Independent final evaluation report highlights Wales JEREMIE Fund’s significant contribution to supporting Welsh SMEs
An independent evaluation report by Regeneris Consulting and
Oldbell3 published today has highlighted the success of the
European-backed Wales JEREMIE Fund managed by Finance Wales,
praising its significant contribution to supporting Welsh small and
medium-sized businesses (SMEs) between 2009 and 2015.
The wide-ranging final evaluation concluded that the £157.5
million Fund became a critical part of the business finance
landscape in Wales, improving access to finance for Welsh SMEs and
providing them with significant capital support when conditions in
the business finance market were particularly challenging.
Business in the Community Cymru (BITC) also recently
reaccredited the Wales JEREMIE Fund in recognition of its
continuing impact on Wales and the Welsh economy.
By the end of its 6-year investment period, investments from the
Fund had helped 600 Welsh SMEs safeguard 7,317 jobs and create a
further 4,226. These investments attracted over £200 million
additional private investment, boosting its total impact to just
under £360 million.
With further job creation anticipated as these businesses grow,
the report acknowledged that the Wales JEREMIE Fund’s original –
and revised – job creation targets were highly ambitious and their
achievement impacted by turbulent financial markets and the
The Wales JEREMIE Fund’s structure coupled with a specific state
aid notification also paid dividends, enabling Finance Wales to
invest in businesses in all eligible sectors and make follow-on
It also enabled Finance Wales to adapt its investment strategy and
during the recession the Fund become one of the primary funding
sources for Welsh SMEs.
With the Wales JEREMIE Fund on course to create a legacy for
future investment in Welsh SMEs, the report concluded that Finance
Wales’ approach to risk and pricing debt finance were appropriate
given the Fund’s remit and the market conditions it operated
A £40 million injection of early stage investment capital from
the Fund enabled Finance Wales to become an anchor investor and the
presence of its technology ventures investment team was also
credited with playing an important role in attracting co-investment
from major funders.
Giles Thorley, Chief Executive, Finance Wales said: “The Wales
JEREMIE Fund has played an important role backing Welsh SMEs in
challenging economic conditions and its impact will be felt for
many years to come as these businesses expand, safeguard existing
jobs and create new job opportunities. We now look forward to
reinvesting the Fund’s legacy in future to help even more Welsh
“BITC’s reaccreditation and the final evaluation recognise the
Wales JEREMIE Fund’s significant long-term impact on the Welsh
economy. The lessons we’ve learnt from investing the Fund are
already informing the development of future funds as well as
helping us build stronger relationships with Welsh SMEs.”
Welsh SMEs can now benefit from investment from the £136 million
EU-backed Wales Business Fund as well as a range of other funds
managed by Finance Wales.
Conducted between October 2015 and April 2016, the Final
Evaluation of the Wales JEREMIE Fund surveyed 150 investee
companies in addition to undertaking stakeholder consultations and
An executive summary of the Final Evaluation of the Wales
JEREMIE Fund conducted by independent consultants, Regeneris
Consulting and Oldbell3 is available at: