the option of a buyout within the business, while doing so in a way which is aligned with our longer-term planning. 'We're a fiercely independent business, and each of us directors have had long careers in banking and finance. We know how difficult it can be to get a loan which suits what you need, without also possibly compromising your own plans. 'But the support we had from Sally at the Development Bank was brilliant – she was first class, from start to finish, and supported us through everything we needed to do.' Sally Phillips, Investment Executive at the Development Bank of Wales, said: 'It was a pleasure to work with Jonathan and the team at Premier Commercial Wealth Management in realising their plans as Jeremy looks ahead at retirement. We're glad to have provided them with flexible and targeted support, and wish them the best with their continued growth.' Financed by Welsh Government, the Wales Flexible Investment Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
