Finance Wales’ investments provides North Wales economy with £3 million boost in the last 3 months
The economy of North Wales has received a £3 million boost in
the last 3 months following a succession of investments in
established local businesses by Finance Wales.
Oaking Developments, which is constructing the Oak Drive
development in Colwyn Bay, and South Caernarfon Creameries secured
a total of £2.8 million in investment while Flintshire-based
Engineered Composites secured £200,000.
The investments are helping these established North Wales
businesses to expand and create new jobs. Their expansion is
also expected benefit local partners and suppliers in North
Welcoming the news, Economy Minister Edwina Hart said:
“Businesses like these make an important contribution to the
Welsh economy as well as playing a key role in their local
communities. They provide stable jobs for local people and as
they grow they create new job opportunities as well as
opportunities for local suppliers.
“Oaking Developments, South Caernarfon Creameries and Engineered
Composites all have significant investment plans and I’m pleased
they are benefiting from a number of funds launched by the Welsh
Government over the past five years that are designed to support
The investments were structured by Finance Wales Senior
Investment Executive in North Wales, Rhodri Evans. He said: “These
investments are excellent examples of how the flexible funding
options available from Finance Wales can help Welsh businesses
achieve their growth ambitions and transform their future
“A well-structured investment package coupled with a strong
expansion plan can allow established businesses like Oaking
Developments, South Caernarfon Creameries and Engineered Composites
to capitalise on their existing capabilities and go from strength
Oaking Developments Ltd
Finance Wales has backed Oaking Developments with a £1.8 million
loan from the Wales Property Development Fund to fund a major
residential developemt of 19 two and three-bedroom apartments at
Oak Drive in Colwyn Bay.
With the 18-month project expected to create up to 15 jobs,
local suppliers will provide the majority of materials and local
builders Hall & Jones will be undertaking construction work at
Oaking Developments is led by Managing Director Alan Forsyth, an
experienced property developer and investor with a strong track
record, both locally and across the UK. He has recently
completed and sold a block of 85 apartments in Mansfield.
Commenting on the Oak Drive project, he said: “We’ve completed
several developments in North Wales over the last few years and we
were keen to get started on another development. New-build
properties sell well in the area and rental and resale values are
“The Oak Drive development is an excellent opportunity for us as
its a large development in a prime spot in Colwyn Bay, but we knew
we’d need the backing of an investor like Finance Wales to complete
it. Finance Wales understood our plans and were keen to back
us and the loan from the Wales Property Development Fund has
provided us with the capital to begin construction at the
South Caernarfon Creameries
South Caernarfon Creameries (SCC), Wales’ oldest and largest
dairy co-operative also secured a £1 million bridging loan facility
from the Wales Capital Growth Fund managed by Finance Wales
to expand its cheese production facilities.
The site’s development is part of a long-term growth strategy to
boost production of its own Dragon premium cheese brand which is
sold by major UK food retailers and other added value sales
The company is an important part of the North Wales’
agricultural sector and has been for over three quarters of a
century currently employing 90 local staff.
South Caernarfon Creameries’ Managing Director, Alan Jones said:
“South Caernarfon Creameries has been producing dairy products on
the Llyn Peninsula since 1938 and we were keen to develop the
business to be a best-in-class facility. This investment is
part of our continuous improvement programme and our objective is
to grow our supply partnerships with both existing and new
customers, both in the UK and into new export markets.
“The short-term funding package we received from Finance Wales
helped us to finance the first phase of our expansion plans.
Work on the project is now well underway and we’ve secured
Welsh Government grants and other private funding to complete the
development. This is an exciting project for us and one which
provides us with a clear strategic path whilst recognising the
challenges that all of our stakeholders face in the current
Engineered Composites Ltd
Engineered Composites has been supplying Glass-Reinforced
Plastic Products and other composite materials for over 25 years to
a wide range of sectors including the building, construction and
civil engineering, marine, rail and road transport and the
utilities sectors. The products it supplies are also
used in many large infrastructure projects.
Finance Wales has backed Director, Nicki Thelwall-Jones, who
recently took over the day-to-day running of the Flinshire-based
company, with a £200,000 funding package from the Wales JEREMIE
“Engineered Composites is a well-established, reputable company
with a extensive customer base. We’ve grown consistently over the
years and have plans for further expansion.
“We’re now in a strong position to build on our success and
Finance Wales’ backing will be instrumental in enabling us to boost
our product range thereby assisting us to support existing
customers and to target new ones. We’ll also be increasing
our online presence and enhancing our customer relationship
management,” Thelwall-Jones explained.