Finance Wales’ investment levels up 63% in first 3 quarters of 2014 -15 financial year, creating or safeguarding over 2,000 jobs
2014 – 15 financial year update for Finance Wales
- £11.4 million invested in 64 Welsh SMEs.
- £6 million additional investment leveraged.
- 798 jobs created or safeguarded.
- Q Chip acquired by Midatech Pharma which concurrently listed on
AIM, raising £32 million.
Quarters 1 - 3
- £31.2 million invested in Welsh 148 SMEs.
- £22.2 million additional investment leveraged.
- 2,067 jobs created or safeguarded – 97% of Finance Wales’
- 3 Welsh SMEs backed by the Wales Technology Seed Fund.
- 5 Wales Capital Growth Fund investments completed.
- 9 projects backed by the Wales Property Development Fund.
- 4 exits achieved, including 2 of Finance Wales’ most profitable
- MedaPhor listed on AIM and Q Chip was acquired by Midatech
Finance Wales’ investment levels rose by 63% to £31.2 million in
the first 3 quarters of the 2014-15 financial year compared to
£19.1 million in same period in the last financial year.
These investments attracted additional investment totalling
£22.2 to provide Welsh small and medium-sized businesses (SMEs)
with a £53.4 million growth capital boost in the nine-month
Between October and December 2014, the Welsh Government
subsidiary invested £11.4 million in Welsh SMEs, attracting an
additional £6 million additional investment.
With the backing of these investments, Welsh SMEs created or
safeguarded 798 jobs in the quarter, taking the total number of
jobs created or safeguarded by Finance Wales’ investments at the
end of December 2014 to 2,067 – 97% of its annual target.
“Welsh SMEs have both the ambition and capability to make an
even greater contribution to the Welsh economy and they’re choosing
Finance Wales to provide them with the financial backing they
need. Our rising investment levels are a clear signal of
their confidence and drive to succeed,” explained Finance Wales’
Chairman, Ian Johnson.
“Micro-businesses, start-ups and young technology ventures as
well as more established businesses are all benefitting from
Finance Wales’ investments. Our investments have a long-term impact
on the Welsh economy and increasingly this can be seen in
communities throughout Wales as these businesses expand, safeguard
existing jobs and create new job opportunities,” he continued.
Group Investment Director, Mike Owen, is upbeat about Finance
Wales’ performance so far in 2014-15. He added: “Welsh SMEs’
confidence is up and they’re securing investment to fund some
exciting business plans from us, their banks and other
backers. The range of funding options we now offer is also
having a real impact - our investment levels were ahead of target
in the first half of the financial year and they more than doubled
in quarter 3.
“The SMEs we invest in welcome our long-term backing and
flexible approach. Q Chip’s success in December is an excellent
example of this: Finance Wales was a founder investor in the
company in 2007. Q Chip, MedaPhor, Vista and Wholebake are
all home-grown businesses that have made their mark and have
exciting plans for the future.”
The Finance Wales Group invested £42 million in the first 3
quarters of the 2014-15 financial year.