Business
Almost 1,400 Mid and West Wales firms receive over £460m to start up and scale up
Development Bank of Wales reaches £1bn investment milestone since 2017
ALMOST 1,400 businesses across Mid and West Wales have benefitted from more than £460 million in backing from the Development Bank of Wales, as the organisation today announced it has passed the £1 billion investment mark since its launch in 2017.
Supported by the Welsh Government, the Bank confirmed that £323.4 million has been invested directly into 1,399 businesses in the region, unlocking a further £143.2 million in private sector co-finance. Across Wales, the £1 billion milestone reflects 5,184 individual investments into 4,699 businesses.
The combined impact is significant: the investment has supported 51,089 jobs and generated £5.8 billion in jobs-based GVA – an almost sixfold return in economic value. In addition, the Bank’s activity has stimulated £636 million in private sector co-investment.
Since 2017, £89 million has been allocated to 292 innovative tech ventures, while £275 million has supported Welsh property developers to build 2,302 new homes.
Local companies include Mentrus Developments, which received a seven-figure loan to help deliver Maes y Teirw in Carmarthen. The 2.2-acre brownfield site features 17 four and five-bedroom homes and four three-bedroom affordable properties, all built with solar panels and air-source heat pumps.
Rebecca Evans, the Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “If companies are to grow, it’s vital they can access finance. Since we set up the Development Bank in 2017, it has acted as a social impact investor, making sure its investments support our priorities, from encouraging entrepreneurship to building a greener economy.
“Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development. By securing 50,000 jobs, the Bank shows how targeted investment can open up opportunities and support inclusive communities across Wales.”
First Minister Eluned Morgan added: “The Development Bank is part of the support we offer for companies that want to expand and innovate. Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December.”
The Bank’s investments span all stages of growth, including £428 million to support 3,675 expanding businesses, £61 million for 787 start-ups, and £138 million across 341 succession deals designed to keep established firms rooted in Wales. Thirty successful exits have generated more than £31 million during the period.
Hon Group Captain Sally Bridgeland FIA, Chair of the Development Bank, said: “Our investments have supported thousands of businesses at every stage of their growth journey — driving productivity, innovation, and job creation.”
Giles Thorley, Chief Executive of the Development Bank, said the milestone reflected “the hard work and ambition” of Welsh businesses and staff: “By leveraging £636 million in private co-investment and deploying recyclable funds, we’re building a legacy of growth and resilience for future generations. £1 billion invested in Welsh businesses is £1 billion driving Wales forward — fuelling ambition, powering innovation, and unlocking opportunity in every town and city across our nation.”
Investment breakdown
• 5,184 investments across 4,699 businesses
• Average deal size: £190,000
• Funding mix: £564m debt, £138m equity, £298m property
Business
Cwm Deri Vineyard Martletwy holiday lets plans deferred
CALLS to convert a former vineyard restaurant in rural Pembrokeshire which had been recommended for refusal has been given a breathing space by planners.
In an application recommended for refusal at the December meeting of Pembrokeshire County Council’s planning committee, Barry Cadogan sought permission for a farm diversification and expansion of an existing holiday operation through the conversion of the redundant former Cwm Deri vineyard production base and restaurant to three holiday lets at Oaklea, Martletwy.
It was recommended for refusal on the grounds of the open countryside location being contrary to planning policy and there was no evidence submitted that the application would not increase foul flows and that nutrient neutrality in the Pembrokeshire Marine SAC would be achieved within this catchment.
An officer report said that, while the scheme was suggested as a form of farm diversification, no detail had been provided in the form of a business case.
Speaking at the meeting, agent Andrew Vaughan-Harries of Hayston Developments & Planning Ltd, after the committee had enjoyed a seasonal break for mince pies, said of the recommendation for refusal: “I’m a bit grumpy over this one; the client has done everything right, he has talked with the authority and it’s not in retrospect but has had a negative report from your officers.”

