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by Staff February 23, 2023

Inflection Resources and AngloGold Ashanti Sign a Heads of … – Junior Mining Network

Inflection Resources and AngloGold Ashanti Sign a Heads of …  Junior Mining Network

  • Health
by Staff February 21, 2023

Myeloid Therapeutics and New South Wales (NSW) Government in … – PR Newswire

Myeloid Therapeutics and New South Wales (NSW) Government in …  PR Newswire

Latest News

Inflection Resources and AngloGold Ashanti Sign a Heads of … – Junior Mining Network

February 23, 2023

Myeloid Therapeutics and New South Wales (NSW) Government in … – PR Newswire

February 21, 2023

Sky News People’s Forum: Dominic Perrottet and Chris Minns to face off in NSW Election debate – Sky News Australia

February 21, 2023

Five new railway stations could open to boost England-Wales journeys – Evening Standard

February 2, 2023
by Staff January 20, 2023

Dragon’s Den: Sara Davies launches poll after being ‘cut out’ – South Wales Argus

Dragon’s Den: Sara Davies launches poll after being ‘cut out’  South Wales Argus

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DRAGONS’ Den star Sara Davies has launched a poll on Twitter after BBC viewers claimed she was ‘cut out’ of a deal.

The entrepreneur, 38, took to Twitter to live tweet Thursday’s episode which featured a personalised perfume company Potion Paris. 

The beauty brand, which describes itself as clean, cruelty-free and vegan, was presented with two deals – one with former Strictly star Sara Davies and the other with both veteran Dragon Peter Jones and Social Chain CEO Steven Bartlett.

Steven Bartlett and Peter Jones branded ‘sneaky’ on Dragons’ Den

The Potion Paris founders came back to the Dragons looking for a three-way deal but Peter Jones didn’t think three Dragons would work for the business due to Sara’s TV shopping background.

Steven backed Peter up, telling the contestants to “know a good deal when you see one.”

After being cut out of the deal, Sara warned Peter and Steven that she would remember this pitch when it came to future deals.

So what did we all think about the perfume business that was just on?

I’ve loved watching the commentary on here I have to say!#DragonsDen

— Sara Davies (@SaraDaviesCC) January 19, 2023

In the post, Sara admitted she’d been watching Thursday’s episodes and enjoying the commentary on social media.

Turning to the Dragons, Sara teased:”I’m locking that away and I’ll remember that you two.”

Davies took a question to the masses, asking viewers: “So what did we all think about the perfume business that was just on? I’ve loved watching the commentary on here I have to say!”

The businesswoman gave fans the choice between the two options from ‘They made the right choice’ or ‘They should have gone with me!”.

Viewers flooded social media during the episode in support of the Dragon.

One fan wrote with a angry faced emoji:”Sneeky Peter and Stephen cutting you out, so wrong!”

A second person said: “In my first tweet I predicted it should be you Sara and definitely TV shopping.”

A third person chimed in:” I would’ve picked you. They’ll regret this for sure!”

Dragons’ Den airs on Thursday at 8 pm on BBC One.

by Staff January 20, 2023

South Wales forklift company accelerates transition to net-zero – Wales 247

South Wales forklift company accelerates transition to net-zero  Wales 247

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A multi-award-winning forklift service in South Wales has secured a seven-figure finance package from HSBC UK to support its business growth plans and transition to net zero.

SWIE Holdings Ltd, based in Port Talbot, South Wales, will use the seven-figure finance package acquire South Wales Industrial Equipment Limited. The acquisition will allow the company to continue investing in electric/green forklifts to meet the needs of clients in the distribution, steel, and construction supply chain across the UK market.

Bernard Colston, Managing Director of SWIE Holdings Ltd, said: “We’ve been HSBC UK customers since 2001 so have a strong relationship with the team. They have always supported our growth and our Relationship Manager at the bank, Donagh Kenny, and the team did an outstanding job of working with us to put together a flexible and tailored finance plan that satisfies all our business needs.

“With this additional financing, we’ll be able to continue giving our clients the best service possible through our growing customer service teams and assisting customers with their move to net zero.”

Donagh Kenny, Relationship Manager for Wales and the West Midlands at HSBC, added: “We are delighted that SWIE-lift has benefited from our financial support as it continues to expand. We will work closely with the team to ensure that the needs of the business are recognised, and we look forward to witnessing the company’s continued expansion.”

