Business
Wales bucks the trend as equity deals rise despite UK-wide decline
EQUITY investment in Wales showed resilience during 2024, defying the broader UK trend of declining activity, according to the British Business Bank’s annual Small Business Equity Tracker.
While the UK overall saw equity deals fall by 15.1%, Wales recorded a notable 7.2% rise in equity deal numbers compared to 2023. However, the total value of investments in Wales dropped by 12.1%, settling at £113 million, highlighting ongoing caution among investors.
Supporting this growth, the Investment Fund for Wales (IFW), launched in late 2023, has deployed £18 million from its £50 million equity fund. This investment has drawn an additional £3.1 million from private co-investors, with expectations of increased activity throughout 2025 as IFW managers Foresight expand their deal pipeline.
AI sector leads UK equity growth
Across the UK, artificial intelligence (AI) attracted significantly larger equity deals than other sectors, averaging £8.3 million per transaction—over 40% higher than the £5.7 million national average. At the growth stage, AI investments averaged £36.3 million, more than double comparable sectors, reflecting substantial investor interest.
In Wales, this trend was exemplified by the IFW and Development Bank of Wales’ recent investment in Nisien.AI, a promising Cardiff University spin-out. Nisien.AI is developing advanced AI technology aimed at combating online harms, including digital conflicts, and already works with major global social media platforms. The new funding will support recruitment and R&D, enabling Nisien.AI to launch new digital safety products.
Susan Nightingale, UK Network Director for Wales at the British Business Bank, commented: “Despite a challenging year for equity finance across the UK, Wales has demonstrated resilience with increased deal numbers. However, the overall drop in investment values shows that caution remains prevalent. Encouragingly, AI continues to drive significant value, and companies like Nisien.AI highlight the potential for Wales to become a key player in this transformational sector. We aim to help create the conditions for Wales’ first unicorn to emerge.”
University spinouts reach record heights
University spinout companies across the UK experienced a record-breaking year in 2024, raising £1.9 billion, accounting for 17% of total UK equity investments and 12% of overall deals. Swansea University notably led the Welsh scene, launching 58 spinouts since 2011, ranking ninth in the UK and top in Wales, as highlighted in Beauhurst’s recent Spotlight on Spinouts report.
Business angels continue crucial support
The Small Business Equity Tracker also highlighted the vital role of business angels, with 70% investing predominantly in early-stage businesses. Notably, 64% of surveyed UK angel investors either maintained or increased their investment levels between 2023 and 2024.
The British Business Bank’s initiatives, such as the Female-led Angel Syndication Pilot launched in 2023, have supported this vital investor segment. Women Angels of Wales (WAW), backed by both the British Business Bank and Development Bank of Wales, attracted over 20 investors since mid-2023, closing deals worth £3.8 million. A standout investment was in Kaydiar, a Cardiff Metropolitan University spin-out developing innovative medical devices and prosthetics, demonstrating the impactful role angel investors continue to play in driving early-stage innovation.
Business
Tenby sailing club works approved by national park
A CALL for works to Tenby’s listed building sailing club to improve energy efficiency for the community organisation has been given the go-ahead.
In an application to Pembrokeshire Coast National Park, Harrison Richards of Tenby Sailing Club sought permission for replacing 24 timber windows at the Grade-II-listed Tenby Sailing Club, Penniless Cove Hill, with new Accoya timber double-glazed units.
The application added: “An energy survey conducted by Dragon Energy Consultants highlighted the existing single glazing and rotten window frames as a significant contributor to the club’s energy consumption.
“Tenby Sailing Club is a community organisation which seeks to organise activities year-round but faces significant energy costs being housed in a historic building. The current windows are beyond repair, with cracked glazing, decay, water ingress, and poor energy efficiency.
“The two windows at balcony level are not included, as they were previously replaced and remain in good condition. All new units will replicate the existing profiles, dimensions, glazing patterns, and overall appearance, ensuring no visual change to the building’s character.
“The neighbouring three-storey harbour stores occupied by Tenby Sea Cadets have previously replaced the building’s windows with double glazing. This like-for-like replacement in appearance will improve durability, weather resistance, and thermal performance while preserving the special architectural and historic interest of the listed building.”
