Business

Wales bucks the trend as equity deals rise despite UK-wide decline

Published

5 months ago

June 24, 2025

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

Holiday lets allowed to stay at Narberth dairy farm

Published

17 hours ago

December 5, 2025

Bruce Sinclair - Local Democracy Reporter

A CALL for a Pembrokeshire dairy farm to keep two “alternative” holiday pods sited without permission as a way of diversifying in an uncertain industry has been given the go-ahead.

In an application recommended for approval at the December meeting of Pembrokeshire County Council’s planning committee, Vaynor Farm Ltd sought retrospective permission for the siting of two self-catering holiday accommodation pods at The Cart House, Vaynor Farm, Bethesda, near Narberth as part of a farm diversification enterprise.

It was before committee members as it was recommended for delegated conditional approval by senior officers despite being against the development plan.

Previous retrospective schemes, for two self-catering pods along with an application to retain a shepherd hut accommodation pod at another farm, a part of the Vaynor Farm farm enterprise, were refused in 2023 and 2025, the latter due to “an unjustified and harmful impact on the character and appearance of the open countryside”.

Detailing the current application, an officer report for members said the pods: Vaynor Farm Pod within the garden of The Cart House, and The Paddock Pod, on the edge of a small paddock, were constructed off-site and have been transported to their current locations, with external decking, hot tubs, a barbecue area and car parking provided for each pod.

It added: “A business plan has been submitted with the application, which explains that due to uncertainties associated with dairy farming, the applicant has sought to diversify the farm enterprise to incorporate tourism accommodation.

“The application makes the case that the proposed development represents farm diversification. It is acknowledged that the development has resulted in the provision of an alternative type of holiday accommodation for which it has been demonstrated there is a demand, contributing to the diversity and quality of accommodation available within the county and supporting an existing farm business, with consequent economic and social benefits.

“Evidence has been provided that demonstrates the extent to which the pods have provided income which has been used to support the farm business.

“However, officers consider that should planning permission be granted, a [planning obligation] will be necessary to ensure that the accommodation pods continue to support the farm business and are not separated from it at some future point in time.”

Delegated conditional approval limiting the use and occupation of the self-catering accommodation pods to short term holiday use only was moved by Cllr Brian Hall and unanimously backed by committee members.

Business

First wind turbine components arrive as LNG project moves ahead

Published

1 day ago

December 4, 2025

Tom Sinclair

THE FIRST ship carrying major components for Dragon LNG’s new onshore wind turbines docked at Pembroke Port last week, marking the start of physical deliveries for the multi-million-pound renewable energy project.

The Maltese-registered general cargo vessel Peak Bergen berthed at Pembroke Dock on Wednesday 26^th November, bringing tower sections and other heavy components for the three Enercon turbines that will eventually stand on land adjacent to the existing gas terminal at Waterston.

A second vessel, the Irish-flagged Wilson Flex IV, has arrived in Pembroke Port today (Thursday) carrying the giant rotor blades.

The deliveries follow a successful trial convoy on 25 November, when police-escorted low-loader trailers carried dummy loads along the planned route from the port through Pembroke, past Waterloo roundabout and up the A477 to the Dragon LNG site.

Dragon LNG’s Community and Social Performance Officer, Lynette Round, confirmed the latest movements in emails to the Herald.

“The Peak Bergen arrived last week with the first components,” she said. “We are expecting another delivery tomorrow (Thursday) onboard the Wilson Flex IV. This will be blades and is currently showing an ETA of approximately 03:30.”

The £14.3 million project, approved by Welsh Ministers last year, will see three turbines with a combined capacity of up to 13.5 MW erected on company-owned land next to the LNG terminal. Once operational – expected in late 2026 – they will generate enough electricity to power the entire site, significantly reducing its carbon footprint.

The Weather conditions were favourable for the arrival of the Wilson Flex IV, which was tracking south of the Smalls at midnight.

The abnormal-load convoys carrying the components from the port to Waterston are expected to begin early next year, subject to final police and highway approvals.

A community benefit fund linked to the project will provide for residents in nearby Waterston, Llanstadwell and Neyland.

Further updates will be issued by Dragon LNG as the Port of Milford Haven as the delivery programme continues.

Photo: Martin Cavaney

Business

Cardiff Airport announces special Air France flights for Six Nations

Published

1 day ago

December 4, 2025

Tom Sinclair

Direct services to Paris-Charles de Gaulle launched to cater for Welsh supporters, French fans and couples planning a Valentine’s getaway

CARDIFF AIRPORT and Air France have unveiled a series of special direct flights between Cardiff (CWL) and Paris-Charles de Gaulle (CDG) scheduled for February 2026.

Timed to coincide with two major dates — the Wales v France Six Nations clash on Saturday 15 February and Valentine’s weekend — the flights are designed to offer supporters and holidaymakers an easy link between the two capitals.

For travelling French rugby fans, the services provide a straightforward route into Wales ahead of match day at the Principality Stadium, when Cardiff will once again be transformed by the colour, noise and passion that accompanies one of the tournament’s most eagerly awaited fixtures.

For Welsh passengers, the additional flights offer a seamless escape to Paris for Valentine’s Day, as well as opportunities for short breaks and onward travel via Air France’s wider global network.

Cardiff Airport CEO Jon Bridge said: “We’re thrilled to offer direct flights to such a vibrant and exciting city for Valentine’s weekend. Cardiff Airport is expanding its reach and giving customers fantastic travel options. We’ve listened to passenger demand and are delighted to make this opportunity possible. There is more to come from Cardiff.”

Tickets are already on sale via the Air France website and through travel agents.

Special flight schedule

Paris (CDG) → Cardiff (CWL):