South Wales Industrial Equipment Limited was established in 2001 as a small hire company. Since then, the business has grown significantly and is now a multi-award-winning distributor of Mitsubishi, Combilift and Aisle-Master Forklift trucks.

by Staff January 20, 2023

A Flourishing Bio Technology Cluster Within South Wales – Business News Wales

A Flourishing Bio Technology Cluster Within South Wales  Business News Wales

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Rod Sears-Black, Managing Director of Biocatalysts, spoke to Business News Wales to give an insight on how Biocatalysts have continued to lead the way in the development and manufacturing process of speciality enzymes in industrial applications, such as foods and pharmaceuticals, to some of the worlds largest businesses.

Whilst rapidly growing towards their largest investment programme to date, the disruption of the Covid pandemic saw Biocatalysts secure their focus on the world of food and medicine that was seen as quite the protected industry that kept the world going.

In a post Covid world, Biocatalysts have seen a marked positive impact on their workforce and output, embracing the change with a new hybrid working environment.

Biocatalysts believe they have never assumed to know everything, however, thriving in their new adoptive ways of working post pandemic, with the insight from other businesses alike, Biocatalysts see joining Manufacturing Wales as a way of sharing thier knowledge and science behind their products that may be of use to others in the Manufacturing industry.

Manufacturing Wales is a platform for businesses to connect, share problems and create solutions: Being quality focused and technology led to ensure Wales’ brands are globally recognised.

Manufacturing Wales was established by manufacturers in 2021 to help them support each other, share insight and organise events that specifically focus on the needs of the sector. The aim is to be a strong voice demonstrating quality manufacturing in Wales; highlighting the very best, established, successful businesses, doing great things and enabling them to share all that is great about Welsh manufacturing. This in turn provides a strong supply chain, link into academia, highlighting job opportunities for all levels, investment, collaboration and more. We use the platform to share member stories across the media and with each other; as a trusted network we share ideas, problem solve issues and create new ventures together.

Benefits include:

  • Access to finding skills for Manufacturing employers through links to HE/FE
  • Access to other Manufacturing companies and support and advice on supply chains, research and development, funding, tax, legal advice and property management, overseas trading,
  • Participate and build relationships with other similar Manufacturers in Wales at our events, tours and webinars

If your manufacturing business would like to find out more about joining our industry lead group, contact [email protected]

by Staff January 20, 2023

The race to make diesel engines run on hydrogen – BBC

The race to make diesel engines run on hydrogen  BBC

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“Australia is one of the world’s largest coal exporters and the largest liquefied gas exporter,” the Council wrote in a 2021 briefing. “Both are polluting fossil fuels, and Australia is paying a high cost for that with more severe and frequent extreme weather events like bushfires, heatwaves, and drought.”

by Staff January 20, 2023

North east oil and gas industry ‘economic force for good’, according … – South Wales Argus

North east oil and gas industry ‘economic force for good’, according …  South Wales Argus

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A total of 87% of people in Scotland who responded to an energy survey said the UK should meet its demand for oil and gas from domestic production.

The research was led by advisory firm True North who said the findings also reveal that energy companies operating in the North Sea are seen to have a “positive impact on the UK economy by a factor of five to one.”

The firm’s managing partner, Fergus Mutch, said despite the north east of Scotland facing scrutiny over its oil and gas industry, the region has “nationwide backing”.

This week, it was announced more than 100 applications have been submitted to drill for new oil and gas in the North Sea.

The UK government paused licencing for new oil and gas developments, which is reserved to Westminster, for three years while it hosted the UN climate change conference in Glasgow.

UK ministers, however, have said more licences would be made available because of the energy security crisis.

But the Scottish government last week announced a presumption against new oil and gas exploration as part of its new energy strategy.

Scottish ministers say they can no longer support the previous position of “maximising economic recovery” of fossil fuel reserves.

Commenting on the survey results, Mr Mutch said: “Its findings certainly throw up some challenges for both UK and Scottish governments, not least on how best to support an energy sector in transition through an ongoing crisis in global energy security.

“Nowhere is this approach facing more scrutiny than in the north east of Scotland, and it’s interesting to note that this region’s key industries have nationwide backing as an economic force for good and in leading the delivery of our domestic energy requirements, despite the Scottish Government’s announcement of a presumption against new oil and gas exploration as part of its new energy strategy.”

