Business

Consumers in Wales ‘willing to pay the price’ to help tackle climate change

Published

2 years ago

June 14, 2022

THE MAJORITY of people in Wales are still committed to tackling the climate crisis despite rising energy prices and severe cost of living pressures, according to new research by The Co-operative Bank.

The survey showed that 67 per cent of adults in Wales believe it is still important to invest in green energy solutions to tackle climate change even if the Green Levy adds to the cost of household energy bills. This is the majority sentiment across all income levels, including those on lower incomes, showing that environmentally conscious consumers are prepared to pay the price to help tackle the climate emergency.

Climate change also topped the rankings as the most urgent social and environmental issue across the UK, coming above other issues including poverty and food insecurity. The survey found 45 per cent of people in Wales agree that addressing the climate crisis is one of the most important issues facing the country. Meanwhile, 71 per cent of people in the region said that companies should be more transparent about their business practices when it comes to their environmental credentials.

The study also asked consumers to share their thoughts on how their bank should conduct itself on environmental and social matters. The research showed that 35 per cent of people would ask their main bank account provider to do more to support environmental and social issues and that 37 per cent would like their bank to consult them on its approach to these challenges.

The findings come as The Co-operative Bank unveils its refreshed customer-led Ethical Policy, which sets out renewed and ambitious environmental and social commitments based on feedback from circa 50,000 customers.

Speaking about the research, Co-operative Bank CEO Nick Slape said: “It is clear that climate change is a major concern for UK consumers and a concern that we share with our customers. Tackling climate change has been a priority for the Bank over the last three decades since our customers told us through our values and ethics poll that the environment matters to them.

“Consumers today want to know that they have a voice on the most important issues which is why we recently asked our customers, through our sixth Values and Ethics Poll, what their key concerns were and how we, as their bank, could help. Around 50,000 of our customers across the UK took part and their answers informed the latest update to our Ethical Policy with renewed commitments to our customers, on how we use their money, and how we act as a business aligned with the priorities of our changing world.

“Our latest policy is structured around customers’ concerns for our planet, for people and for our communities. Under each of these pillars we outline what we’ll campaign for; stating the positive steps we’re taking on issues ranging from biodiversity to social justice, reflecting the evolution in our customers’ views since we first conducted this unique, large scale survey of our customers’ priorities back in 1992.”

The Co-operative Bank, marking its 150th year of business rooted in co-operative values and ethics, continues to champion the fight against climate change. As the first UK bank to sign the Paris Pledge, denying finance for coal mining and power generation, The Co-operative Bank has been beyond carbon neutral for over a decade, and has not sent any operational waste to landfill for the last two years with 70 per cent of its waste recycled in 2021. The Bank also remains committed to its energy targets and in 2021 reduced its energy consumption by 18 per cent year-on-year and sourced all directly procured electricity from renewable sources.

With the best ESG score of any UK high street bank The Co-operative Bank is proud to support the Zero Hour campaign and back The Climate and Ecology Bill, which recently had its first reading in the House of Lords. The campaign for the Climate and Ecology Bill launched with its first introduction in Parliament in September 2020. Zero Hour is a mass mobilisation campaign and has the backing of 151 cross-party MPs and Peers, over 200 councils have passed motions in support of the Bill, 25,000 members of the public have signed up to the campaign and over 450 businesses, community groups and NGOs support the Bill.

Dr Amy McDonnell, Zero Hour Campaign Director said: “2022 is a crucial year for our planet. The Climate and Ecology Bill is an ambitious proposal for a new law. It contains a robust strategy for tackling the twin nature and climate crisis in a joined-up way, and it ensures the public get a say on finding a fair way forward. Zero Hour, the campaign for the Bill, is proudly partnering with The Co-operative Bank, an organisation that has a clear commitment to tackling this important issue and a long history of campaigning on the causes that matter most to its customers. The findings from The Bank’s recent research shows that combating climate change is one of the most important issues that the UK faces today and consumers are behind a huge and growing drive for big, bold changes to UK legislation.”

Business

Paramount’s key role in transformation of McArthurGlen Designer Outlet

Published

15 hours ago

April 25, 2024

Tom Sinclair

FAST-growing Welsh company Paramount is relishing the challenge of creating an “irresistible dining destination” after winning the contract to play a key role in the multi-million transformation of the McArthurGlen Designer Outlet Bridgend.

The Cardiff-based design, build, fit-out and refurbishment specialist will spearhead the re-development project of the shopping centre after being handed responsibility for revamping its popular food court over the summer.

In the coming months, the development will see the Food Court transformed into three modern, and bright restaurants, welcoming new food and beverage brands to the centre and creating more than 100 new job opportunities for the local community.

Paramount’s Construction Director, Paul Thomas, said: “The team behind the scenes at McArthurGlen Designer Outlet Bridgend have fantastic plans for the future and we’re delighted to have been entrusted with the mission to help turn their exciting vision into a reality.

“Paramount prides itself on creating places where people want to be, and my team are relishing the opportunity to help create what will be an irresistible dining destination. It’s certain to be a complex project, but we have the expertise and local knowledge to deliver outstanding results in close collaboration with our project partners.”

The owners of the shopping centre, which has been attracting local people and visitors for more than 25 years, have promised a “substantial investment to redevelop the Food Court area and replace it with new and exciting restaurants”.

Now the Paramount team is ready to lay the groundwork by removing some existing structures around the Food Court and will then introduce a series of new features as part of the overall facelift. These include new glazed entrance doors within glazed curtain walling shopfront, render and a new entrance lobby with new stairs and lifts.

The work to completely develop the Food Court in the shopping centre starts this week, and is expected to be completed in late autumn. As a result, customer favourites including Nando’s, McDonald’s and Chopsticks will be closed while work is under way.

Patrick Finney, Head of European Construction, McArthurGlen Group, said: “After celebrating our 25th anniversary last year, we’re extremely pleased to welcome Paramount on board in this important step of revitalising the Food Court area.

“These are exciting times for everyone at one of South Wales’ best-loved retail complexes and we know Paramount will work closely with us to create a truly special place for diners and shoppers of all ages.”

Paramount, whose turnover reached £45 million in 2023, employs 60 people who own a majority shareholding of the business – 51 per cent – following completion of an Employee Ownership Trust (EOT) scheme in 2021, a deal which marked a major milestone for Paramount after a period of sustained growth.

The company is well known across Wales and England where it has created high-quality inspirational space for a number of leading companies. These include the multi-million-pound redevelopment of Hodge House and Fusion Point One in central Cardiff, and the fit out of Par 59 bars in South Wales and South West.

Over the next few months, Paramount’s construction team will also be completing on a multi-million-pound social housing development in Porthcawl, Mid-Glamorgan with Valleys to Coast.

Business

Welsh Secretary commends growth of medical device company IQ Endoscopes

Published

15 hours ago

April 25, 2024

Tom Sinclair

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.”

Business

Welsh food and drink businesses leading the way with employee satisfaction

Published

15 hours ago

April 25, 2024

Tom Sinclair

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/