THE Secretary of State for Wales, David TC Davies, has commended IQ Endoscopes for the clear progress it is making on its ambitious growth journey and the value it is bringing to the local economy.

The Cabinet Minister turned the spotlight on the impact of private equity investment and venture capital following a fact-finding mission to the medical device manufacturer’s Chepstow HQ in South Wales.

The visit was organised by the British Private Equity and Venture Capital Association (BVCA), whose members, BGF – one of the largest and most experienced investors in the UK and Ireland – and the Development Bank of Wales, alongside a consortium of existing investors, boosted IQ Endoscopes’ expansion with a £5.2 million investment in 2022.

Mr Davies, the MP for Monmouth, commented: “IQ Endoscopes is an outstanding example of how a business can excel with the right support and investment, which has allowed the team to innovate, grow, create jobs and bring value to the community.

“IQ Endoscopes is a fantastic company on the brink of an extraordinary achievement as they push the boundaries of medical technology, but these pioneers could not have turned their bold vision into reality without the backing of BGF and Development Bank of Wales.”

Tim Rea, head of early stage investments at BGF, said: “IQ Endoscopes has been able to generate a great deal of momentum to date as the team navigates its way towards launching a truly innovative technology which will help ease the strain on our healthcare system and improve patient outcomes worldwide.

“We’re proud to support IQ Endoscopes, providing strategic guidance and funding at a crucial stage of the company’s journey.”

IQ Endoscopes has created a single-use endoscopy device which is not only cost-effective and scalable but also sustainable and has the potential to revolutionise early diagnosis of a range of cancers and gastro-intestinal conditions.

Matt Ginn, IQ Endoscopes Chief Executive Officer, said: “IQ Endoscopes has undergone rapid acceleration. Funds from our 2022 investment have enabled my team to focus on market access strategy ahead of product launch.

“We’re now pushing forward at speed to develop a device which will soon transform the way patients undergo vital treatments and procedures, as well as boosting the economy with up to 100 new jobs.

“To support this growth, we’re looking to raise further investment in the near future and as such, we’re keen to explore interest from further UK venture sources.”

Michael Moore, British Private Equity and Capital Venture Association Chief Executive, added: “We were delighted to arrange for the Welsh Secretary to visit IQ Endoscopes and demonstrate the real impact that private capital has in small and innovative businesses up and down the country.

“In 2022, 27.5bn was invested by private capital into UK businesses in sectors across the UK economy, ranging from consumer products to emerging technology.  There are over 12,000 UK companies backed by private capital which currently employ over 2.2 million people in the UK.  A majority of the businesses backed are outside London and 90% of the businesses receiving investment are small and medium-sized businesses.”

Dr Richard Thompson, Senior Investment Executive at the Development Bank of Wales, said: “We’ve worked closely with IQ Endoscopes since our initial investment in 2020 attracted them to Wales. Having secured regulatory approval in the UK and US, they’re making significant progress.

“The company is one of many that is helping to position Wales at the forefront of the health-tech sector and we’re proud to be playing a part in their global success story.  We’re looking forward to the difference their technology can make to help patients and to reduce the NHS waiting times for endoscopy services.”

A RECENT survey has revealed that Welsh medium sized businesses in the food and drink sector are performing above national and global averages in terms of employee satisfaction.

The Welsh Government’s Food & Drink Insight Programme, in partnership with Sgiliau Bwyd a Diod Cymru / Food & Drink Skills Wales, commissioned and carried out the survey which delved into various areas of the workplace including job satisfaction, wellbeing, organisational culture, management feedback, facilities, training and employee engagement.

The survey’s findings were notably positive, including Welsh businesses achieving an engagement score of 73%, surpassing the industry average of 71%. For the purpose of the research, engagement is defined as the involvement and enthusiasm of employees in their work, with engaged and happy employees being more productive and profitable.

Additionally, a significant 81% of respondents agreed that living in Wales enhances their quality of life and work-life balance, with the ease of accessing nature outside of work hours scoring highly as one the factors for this.