The full survey results, covering Scottish and UK politics, attitudes to public policy and the energy industry, will be published on True North’s website on Friday at 11am.

With a strong focus on the ongoing cost-of-living crisis, True North said the poll shows “overwhelmingly” that the Energy Profits Levy – or windfall tax – is viewed as an ineffective measure in reducing household energy bills or encouraging energy companies to diversify from fossil fuels into renewables.

“We know that the UK government’s windfall tax, however well-intentioned, is having a serious impact on investment decisions by energy firms at a time when certainty is needed,” Mr Mutch added.

“People across Scotland harbour doubts about its efficacy in lowering their household energy bills, or in terms of encouraging energy firms to move away from fossil fuels towards renewables.”

True North said it will publish more of the findings from the survey on Friday in the hope they will stimulate “informed discussion on the outlook for businesses and the economy over the year ahead”.

Professor Sir John Curtice, an expert on public and social attitudes and who provided analysis of the results, said: “Despite the current debate about climate change, most people in Scotland think that the energy industry in Scotland has had a positive impact on the UK and Scottish economies, and that, for so long as the UK continues to need oil and gas supplies, they are best sourced from within the UK rather than via imports.

“Indeed, this is one topic on which both nationalist and unionist supporters largely agree.”

A Scottish Government Spokesperson said: “As a responsible government, we have set out a pathway, through our draft Energy Strategy and Just Transition Plan, to ensure a fair and just transition for our energy workforce, and to bring a new generation of skilled workers into a flourishing energy industry as part of a net zero Scotland.

“Given the North Sea basin is mature and production is already in decline, any other course of action would only serve to put jobs and our economy at risk.

“Reducing our energy consumption while ramping up our energy generation capabilities through renewables and hydrogen will mean that, in a net zero Scotland, we will not only be less reliant on importing oil and gas, but a net exporter of cleaner and greener energy to the rest of the UK and beyond.”

A HM Treasury spokesperson said: “The Energy Profits Levy strikes a balance between funding cost-of-living support while encouraging investment in order to bolster the UK’s energy security.

“We have been clear that we want to encourage reinvestment of the sector’s profits to support the economy, jobs, and our energy security, which is why the more investment a firm makes into the UK, the less tax they will pay.”

by Staff January 19, 2023

Levelling Up projects in Wales awarded £208 million by UK … – GOV.UK

Levelling Up projects in Wales awarded £208 million by UK …  GOV.UK

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  • A total of 11 projects receive grants from round two of flagship Levelling Up Fund
  • Projects include Cardiff Crossrail, engineering campus in Blaenau Gwent, restoration of Grand Pavilion in Porthcawl, and new cycle routes through Conwy Valley
  • Investment in historically overlooked areas will create jobs and grow the economy

Cardiff Crossrail, a new engineering campus in Blaenau Gwent, and new cycle routes through Conwy Valley are just some of the transformational local projects across Wales awarded a share of £2.1 billion from the UK Government’s landmark Levelling Up Fund.

Major UK Government investment will benefit people across Wales by spreading opportunity and breathing new life into historically overlooked areas.

A total of 11 projects in Wales have been allocated more than £208 million from round two of the Levelling Up Fund. The projects will create jobs, drive economic growth, help restore people’s pride in the places where they live and spread opportunity more equally..

This will drive forward the Prime Minister’s priority to grow the economy by levelling up and provide the foundations for building a better future in communities across the UK. By working together the UK is better able to collectively tackle the individual challenges faced by every region and nation across the country.

Grants include £50 million for Cardiff Crossrail, the joint highest amount awarded to a UK project. There is also £9 million for a new engineering campus for 600 students in Blaenau Gwent and £18.6 million for a new cycle route between Llandudno Junction and Betws y Coed via the Conwy Valley.

Nearly £18 million will help renovate the Grand Pavilion in Porthcawl, one of the most recognisable buildings in South Wales, which has deteriorated after years of piecemeal refurbishments.

Prime Minister Rishi Sunak said:

Through greater investment in local areas, we can grow the economy, create good jobs and spread opportunity everywhere.

That’s why we are backing a number of projects with new transformational funding to level up local communities in Wales.

By reaching even more parts of the country than before, we will build a future of optimism and pride in people’s lives and the places they call home.

Levelling Up Secretary Michael Gove said:

We are firing the starting gun on more than a hundred transformational projects in every corner of the UK that will revitalise communities that have historically been overlooked but are bursting with potential.

This new funding will create jobs, drive economic growth, and help to restore local pride. We are delivering on the people’s priorities, levelling up across the UK to ensure that no matter where you are from, you can go as far as your talents will take you.

Secretary of State for Wales David TC Davies said:

This is a hugely significant investment in truly significant projects across Wales. I’m delighted to see so many successful bids from around the country for schemes which will have an impact for generations to come.

This funding will regenerate town centres and historic buildings, create new cycle and walking paths through some of our most beautiful countryside, improve facilities for visitors, deliver transport solutions for Cardiff and contribute to the health and future job opportunities for people in the areas involved.

I am very much looking forward to following the progress of these projects as they help us achieve our ambitions of levelling up the UK and growing the Welsh economy.

Projects in Wales awarded Levelling Up Fund grants today:

  • £50 million for Crossrail Cardiff. This will help deliver a new line between Cardiff Bay and Cardiff Central Station, improving travel for thousands of people who travel daily between the stations.
  • A safe and direct cycle route will be created between Llandudno Junction and Betws y Coed via the Conwy Valley with an £18.6 million grant. The scheme will also include measures to mitigate against flooding.
  • £17.8 million will restore the historic estate in the Vale of Neath and build new walkways and cycle paths.
  • There is £17 million for building new walkways and cycle paths to bring people closer together in Holyhead and enable visitors and local people to explore the stunning sites of St Cybi’s Church and the Roman Fort.
  • £18 million to transform the Grand Pavilion in Porthcawl, one of the most recognisable buildings in South Wales, which has deteriorated after years of piecemeal refurbishments.
  • In Blaenau Gwent, a new engineering campus for 600 young people will be built using £9 million funding. It will offer the next generation of engineers an extensive programme of apprenticeships and industry placements in the area.
  • £20 million will restore and regenerate three industry heritage sites in the Lower Swansea Valley. This includes the Morfa Copperworks and will create new shops, restaurants and market places, and a major upgrade to Swansea Museum.
  • The £7.6 million Pontypool Cultural Hub project in Torfaen will transform derelict buildings into a thriving cultural centre with a new restaurant to boost the night-time economy.
  • Building a state of the art leisure centre in Caerphilly with £20 million, including a new gym and swimming pool.
  • In Gwynedd, £18.8 million will upgrade walking and cycling routes for the National Slate Museum and the Neuadd Ogwen arts centre.
  • Denbighshire will receive £11 million to restore the historic monuments in Ruthin, including St Peter’s Church and the town square.

The major investment announced today follows the allocation of £1.7 billion to 105 projects from round one of the Levelling Up Fund in 2021– taking the total allocated so far from the fund to £3.8 billion.

The Government has also confirmed there will be a further round of the Levelling Up Fund, providing more opportunity to level up places across the UK.

Ends

The UK Government will also today launch an interactive map online so people can see which projects in their area are receiving Levelling Up Fund investment. This will be available at https://levellingup.campaign.gov.uk/

by Staff January 18, 2023

Inverness company fined after surveyor dies in explosion at work – South Wales Guardian

Inverness company fined after surveyor dies in explosion at work  South Wales Guardian

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A company has been fined after a surveyor died from injuries caused by an electrical explosion.

Christopher Wayne Earley, a director at CWE Asbestos Consultants Ltd, was inspecting an electric panel while carrying out an asbestos survey when the explosion happened.

The father-of-four suffered burns to a third of his body – affecting his face, right arm, right side of his chest and left hand.

Three months later, he died aged 64 following multiple infections and sepsis complications brought on by his injuries.

A picture showing the remains of the end of the busbar following the electrical explosion (Health and Safety Executive/PA)

Mr Earley had been carrying out the survey for Inverness-based company Global Energy Nigg Limited at its Shop 7 premises at Nigg Energy Park in the Cromarty Firth on December 10 2020.

The company was fined £80,000 at Tain Sheriff Court on Wednesday after pleading guilty to breaching Section 3(1) and Section 33(1)(a) of the Health and Safety at Work etc Act 1974.

