Latest news with #InvestmentFundforWales
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
01-05-2025
- Business
- Business News Wales
Investment Fund for Wales Backs Wrapper Producers with £100,000 Investment
Janet Speck, FW Capital; Stuart Whelan, Managing Director, Chevler; Bethan Bannister, British Business Bank. A Valleys-based cake wrapper producer which supplies to major companies is setting its sights on further growth following a £100,000 loan from the British Business Bank's Investment Fund for Wales. Chevler is the UK's leading manufacturer of paper cases used in the baking and sale of cakes and muffins. The 59-strong company has longstanding relationships with well-known brands including Costa Coffee, Gregg's, Lidl and Harvester, along with a number of other smaller wholesale baking and cookery companies. With the £100,000 loan from the Investment Fund for Wales, delivered by FW Capital, the business has bought new manufacturing equipment to help meet increased demand. The new 'Vac Wrap' machines will produce paper-only containers, allowing Chevler to mitigate increases in material costs as its clients face higher bills for energy and ingredients. These uniquely innovative machines are designed by Chevler engineers and built with the support of locally-based mechanical and electrical engineering companies. Chevler is proud to hold a BRC AA rating and full-FSC accreditation, ensuring its products meet high standards for food safety and environmental sustainability, and showing the business' commitment to providing safe, reliable and responsibly-sourced packaging to customers across the UK and Europe. The Investment Fund for Wales was launched by the government-backed British Business Bank to boost the supply of early-stage finance to small and medium-sized businesses across Wales. FW Capital was appointed one of three fund managers for the Investment Fund for Wales, with responsibility for larger loans between £100,000 and £2 million. Janet Speck, portfolio monitoring executive at FW Capital, said: 'Chevler provide a vital link in supply chains for a number of major and smaller businesses alike, and reviewing their operations to help cut costs on materials allows them to keep themselves competitive and maintain strong links with UK-wide companies. 'It's important that they're able to stabilise their costs and keep up with changes in the market, so we're really pleased that we've been able to support them in purchasing the new Vac Wrap machinery with the £100,000 loan.' Seth East, Sales & Marketing Director at Chevler, said: 'This loan has allowed us to take the next step in our growth plans as we look to cut costs for our customers and stay competitive, while also cutting the amount of materials used during our manufacturing process. 'As a business supplying to scores of customers across the UK and beyond, we want to do everything we can to future-proof our work, and the investment from the Investment Fund for Wales means we've been able to invest in cutting-edge machinery.' Since the Investment Fund for Wales fund launched in November 2023 and FW Capital appointed as one of the fund managers, it has supported more than 20 businesses, with investment ranging from £100,000 to £1.8 million. Businesses from every local authority area in Wales have expressed interest in the fund. Bethan Bannister, Senior Investment Manager at the British Business Bank, said: 'It is wonderful to see the Investment Fund for Wales supporting an established and successful company based in the South Wales Valleys as it invests in the machinery upgrades and innovation required to continue to meet the needs of its clients in such a highly competitive economic environment. It is vital that businesses like Chevler, who are a strong local employer with a national profile, are provided with the capital required to thrive and we're extremely pleased to be providing the backing that they need.'