He said the former Cwm Deri vineyard had been a very successful business, with a shop and a restaurant catering for ‘100 covers’ before it closed two three years ago when the original owner relocated to Carmarthenshire.
He said Mr Cadogan then bought the site, farming over 36 acres and running a small campsite of 20 spaces, but didn’t wish to run a café or a wine shop; arguing the “beautiful kitchen” and facilities would easily convert to holiday let use.
He said a “common sense approach” showed a septic tank that could cope with a restaurant of “100 covers” could cope with three holiday lets, describing the nitrates issue as “a red herring”.
He suggested a deferral for further information to be provided by the applicant, adding: “This is a big, missed opportunity if we just kick this out today, there’s a building sitting there not creating any jobs.”
On the ‘open countryside’ argument, he said that while many viewed Martletwy as “a little bit in the sticks” there was already permission for the campsite, and the restaurant, and the Bluestone holiday park and the Wild Lakes water park were roughly a mile or so away.
He said converting the former restaurant would “be an asset to bring it over to tourism,” adding: “We don’t all want to stay in Tenby or the Ty Hotel in Milford Haven.”
While Cllr Nick Neuman felt the nutrients issue could be overcome, Cllr Michael Williams warned the application was “clearly outside policy,” recommending it be refused.
A counter-proposal, by Cllr Tony Wilcox, called for a site visit before any decision was made, the application returning to a future committee; members voting seven to three in favour of that.
Business
Welsh Govt shifts stance on business rates after pressure from S4C and Herald
Ministers release unexpected statement 48 hours after widespread concern highlighted in Welsh media
THE WELSH GOVERNMENT has announced a new package of tapered business rates relief for 2026-27, in a move that follows sustained pressure from Welsh media — including S4C Newyddion and The Pembrokeshire Herald — over the impact of revaluation on small businesses.
In Milford Haven, the hard-pressed pub sector is already feeling the impact: the annual bill for The Lord Kitchener is rising from £5,000 to £15,000, while rates at the Kimberley Public House have nearly doubled from £10,500 to £19,500. The Imperial Hall’s rates are increasing from £5,800 to £9,200, prompting director Lee Bridges to question why businesses “are being asked to pay more when we use less services”. In Haverfordwest, the annual rates bill for Eddie’s Nightclub is increasing from £57,000 to £61,500.
A written statement, issued suddenly on Wednesday afternoon, confirms that ministers will introduce a transitional “tapering mechanism” to soften steep increases for tourism, hospitality and small independent operators. Full details will be published with the draft Budget later this month.
The announcement comes less than two days after The Herald’s in-depth reporting brought forward direct concerns from Pembrokeshire business owners and councillors, highlighting the uncertainty facing one of Wales’ most important local industries.
Herald reporting credited by senior councillor

Pembrokeshire County Council Independent Group Leader Cllr Huw Carnhuan Murphy publicly thanked The Herald for pushing the issue into the spotlight.
In a statement shared on Wednesday, Cllr Murphy said: “Welcome news from Welsh Government. Thanks to Tom Sinclair for running this important item in the Herald in relation to the revaluation of businesses and the consequences it will have for many.
He added: “Newyddion S4C hefyd am redeg y stori pwysig yma ynghylch trethi busnes.,” which in English is “and thanks to S4C Newyddion as well for running this important story about business taxes.”
He added that the Independent Group “will always campaign to support our tourism and agriculture industry, on which so many residents rely within Pembrokeshire”.
Media spotlight increased pressure on Cardiff Bay
On Monday, ministers said business rates plans would be outlined “within the next two weeks”.
By Wednesday afternoon — following prominent coverage on S4C and continued pressure from The Herald — Welsh Government released an early written statement outlining new support.
Industry sources told The Herald they believed the level of public concern, amplified by the media, “forced the issue up the agenda much faster than expected”.
A cautious welcome for ‘better than nothing’
Cllr Murphy welcomed the partial support, though he stressed it fell short of what many businesses had hoped for.
“This isn’t the level of support many were hoping for,” he said, “but it is certainly much better than nothing.”