An investigation by the Health and Safety Executive (HSE) found the switch room Mr Earley was surveying at the time of the incident was not in an appropriate condition.

This created a risk as the live switch panels did not have a warning label indicating they were energised with electricity running through them.

There was no warning of electrical danger at the internal doorway between Shop 7 and the switch room – the internal door itself was missing.

HSE said this failure to maintain the switch room in an appropriate condition was the underlying cause of the incident.

And that the primary duty of care belonged to Global Energy Nigg Limited.

HSE inspector Niall Miller said: “This incident could so easily have been avoided by simply carrying out correct control measures and safe working practices.

“Companies should be aware that HSE will not hesitate to take appropriate enforcement action against those that fall below the required standards.”

by Staff January 18, 2023

New Clarkson’s Farm series to go ahead despite reports Amazon … – South Wales Argus

New Clarkson’s Farm series to go ahead despite reports Amazon …  South Wales Argus

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A THIRD series of Clarkson’s Farm is still in production despite comments from the broadcaster about Meghan Markle that were deemed misogynistic by critics.

Amazon has reportedly been looking to part company with Jeremy Clarkson following the comments, published in December, however they have confirmed that series three of his show is still planned to air.

A spokesman for the company told the PA news agency the show is “currently in production to launch at a later date”.

The spokesperson wouldn’t comment or add anything more to reports of ties between Amazon and Clarkson being cut, but the second series of Clarkson’s Farm will still be released on Amazon Prime Video on February 10.

Amazon’s statement followed a lengthy apology by Clarkson, published on Instagram, where he said: “I really am sorry. All the way from the balls of my feet to the follicles in my head. This is me putting my hands up.”

In the post, Clarkson, who also presents ITV’s Who Wants to be a Millionaire, said that ITV and Amazon “were incandescent”. He also said that “on Christmas morning, I emailed Harry and Meghan to apologise to them too”.

However, a spokesman for the Duke and Duchess of Sussex said yesterday: “On December 25 2022, Mr Clarkson wrote solely to Prince Harry, the Duke of Sussex. The contents of his correspondence were marked private and confidential.

“While a new public apology has been issued today by Mr Clarkson, what remains to be addressed is his long-standing pattern of writing articles that spread hate rhetoric, dangerous conspiracy theories and misogyny.

“Unless each of his other pieces were also written ‘in a hurry’, as he states, it is clear that this is not an isolated incident shared in haste, but rather a series of articles shared in hate.”

Clarkson, 62, presented Top Gear between 1988 and 1998, then more prominently between 2002 and 2015, but was dropped by the BBC after an altercation with a member of production staff.

Along with fellow Top Gear presenters Richard Hammond and James May, he then moved to Amazon Prime Video to make The Grand Tour. He subsequently created Clarkson’s Farm, which documents his efforts to run an Oxfordshire farm that he bought in 2008.

by Staff January 18, 2023

Launch date for new £130m Wales fund from the British Business Bank – Business Live

Launch date for new £130m Wales fund from the British Business Bank  Business Live

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A new £130m fund to back the growth of Welsh firms from the British Business Bank will be operational this autumn, says its chief executive. Louis Taylor, who heads up the UK’s Government economic development bank, also confirmed that a competitive tendering process for those seeking to manage what will be debt and equity pots within the fund will be launched in March.

The Welsh fund was first announced by Rishi Sunak, then as chancellor, in the 2021 Autumn Statement.

While still to be finalised, the fund is expected to have a similar profile to a new fund for the south-west of England from the British Business Bank, with micro-loans up to £25,000, another for debt funding up to £2m and then an equity investment element.

The equity component in the south-west fund will allow investments per deal up to £5m. Also to be decided is whether the fund will have a regional dimension or be solely Wales-wide.

For example, if regional this could see on its equity pot an element being ring-fenced for North Wales.

If the case it is still to be determined whether fund managers would be asked to bid for regional elements, or for one contract setting out investment targets region by region in Wales.

While the precise split between what will be debt and equity in the £130m fund has also to be finalised, equity is expected to feature significantly.

On a visit to Wales, Mr Taylor said: “We are delighted there is not only a Wales fund, but for the two other devolved nations and some other regions of the UK as well. We have proved the value of regional funds through our existing Northern Powerhouse Fund, which is almost fully invested, and the Midlands Engine as well. When the Welsh fund was announced there was a total of £1.6bn for all of these new funds.

