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Top story
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Welsh companies get big slice of RBS funding
Wales has emerged as one of the biggest winners from a £3bn fund set up by The Royal Bank of Scotland and its subsidiary NatWest to support small and medium-sized companies across the UK. Businesses in the principality will be able to tap into £250m of additional funds – more than 8 per cent of the total, compared with its 5 per cent share of the UK population. First minister Rhodri Morgan said he expected the funds to be used to leverage loans and other capital from Finance Wales, the Welsh Assembly Government’s investment arm. The RBS cash, loans and other financial products will be managed locally by regional managing directors who will be expected to use them up this year.
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Deals
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Days buys Whittall
Days Rental, the Swansea-based vehicle rental group, has bought former rival Whittall Williams out of receivership. Days hopes to take staff from Whittall, which operated from depots at Ebbw Vale and Abergavenny. Craig Whitney, a spokesman for Days, said: “We are pleased to be stepping in and providing continuity of service to customers and vital employment for staff. We’ll be upgrading the entire vehicle fleet over the coming months.”
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Companies
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Conservatory move suits Leekes
Leekes, the South Wales-based home goods retailer, is expanding its offering in conservatories and kitchens after a drop in sales and profits caused by fewer home moves. Leekes’ latest accounts indicate its pre-tax profits fell to £4.5m from £5.7m in the year to March, on turnover that dipped to £65.2m from £66.9m. The family-owned group is opening four conservatory concessions, which will also sell kitchens, in Wyevale garden centres across Wales and the west of England. Commercial director Emma Leeke told Insider: “Our corporate business was affected by the reduction in housebuilding. Similarly we experienced the knock-on effect of fewer people moving house. The strength of our business, however, is that we sell the high-ticket items customers look for to add value to their homes – kitchens, bathrooms and conservatories.”
Newport to leave AIM
Newport Networks Group, the telecoms technology company chaired by Sir Terry Matthews, plans to leave the Alternative Investment Market after failing to find a buyer. The company, whose sales have fall rapidly over the past year, announced in September that it was in talks with interested parties to seek a takeover, but no firm offer emerged. Shareholders will vote on whether to cancel the company’s shares at a general meeting in London on 10 March. If they approve the move, the shares will be cancelled on 18 March. Matthews, who provided financial support when the company hit trouble, said: “The directors consider that, in its current position, the cost of being an AIM-listed company cannot be justified.” The cost is estimated at £100,000 a year.
Change of chair as Pure Wafer arranges funding
The chairman of Pure Wafer, the Swansea-based technology company, is to step down after helping to a secure a £1.3m loan and further overdraft facility from its banks. The funding is intended to help Pure Wafer restructure and ride out tough conditions in the market for reconditioned computer chips. Chairman Eurfyl ap Gwilym has stepped down as non-executive chairman and will remain on the board as a non-executive director. Stephen Boyd, who has been on Pure Wafer’s board as a non-executive since October 2008, steps up to become non-executive chairman.
Griffilms gets kids contract
Griffilms, the Welsh animation company, has won a £1.5m contract from the European Commission to produce a series of eight animated films for children. The films about climate change and childhood obesity will be broadcast across Europe in different languages including Welsh. The company was put in contact with Europe through the Welsh Assembly Government’s Creative Business Wales team. Griffilms will work with the WWF, the Centre for the Prevention and Treatment of Childhood Obesity and the Department of Food Science in Italy, along with 500 children from five European countries.
Gekko deal lights up Enfis
Enfis, the lighting technology company, has won a contract to supply Gekko Technology, which provides LED lighting to the film, television, photographic and entertainment industries. Enfis will provide lights for television show and film-making. The initial order will be worth a minimum of £850,000 and the systems will be provided over a three-year period.
Care venture launched
A husband and wife team have set up a care home company and converted a listed building in Porthcawl into a specialist home to cater for people with dementia. Glamorgan Care, formed by Mike and Jennifer Aplin, has created 45 jobs and invested £750,000 in Danygraig, which offers care for up to 48 residents in four self-contained units. The couple, who have acquired the building on a 20-year lease, were supported in the venture by advisers Broomfield & Alexander and New Law solicitors.
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Property and construction
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Olympus improves picture for Swansea
The Royal Bank of Scotland and the Welsh Assembly Government are to invest £7.5m in a range of industrial units in Swansea. The Olympus development on the Central Business Park on Swansea Vale is the latest project by Welsh Industrial Partnership, the RBS/Assembly joint venture. One 38,000 depot at the site has been pre-let to City Link, the express delivery company. The deal was handled by property consultancy Lambert Smith Hampton. There will be a further 15,000 sq ft unit and two 9,000 sq ft units. The contract to develop Olympus has been awarded to Cowlin.
Parade redevelopment moves closer
A scheme to regenerate the Rodney Parade rugby ground in Newport is expected to go before city council planners in March. Newport Rugby Club and regional team Newport Gwent Dragons have made amendments to their original plan including fewer flats on the site. A 15,000-seat stadium will be built at Rodney Parade in the scheme.
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People
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Penn’s new ops man
Penn Pharma, the bioscience company based in Tredegar, has lured Darren Hassey from rival Catalent to be its operations director. Hassey, who also worked for GlaxoSmithKline and AstraZeneca, will be responsible for all operations. Paul Thomas, formerly pharmaceutical services director, has taken on a new role as chief scientific officer and John Roberts, formerly commercial and manufacturing director, is now commercial director for Europe and the rest of the world.
Change at Barclays
Barclays has reshuffled its commercial banking team in South and West Wales. Andrew Rowlands, who previously worked with medium-sized companies in the region, is now head of Cardiff at Barclays Commercial Bank. John Union, who worked with larger companies, becomes head of Swansea, mid and south west Wales. Both will be responsible for managing and developing a team of relationship directors and locally based support staff for businesses with a turnover from £1m to £1bn.
Skelston steps up at St Modwen
St Modwen, the regeneration group, has promoted Rob Skelston from senior development manager to development director for South Wales and the South West of England. Skelston joined St Modwen in 2005 from Brixton, the industrial investment and development specialist. In 2006 he was given the responsibility to develop Glan Llyn and Celtic Business Park, the 650-acre redevelopment of the former Corus steel works at Llanwern near Newport.
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