Draft Budget expected soon
The full tapered support scheme will be detailed in the Welsh Government draft Budget, expected within a fortnight.
Tourism and hospitality representatives have reserved final judgment until the figures are published, but many have expressed relief that some support will continue, following weeks of uncertainty.
Business
Pembrokeshire’s Puffin Produce a winner at British Potato Awards 2025
PEMBROKEHIRE-BASED Puffin Produce, Wales’ leading supplier of fresh root vegetables, has been named winner of the Best Environmental/Sustainability Initiative at the prestigious British Potato Awards 2025.
The judges recognised the company’s whole-system approach that combines ambitious long-term targets with practical, measurable action across its grower network and operations.
A sector-leading grower scheme Launched in winter 2024, the ‘Sustainable Spuds’ programme is already regarded as one of the most progressive grower incentive frameworks in UK agriculture. It rewards farmers with premium payments for verifiable improvements in nutrient efficiency, energy use, soil health, biodiversity and emissions reduction. Covering the entire crop cycle, the scheme is designed to drive rapid on-farm change while remaining commercially viable.
ROOT ZERO – the UK’s first carbon-neutral certified potato Since its 2021 launch, the ROOT ZERO brand has targeted a 51% reduction in carbon intensity per kilo by 2030. Progress is ahead of schedule. The potatoes are packed in 100% plastic-free, compostable and recyclable packaging, while 0.5p from every pack sold is donated to the Bumblebee Conservation Trust. Consumer-facing campaigns also promote low-energy cooking and food-waste reduction.
Verified science-based targets and rapid decarbonisation
Through the Science Based Targets initiative (SBTi), Puffin Produce has committed to cutting Scope 1 & 2 emissions by 46% by 2030 and achieving at least a 90% reduction across all scopes by 2040. Since baseline measurements in 2019:
- Operational emissions are already down 30%
- 2 MW of rooftop solar panels (covering 6,000 m²) now generate 100% of summer electricity demand, saving 2.4 tonnes of CO₂e daily
- Winter power is purchased from guaranteed zero-carbon sources
- Transition away from fossil fuels continues at pace
Zero waste ambition delivered early
Puffin signed the Courtauld 2030 pledge in 2015 to halve food waste by 2030. The company exceeded that target five years early, achieving a 57% reduction despite growing production volumes. Rigorous crop utilisation and technology investments ensure almost every potato grown reaches a plate.
As a Leading Food Partner for FareShare Cymru, Puffin has now helped provide the equivalent of two million meals through its ‘Surplus with Purpose’ programme.
Landscape-scale collaboration In 2025 Puffin co-founded the Wales Landscape Enterprise Network (LENs) – a farmer-led, business-backed model for stacking private and public funding to deliver nature-based solutions. Early results from the first LENs projects in potato-growing catchments are striking:
- 150+ acres of habitat and soil-health enhancements
- 25% average increase in five key wildlife indicator species
- 17% lower carbon emissions per tonne of potatoes
- 40 kg less nitrogen fertiliser per hectare – with no yield penalty
Emma Adams, Head of Sustainability at Puffin Produce, commented: “This award belongs to everyone in our supply chain – growers, team members and partners – who have turned ambition into action. Agriculture is complex, but it is also one of the most powerful tools we have to tackle the climate and nature crises. By working collaboratively and investing boldly, we’re proving that rapid, measurable progress is possible.”
Rooted in Pembrokeshire and sourcing ~80% of its produce from within 50 miles, Puffin Produce remains the only BRC AA+ accredited vegetable packing facility in Wales. It is the proud home of two Protected Geographical Indication (PGI) products – Pembrokeshire Early Potatoes and Welsh Leeks – and supplies major UK retailers and wholesalers all year round.
A standout example of Welsh food production leading the way to net zero and nature recovery.
Photo:
Emma Adams head of sustainability at Puffin Produce receiving the BP Award presented by Adrian Cunnington (L) and Jamie-Sutherland
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