“We have already launched a request for proposals on the south-west fund and in Scotland too. We will launch the process here in Wales with a request for proposals from fund managers in March and anticipate the fund (all elements) to be operational and starting to distribute money in early autumn.

On why it has taken this long since the announcement by Mr Sunak, Mr Taylor, who took up his role last October succeeding Rhondda-born Catherine Lewis La Torre, said: “The timing of this is driven to a certain extent as to when the money is going to be available from the Treasury and that is committed.

“The second thing is it is really important to land these funds well. So, we spent some time in the summer and through the autumn talking to people and organisations locally about what is needed. It is not about the magnificence of Westminster dropping a load of money as it needs to be targeted and focused on where the need really exists. So, it has taken a little while to do that.”

The £130m will be invested over a five-year period.

Read More:New £50m equity fund for the Cardiff Capital Region

Mr Taylor, who was previously chief executive of UK Export Finance, said the finance for the Welsh fund – and the bank’s other new geographically specific funds across the UK – would not impact on the funding availability from the British Business Bank’s other funding pots, including its successful Start-Up Loans scheme. He added: “There is no cut back as this is solely incremental.”

He said the fund was being deliberately designed to have an impact on Wales.

The chief executive added: “It is important on structure that the whole of Wales benefits from this money, so it is not going to be just a single fund managed by a single fund manager and then say it all being allocated to Cardiff. So, it is likely to be split up. While the likelihood is that more money will go to equity than debt.

“We already have an idea on where we want to go, but there are a few more parties we need to consult with, including the Welsh Government, as they should have a say in what is needed as well.

“All of those perspectives will be taken into account when we allocate the funding, but by the time we get to March it will be very clear on what we are asking bids on, so regionally and on equity and debt.”

Could one fund manager potentially be appointed to manage all elements of the fund?

Mr Taylor said: “If they have the capability, meet the criteria and are the best bids, then yes potentially that is possible.”

While not a devolved funding matter, could the Welsh Government provide additional funding to boost the funding pot?

Mr Taylor said: “That hasn’t been a direct discussion we have had. They put money into the economy in various ways, not least through the Development Bank of Wales (its wholly-owned investment bank). What we are hoping for is that this fund will catalyse more private money.

“If you look at our Northern Powerhouse Fund so far that has put around £380m to work over four years, but actually the amount invested alongside is an incremental £500m-plus, so that is £900m of effective finance which has gone in for a smaller amount of government money and we are hoping the same will happen in Wales. So, with the £130m there will be quite a lot of private money coming alongside.”

The Welsh fund will not stipulate that a fund manager appointed to run the equity element will have to match fund, so boosting the financial fire power from the outset. Mr Taylor said: “That is not the plan for this fund, nor has it been for other funds.”

However, if a fund manager wanted to provide additional funding, he said it would be welcomed.

He added: “We are not going to find ways not to capture say another £50m.”

Chief executive of the Development Bank of Wales Giles Thorley has confirmed it will bid for all elements of the new Welsh fund, as well as in the south-west of England.

Mr Taylor said the development bank, despite being publicly owned, could bid to run what is funding from another publicly-owned bank.

He added: “We will see who bids, but there is no barrier to DBW (Development Bank of Wales) bidding. We already work with them on the Northern Powerhouse Fund through their private arm (FW Capital) which is not funded by the Welsh Government and is self-sustaining as I understand it. Whether they bid or not is entirely up to them.”

But with its current large equity funding presence in the Wales marketplace could the development bank, if appointed to run the equity element, become an effective de facto monopoly?

Mr Taylor said: “I think the common purpose between DBW and us is to encourage more private sector investment through catalysing the market. So, it seems to me we have a common interest.”

On the scale of investment under the equity element an upper ceiling on value has yet to be set. However, it is unlikely to be set too high and as a result only financing a relatively small number of firms.

Mr Taylor said: “The really important thing about the £130m, is that it should reach a good number of people. So, doing say £10m of equity for North West Wales and then doing a single £10m deal is not what it is about. There will be an oversight board and that will include local representation to hold our feet to the fire. There will be a set of aspirations about the number of companies we help, the average size of the transaction, whether that is debt or equity.”

