Finance Wales annual review 2015/16
Highlights for the 2015-16 financial year
- 3,058 jobs created or safeguarded through Finance Wales’
financing activities. 102% of target.
- £110.5 million growth capital injected into Welsh micro to
medium-sized business sector:
- £45.6 million from Welsh Government and EU-backed funds managed
by Finance Wales.
- £64.9 million leveraged from private sector sources. Up
15% year-on- year.
- 201 investments in 185 Welsh businesses. Number of businesses
up 12% year-on-year.
- Investments by FW Capital were up 7% year-on-year to £17.4
- £151.9 million new Welsh Government and EU-backed funds
arranged/launched. Finance Wales’ investment capability now stands
at £195.5 million
- Future strategic direction underpinned by appointment of new
Chairman, Gareth Bullock and new Chief Executive, Giles
More than 3000 jobs were created or safeguarded in Wales through
investments provided by Finance Wales last year. In the 2015/16
financial year 201 investments were made in 185 Welsh businesses –
from £1k to multi-million pound deals.
Finance Wales managed funds provided investments of £45.6
million, with an additional £64.9 million being leveraged from
“I’m pleased Finance Wales continues to play a supportive role
in the Welsh economy,” explained new Finance Wales CEO Giles
“In the last financial year our investments, combined with those
of the funders we work with, protected the Welsh economy and filled
a gap in Welsh SMEs’ short and long-term growth capital
requirements of over £110 million. The impact of these investments
can be felt across Wales, backing established businesses,
encouraging entrepreneurial new businesses as well as attracting
businesses to Wales.”
September 2015 saw Finance Wales make its final investment from
the Wales JEREMIE Fund, having invested £157.5 million in 600 Welsh
SMEs between 2009 and 2015. This year a number of new funds will be
available to Welsh SMEs – including the Wales Management Succession
Fund which launched in April 2016 and the Wales Business Fund which
will launch this September.
“Despite a sometimes volatile stock market and the falling price
of commodities such as oil and gas, Welsh businesses are
succeeding. While global economic uncertainty has meant that many
companies have been reluctant to grow we have seen renewed
confidence in the SME market in the last quarter. Through our funds
we’re in a position to help new and established businesses to grow
and strengthen their market positions,” added Mr Thorley.
Finance Wales also manages a number of other teams and
investments. In 2015/16 its North of England operation FW Capital
safeguarded 482 jobs and created a further 867 jobs. The North East
Growth Plus Fund has recently been topped up by an additional £3.75
million which will enable the FW Capital team to help yet more
businesses in the region.
xénos, the Wales Business Angel Network exceeded its target by
14% to facilitate 14 business angel investments totalling £2.8
million. These investments leveraged an additional £1.4
million of investment, including xénos’ largest ever investment of
The Help to Buy – Wales scheme, managed by Finance Wales on
behalf of the Welsh Government, provided equity loans for more than
1700 home purchases in 2015/16. With Phase 2 of the scheme going
live later this year even more people living here will be able to
get a foot on, or progress up, the housing ladder.
“Finance Wales has evolved considerably since it was established
and today it delivers an increasing number of financial policy
priorities cost effectively for the Welsh Government, including the
Help To Buy – Wales scheme,” added Finance Wales Chairman Gareth
“We will build on Finance Wales’ strengths and expertise in 2016
– 17 to create a development bank for Wales that reflects manifesto
commitments and harnesses Welsh businesses’ potential to achieve an
even greater impact on Wales’ future economic