For the newly-appointed Welsh Government Cabinet Secretary for Climate Change and Rural Affairs, Huw Irranca-Davies MS, the survey’s findings are very encouraging and shows that Wales is an attractive location for food and drink businesses.

He said, “We are thrilled with the results of this survey, which show that Welsh food and drink businesses are leading the way in terms of employee satisfaction.

“The Welsh Government is committed to initiatives that bolster the food and drink sector and contribute to employee wellbeing. The insights from this survey are instrumental in fostering continuous improvement areas and skills development.”

The Food & Drink Skills Wales project has been a key partner in the work, with the project planning, and the intention to use the findings to help improve skills development within the food industry.

Nerys Davies from Sgiliau Bwyd a Diod Cymru / Food & Drink Skills Wales said, “We are thrilled with the results of the survey, which shows that Welsh food and drink businesses are leading the way in terms of employee satisfaction.

“However, while the results are extremely positive it also serves as an invaluable tool in helping us identify key areas for improvement and gaps in skills provision. The Food & Drink Skills Wales programme looks forward to working with businesses and partners to support the industry become an even better place to work.”

Explaining why they took part in the survey, Osian Deiniol of Llanrwst-based Blas ar Fwyd said, “We were keen to take part in this survey, as we believe that employee satisfaction plays an important role in the success of a business.

“It’s great to see the industry in Wales is on the right track, but just as important is the fact that the survey also provides us with valuable insights into how we can continue to improve and develop as a good employer. We look forward to working with Food & Drink Skills Wales on these areas over the coming months.”

Meanwhile, reflecting on the findings Doreen Donovan from WorkL, who conducted the survey said, “Our interviews with the businesses showed that people who choose a career in Welsh food and drink are, on the whole, very satisfied with their work, with the scores exceeding global averages.

“The engagement score was particularly positive, which is very good news for businesses as research consistently shows that companies with employees who are more engaged are typically more successful and profitable.”

For more information about the Sgiliau Bwyd a Diod Cymru / Food & Drink Skills Wales project, visit https://menterabusnes.cymru/food-and-drink-skills-wales/

A RETROSPECTIVE call for a mobile asphalt batching plant to stay, described as “probably one of the most important applications” a Pembrokeshire town has received, has been given the go-ahead.

Pembrokeshire County Council’s planning committee, meeting on April 23, was recommended to approve the application by Mr Harries for the retention of the 13.6m-high mobile plant at 10 Waterloo Industrial Estate, Pembroke Dock, despite it going against the local development plan.

Pembroke Dock Town Council had objected to the plans, citing a lack of information presented with the application, a lack of detail in respect of potential flooding and contamination, no traffic management plan, and no details of a recently erected steel building.

The application – partly in a flood zone – was before the committee as it is contrary to development plan policy but is recommended for approval, with conditions including works ceasing pending remediation if any contamination is found, and associated safety and environmental conditions.

A report for members said: “Whilst a conflict is identified with [policy], the development is a mobile asphalt batching unit, and whilst the intention is that this is for long term use it would be possible for the plant to be temporarily relocated should there be an impending flood event (tidal flooding is predictable).

“Even if the plant was to remain in the same position within the site, the majority of the plant is raised above ground level by approximately 1m and therefore any consequences of flooding would be minimal.

“On this basis it is considered that this is a material consideration of sufficient weight to outweigh any identified conflict.”

Moving approval, Pembroke Dock councillor Brian Hall said: “This is probably one of the most important applications we’ve had in Pembroke Dock, and possibly Pembrokeshire.”

He said the scheme would “complete the industrial site,” getting rid of “a nasty piece of land”.

He finished by saying: “It’s going to be a massive asset to the council, its much closer for them for picking up tarmac.”

He was supported by fellow Pembroke Dock councillor Tony Wilcox, who pointed out that any flooding issues would also hit the nearby Aldi supermarket.

Members unanimously backed the application, with Cllr Hall showing his enthusiasm with a “definitely for” vote.