All elements of the fund will be priced at commercial rates.

However, as it stands returns on investments – through capital and interest payments on debt and profitable exits and dividends on equity investments – will not flow back into the fund to create the potential of an evergreen fund that could make future investments.

Mr Taylor said: “At the moment the plan would be for a five-year investment period and then the harvest period, which is never just five years. The intention is to realise the
proceeds and they will, at the moment, go back to the Treasury, as it is not a permanent fund.”

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But would he like to see an evergeen approach, which could be a policy of the next UK Government?

Mr Taylor said: “All our other permanent programmes continue.

“This is an increment (fund), but it would be great if it were there permanently as it is there to solve an issue which is a lack of capacity (funding) at the moment and a lack of risk appetite perhaps in the private market to do what this fund is going to do.

“And if we can demonstrate that money can be made and is an attractive prospect, ultimately you would hope that the providers of risk capital will be there. I would say the agenda we are pursuing, not only with this fund but the British Business Bank, is pretty apolitical as everybody wants more start-ups, regional development, jobs and innovation.

Equity gap

Mr Taylor said he recognises the equity investment gap in Wales, as well as other locations in the UK outside of London and the south-east of England.

Research by Leeds University Business School, has put the equity funding gap in Wales annually at more than £200m.

The chief executive said: “We have a mandate to improve access to finance across the UK and reduce disparities and realise the potential. And that potential is also in relation to diversity, so women founders and ethnic minorities and regional development as well.

“So these regional funds, of which the Welsh fund is one, are intended to address the equity gap. It is pure fact that equity raisers, in terms of number and size, are higher in London than elsewhere.”

There is also a recognised correlation between the close geographical proximity of where fund managers are based and where they invest – which reinforces deal flow in London and the south-east.

Mr Taylor said: “That is why we have a mandate to particularly support local fund managers and we recognise issues around location of capital and location of opportunity. It is quite a surprise in an electronic age and that financiers are theoretically sophisticated, but that is why we have that mandate to support local fund managers and why, with this Welsh fund, we are looking to them because we want local providers of capital across the UK in the same way that they are clustered in London.”

On the Welsh fund he said it would not set targets of investment to support female entrepreneurs or those from black, Asian and minority ethnic backgrounds.

He added: “We will track all the diverse characteristics, but for this fund we are not going to set specific criteria but there is a desire to see a broader diversity of founders in there.

“We do pretty well on the Start Up Loan Scheme where in Wales over 40% of the founders are female and 7.5% are BAME as well.”

Economy Minister Vaughan Gething said of the new fund: “I want to see more investment from the British Business Bank and I think you will see an honest attempt where there is access to all parts of Wales and it is simply not put into one of the regions over the others. So, I look forward to more conservations and future announcements in the spring and then seeing the investments take place to help grow the economy in Wales.”

Read Next:

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Handelsbanken expanding in Cardiff

by Staff January 17, 2023

Business committee opens EV battery supply inquiry after Britishvolt … – South Wales Guardian

Business committee opens EV battery supply inquiry after Britishvolt …  South Wales Guardian

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Parliament’s business committee has launched an inquiry into UK electric vehicle battery production after the collapse of Britishvolt.

The Business, Energy and Industrial Strategy Committee said the inquiry will probe the supply of batteries for electric vehicle manufacturing in the UK and the viability of production in the UK.

It came hours after electric car battery firm Britishvolt tumbled into administration and made the majority of its roughly 300 staff redundant.

The company, which had plans to build a gigafactory to make the batteries in Northumberland, hired administrators at EY after failing to raise enough cash for its research and the development of its Cambois site.

Administrators said they are considering options which could include the sale of certain assets and intellectual property.

The collapse follows months of trouble as the company struggled to raise enough money to stay afloat.

Recent turbulence in the UK electric vehicle sector also saw BMW announce in October that it would be halting production of the electric Mini at its Oxford site.

Darren Jones, chair of the committee, said: “The future of car manufacturing in the UK is dependent on our ability to make electric vehicles, and to be able to export them into the EU.

“That means we need local supplies of electric vehicle batteries – something we’re falling significantly behind on compared to other parts of the world.

“This inquiry will look at what’s holding back the development of electric car batteries in the UK and what needs to be done to protect the thousands of jobs across the country in this important sector.”

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