Business
Launch of Investment Fund for Wales provides £130m boost for small businesses

THE BRITISH BUSINESS BANK is launching its new £130 million Investment Fund for Wales today (23rd November), unlocking additional funding to help smaller businesses to prosper and thrive.
The fund will drive sustainable economic growth by supporting new and growing businesses across the whole of Wales through investment strategies that best meet the needs of these firms. It includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead.
The Bank’s Investment Fund for Wales will be the first solely UK government-backed investment fund for smaller businesses in Wales, helping to increase the supply and diversity of early-stage finance by providing options to firms that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
Three fund managers have been appointed to manage the fund. BCRS Business Loans will manage the smaller loans part of the fund (£25,000 to £100,000), FW Capital will be responsible for larger loans (£100,000 to £2 million) and Foresight will manage equity deals (up to £5 million).
Louis Taylor, Chief Executive of the British Business Bank, said: “Wales is a nation of innovative smaller businesses. These start-ups, scale-ups and established businesses often require initial, or further finance, in order to launch, to maintain momentum, or to develop their full potential.
“This fund, which has been designed specifically for Welsh businesses, is intended to further address the challenges of access to finance and to provide opportunities for business talent in Wales to grow, to develop and to thrive.
“Over the past nine years we have supported thousands of Welsh businesses across urban and rural Wales and with the launch of the Investment Fund for Wales we will be able to go further and deeper, to support hundreds more as they continue to contribute to the ongoing sustainable success of the wider Welsh economy.”
Welsh Secretary David TC Davies said: “I’m delighted to see the UK Government backing this £130m Investment Fund for Wales. We are a nation of entrepreneurs and this fund will provide much needed finance for start-ups to turn their great ideas into a business. The fund will also support smaller businesses who need support to expand and grow.
“This new source of financing will help the UK Government deliver on our priority of creating jobs and driving prosperity in Wales.”
The Investment Fund for Wales is the fourth in a series of six new Nations and Regions Investment Funds being launched by the British Business Bank and follows the launch of The Investment Fund for Northern Ireland earlier this month, The Investment Fund for Scotland in October and the South West Investment Fund in July. A total of £1.6bn has been committed to the new funds to drive sustainable economic growth and break down barriers in access to finance.
Among the Welsh businesses to already benefit from the British Business Bank’s support is Feral Pig Wines, a wine shop selling locally produced Welsh wine on the grounds of acclaimed boutique hotel, Llys Meddyg in Newport, Pembrokeshire.
The business received a £10,000 Start Up Loan from the British Business Bank in February 2023.
Owner Dave Cushley, a trained sommelier and former restaurant manager at Llys Meddyg, said: “I simply wouldn’t have been able to secure funding without the British Business Bank. It wouldn’t have been possible for me to start my own business and open the shop.
“The Bank wasn’t only useful in terms of money – the Bank’s mentoring support was invaluable. My mentors offered security and gave me that level of exposure financially, which I wouldn’t have wanted with anyone else. I would have been terrified.”
Following today’s launch, the British Business Bank will be holding a series of information roadshows aimed at people working in the small business finance ecosystem including enterprise agencies, advisers, accountants and more. The first of these will be held in Llandudno on 20 February 2024 with additional sessions held in Aberystwyth, Swansea and Newport later that week. An online version of the session will also take place on 7 December 2023 at 11.00am.
To find out more and apply for funding, visit: www.investmentfundwales.co.uk
Business
Big changes made to major Cosheston solar farm development

AMENDMENTS to a previously granted scheme for a south Pembrokeshire solar farm by using higher specification panels which would actually see less land covered have been approved by county planners.
Last year, plans for a nine-megawatt solar farm at West Farm, Cosheston, near Pembroke Dock by James Wallwork of One Planet Developments Limited were approved by Pembrokeshire County Council.
The applicants said the scheme would generate enough power for 2,500 homes.
The scheme was initially recommended for refusal before a later recommendation for approval at last March’s planning committee; the scheme supported by Cosheston Community Council, which said the plans would be a natural rounding-off of the site, with no detrimental impact as it would neighbour the existing solar farm.
A supporting statement, through agent Mango Planning & Development Ltd, said: “The proposed development would contribute circa 9,337,000 KWh of renewable electricity to the local area, which will typically produce enough green electricity a year to power about 2,500 homes.
“The proposed development is for a temporary 40-year timescale and will be fully reinstated at the end of its operational life. There will be no loss of agricultural land.”
After last year’s approval, the applicants had asked for a change of planning conditions.
A supporting statement accompanying the amendment request says: “Subsequent to the grant of consent, the applicant has been advised that the solar panels originally proposed are no longer available. It is necessary, therefore, to substitute these with an alternative type.”
It says the proposed alternative panels would be slightly larger in size but “as a consequence of the improved specification of the proposed panels, a reduced site coverage is required to achieve the originally agreed output,” adding: “In particular, it is not now necessary to provide arrays in the small field at the east of the application site.”
The proposed amendments have been approved by planning officers.
Business
Permission for new Jeffreyston charcuterie business refused