An officer report recommending approval said: “The Sailing Club was built as a warehouse c. 1825, abutting the C17 sluice. Originally wine stores, it was later used by the local fishermen for stores and is now the home to Tenby Sailing Club, established in 1936.”
It said no adverse comments to the proposals had been received.
It added: “The proposal is to replace the majority (24 total) of windows in painted timber, double-glazed with face-mounted glazing bars of traditional scale and profile. Whilst a modern practice of glazing, the proposal involves no loss of historic fabric, provides an obvious visual improvement and addresses concerns as to heating costs.”
It finished: “The scheme is considered to be in keeping with the character of the listed building, and its setting in terms of design and form. As such, the application can be supported subject to conditions.”
The application was conditionally approved by planners.
Business
Taxi fare shock in Milford Haven as drivers switch to meters
TAXI passengers in Milford Haven are facing a sudden jump in fares, as drivers increasingly switch on their meters and charge full council-approved rates.
One Herald reader said a short return trip from Milford Haven to Neyland cost £30 — around double what he expected to pay.
But drivers insist the prices are not new — they are simply the official tariff now being applied.
Under Pembrokeshire County Council rules, the standard daytime fare starts at £4 for the first mile (£5 after 6pm), rising by around £3 per mile thereafter. Waiting time is also charged, meaning even short return journeys can quickly add up.
Higher rates apply in the evenings, at weekends and on bank holidays.
End of the £3 taxi
Milford Haven has long been known for cheap taxis, with short in-town journeys often costing as little as £3 — far below official rates.
That was down to competition, older vehicles, and the need to keep prices low in a town where many rely on affordable transport.
Drivers say those days are now over.
One local driver told The Herald: “People got used to cheap fares, but that was never the real price. Now we have to use the meter or we’re losing money.”
Fuel costs biting
Most taxis run on diesel, now around 170p per litre locally. For drivers covering long distances each day, the increase has hit hard.
Global tensions in the Middle East have pushed up oil prices, feeding directly into higher fuel costs in the UK.
With fare increases requiring a lengthy council process, many drivers say they have no option but to charge the full tariff.
Vulnerable hit hardest
The change is being felt most by those who rely on taxis the most.
Elderly residents, people on low incomes and those without access to a car are now facing higher everyday travel costs.
There has been no recent increase in Pembrokeshire’s official taxi fares, which have remained broadly unchanged since 2022.
The difference is simple: drivers are now charging them.
As one put it: “We’re not putting prices up — we’re just finally charging what we’re supposed to be charging.”

Business
Cardiff Airport expects Easter passenger surge as demand rises
CARDIFF AIRPORT is preparing for a busy Easter getaway, with more than 46,000 passengers expected to travel through the airport over the holiday period.
The figure represents an 18% increase compared to the same period last year, reflecting growing demand for both sunshine destinations and European city breaks.
The busiest routes this Easter are set to be Alicante, Dublin and Málaga, with flights operated by airlines including Ryanair, Vueling and TUI Airways.
Travellers heading for warmer weather can also take advantage of direct flights to the Canary Islands, including Tenerife, Lanzarote, Gran Canaria and Fuerteventura, alongside popular destinations such as Faro and Palma.
The airport says the increase builds on a strong start to 2026, with passenger numbers continuing to rise.
Chief executive Jon Bridge said the airport is approaching the one million passenger mark and expects the summer season to be its busiest since the pandemic.
He said: “It’s been an incredibly positive start to the year, and we’re looking forward to welcoming more passengers over the Easter period.
“Our teams are working hard to ensure travellers can start their holidays smoothly.”
Passengers travelling over Easter are being advised to allow extra time for their journey and check with airlines for the latest updates.
A total of 46,158 passengers are expected to pass through the airport between March 27 and April 12, with arrivals and departures almost evenly split.
Cardiff Airport said it continues to expand its range of destinations, including the addition of a direct service to Toronto, as it looks to strengthen its role in connecting Wales to international travel.
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