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

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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

Narberth 91 homes estate approved despite traffic concerns

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PLANS for an estate of 91 houses, more than 40 per cent of them affordable, in a Pembrokeshire town have been backed despite concerns about road safety and the ability of the town’s infrastructure to cope.

In an application recommended for conditional approval at the December meeting of Pembrokeshire County Council’s planning committee, Wales & West Housing Association sought permission for 91, one, two, three and four-bedroomed homes on land to the north of Adams Drive and to the west of Bloomfield Gardens, Narberth.

28 affordable homes are proposed, along with 12 houses as Low-Cost Home Ownership Units, the remaining 51 homes for open market sale, the meeting hearing the affordable units would have a local letting policy.

Agent Asbri Planning Ltd, in a supporting statement, said: “The design led approach will create a high-quality place, that sensitively sits within the site retained wildlife corridors and positively connects to the community of Narberth.”

It added: “The development of a mixed tenure site for different types of homes will cater for a variety of local people. These include first-time buyers, growing families looking to move up the property ladder, those looking for bungalows or to downsize for their retirement.

“As indicated approximately half of the homes proposed will be for social rent or offered for sale as part of a discounted home ownership scheme for local people who want to buy their own home but cannot afford the high cost of houses in Narberth.”

The discounted sale properties will be delivered via Wales & West Housing’s ‘Own Home Cymru’ scheme which helps buyers with a local connection to purchase a home of their own at 70 per cent of market value without the need for a deposit.

Narberth Town Council has raised concerns about site access and the ability of the town’s infrastructure to cope with the additional homes.

Some 16 letters of concern were also received by planners, issues including site access concerns and safety, the traffic should be more equally split between the two sites, and the scheme exacerbating gridlock conditions already experienced on the town centre one-way system.

Concerns were raised at the meeting by local resident – and former county councillor – Vic Dennis, speaking on behalf of local residents, Mr Dennis echoing concerns about the site access layout, asking members to reject the scheme unless planners would look at alternate links to the development.

Local member Cllr Marc Tierney welcomed the additional housing but reflected the traffic concerns, saying said the town’s one-way system was already exhibiting difficulties.

The application was conditionally backed with delegated powers given to the head of planning to approve.

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Business

Pure West Radio brings festive cheer with ‘Pure X-Mas’ on DAB

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PEMBROKESHIRE residents can now enjoy the perfect festive soundtrack as Pure West Radio launches its dedicated Christmas station, “Pure X-Mas,” on DAB radio. Running from Saturday (Nov 30) to New Year’s Eve, the station promises nonstop Christmas music and holiday cheer for all listeners.

“Pure X-Mas” offers an exciting mix of timeless classics and modern holiday hits, creating a joyful atmosphere for decorating trees, wrapping presents, or simply enjoying the season.

Station Manager Toby Ellis said:
“This Christmas, we’re making it easier than ever for Pembrokeshire and beyond to tune into the magic of the season. Pure X-Mas on DAB is our gift to the community – a station entirely dedicated to spreading festive joy and creating lasting memories.”

Exclusively available on DAB, “Pure X-Mas” guarantees crystal-clear sound and easy access for listeners across North and South Pembrokeshire. Simply tune your DAB radio to Pure West Radio’s dedicated Christmas station and immerse yourself in the spirit of the season.

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Business

Decision on Trewern Farm building plans delayed until 2025

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A CALL to let a 950-herd north Pembrokeshire dairy farm to keep a farm shed built without permission a decade ago which was expected to be approved has instead been put on temporary hold, national park planners heard.

In an application recommended for conditional approval at Pembrokeshire Coast National Park’s development management committee meeting of December 4, Trewern Farms Ltd is seeking permission for the retention of the agricultural building and lay down area at Trewern Farm, Felindre Farchog.

The application is part of a wider complex planning history associated with the site.

A report for Park planners says: “Trewern Farm is operated as a zero grazing style dairy farm with 304 hectares located on two separate parcels of land, one at Trewern with the remainder being at Penpedwast, adjacent to Castell Henllys. The farm has a dairy herd of approximately 950 cows.

“Trewern Farm has expanded significantly over recent years with many of the buildings and structures on site having been erected without the prior benefit of planning permission, and having since been regularised through a combination of retrospective applications and certificates of lawfulness.

“The building subject of this application is believed to have been constructed in 2014. The site currently comprises an agricultural shed immediately adjoining another shed and is used for cubicle housing.

“A slurry lagoon, silage clamps and 12 of the newer agricultural buildings are now lawful as Certificates of Lawfulness were granted for these whilst the Authority was awaiting an Environmental Impact Assessment to be submitted by the applicants for the 2015 planning application to regularise the unauthorised buildings.

“However, this is the last of the outstanding agricultural buildings which are not lawful, and an enforcement notice was served in May 2018 requiring its removal. This notice was appealed in November 2019 and is currently being held in abeyance by the Planning Inspectorate.”

It says the building referred to in the application “is described as being designed to house cattle in a series of cubicles, and forms part of a longer set of buildings running along the southern section of the farming complex,” adding: “The livestock numbers are not proposed for increase as a result of this application but will be as secured [by a planning consent] restricted to no more than 960 milking cows with 1020 maximum excluding calves.”

Local community council Nevern has said it has “grave concerns” about the application, asking, amongst other things, how the 960 cattle limit will be policed and the important woodland will be protected.

At the December 4 meeting, planners were told the application would be deferred to a future meeting as not all received documentation had been published on the national park’s planning website.

The application is expected to return to the January meeting, committee chair Madelin Havard offering her apologies to the applicant for the delay.

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