A SCHEME for a rural Pembrokeshire One Planet Development, which would eventually include a charcuterie business using meats from a rare breed ‘flerd’ and a ‘natural health service’ has been turned down by county planners.
In an application to Pembrokeshire County Council, Malcolm and Nichola Blunsden sought permission for the One Planet Development including a three-bed house, polytunnel and a freestanding photovoltaic array at Covert View, some one kilometre from the village of Jeffreyston, near Kilgetty.
A supporting statement through agent Sureline Design Services Ltd said of the applicants: “They have experience of managing this piece of land and are excited to have the opportunity to develop their ideas for an eco-house, rare breed ‘flerd’ [mixture of a flock and herd], a charcuterie business and a ‘natural health service’ that brings local community groups and schools closer to nature.”
Covering a five-year plan, it says the applicants would produce 56 per cent of their own food, with a small vegetable garden and polytunnel as well as a flock of chickens and ducks for eggs and meat, and will also keep geese, sheep, pigs and cattle for meat; the main enterprise on site will sell fresh meat and charcuterie products from the sheep, pigs and cattle.
“In addition to this they will develop a subsidiary enterprise based on community groups and general public visiting the site for educational and therapeutic purposes,” the statement adds.
Detailing the ‘Cleddau Charcuterie’ proposal, it says: “The overall objective is to use traditional rare breeds of Welsh farm animals, raise them in a dynamic ‘flerd’ (mixture of a flock and herd) to create a rich tapestry of diverse meadows in a regenerative ‘mob’ grazed system whilst also building soil carbon.”
It says the meats produced will be slaughtered and butchered locally and then cured in a purpose-built meat curing room, this will be located in one of the existing farm buildings on site.
“Research undertaken by Malcolm suggests a high demand for locally produced fresh meat as well as charcuterie products with known origins and high animal welfare. The nearest producer for charcuterie is currently in Powys.”
An officer report, recommending refusal raised concerns about the robustness of financial figures and realistic possibility of achieving them, with “almost 90 per cent of the projected income would come from a single source, namely meat products production,” adding: “There is no supporting evidence from local schools or groups for a demand for the services offered. It is considered that there is not sufficient certainty to conclude that a significant proportion of the applicants’ food and income needs would be met on the site within five years”.
It also raised concerns about insufficient water resources on the site with a borehole required for drinking water.
The application was refused by planners.
Since the refusal, the application is listed as having an appeal against the decision lodged.
Business
£10 million investment to support jobs and health in Wales

First Wales trailblazer launched as part of UK Government’s ‘Get Britain Working’ plan
A MAJOR £10 million boost to employment support in Wales has been announced as part of the UK Government’s drive to tackle economic inactivity and “Get Britain Working” again.
The first trailblazer programme in Wales, launched in Denbighshire on Monday (Apr 21), will roll out new tailored employment support including one-to-one mentoring, counselling, wellbeing services, and health condition management.
The programme was launched jointly by UK Minister for Employment Alison McGovern and Welsh Government Minister for Culture, Skills and Social Partnership Jack Sargeant, marking a shift away from a ‘one size fits all’ approach in favour of support targeted to local needs.
The investment will help people with CV writing, job searching, mental health, and managing health issues that may be holding them back from employment. The trailblazer areas – Denbighshire, Blaenau Gwent, and Neath Port Talbot – were selected for their high levels of economic inactivity and will be among nine areas across the UK to pilot these reforms.
During their visit to Working Denbighshire, both Ministers met Work Coaches and saw first-hand the services being offered under the new scheme.
Minister for Employment Alison McGovern said: “Everyone deserves to thrive, including those living with long-term health conditions.
“No one will be written off. This £10 million investment will help connect health and employment services and deliver real change under our Plan for Change.
“Good work provides both dignity and security, and this trailblazer will help people across Wales access that support.”
Welsh Government Minister Jack Sargeant added:
“This investment is an important step in our joint approach to supporting people back into good employment.
“By integrating health and employment support, and tailoring it to each community’s needs, we aim to provide truly joined-up services.
“The Welsh Government is committed to ensuring no one is left behind.”
Secretary of State for Wales Jo Stevens said:
“This £10 million trailblazer will deliver support where it’s most needed – in Blaenau Gwent, Denbighshire, and Neath Port Talbot.
“We know this targeted approach works and builds on the success of initiatives like the Young Person’s Guarantee.
“Helping people into work improves physical and mental health and raises living standards.”
The trailblazers are part of the UK Government’s wider £240 million Get Britain Working reforms, which include:
Transforming Jobcentres to focus on skills and careers
Guaranteeing young people the chance to earn or learn
Expanding mental health support to help people stay in work
The Wales trailblazer follows the first scheme launched earlier this month in South Yorkshire, which focuses on supporting employers to hire people with health conditions. Upcoming trailblazers will also launch in Greater Manchester, the North East, York and North Yorkshire, West Yorkshire, and three areas in London.
In parallel with the trailblazer initiative, the UK Government has also:
Increased the National Living Wage and Minimum Wage
Introduced the Employment Rights Bill to create more secure jobs
Committed to deeper devolution, supporting local and devolved governments to boost regional growth
The investment into Wales reflects the Prime Minister’s pledge to reset relationships with devolved administrations and empower them to play a leading role in economic growth under the UK’s Plan for Change.
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