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Top story
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GE sales and profits take off
GE Aircraft Engine Services, the South Wales test and repair company, has tripled its profits and seen turnover break through £1bn after a switch in strategy. The Nantgarw company, owned by GE, saw business take off after it chose to concentrate on core GE engines such as the GE90. GE predicts further growth after making a pre-tax profit of £33.9m in 2009, up from £11.2m the year before, on turnover of just over £1bn - up from £817m.
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Deals
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Funding helps recycler expand
Bridgend-based Bayliss Recovery has expanded and opened a second site at Bridgend Industrial Estate. The move, which has created 15 new jobs at the metal recycling company, was supported by a £1.1m funding package from NatWest.
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Dragon backs jacket developers
Two inventors from Swansea have raised £75,000 from Dragons’ Den panelist Deborah Meaden to expand their survival jacket business. Alex Lewis and Letitia Valentine won the investment for their company, Surviva, following a pitch to Meaden broadcast on the BBC show last night.
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Care group buys Branas Isaf
CareTech, a social care group, has acquired Branas Isaf Centre for Personal Development based in Corwen, North Wales. Branas Isaf specialises in treating abusive young men.
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Companies
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SCS opens in Brum
SCS Group, the building services company based near Caerphilly, is to set up its first English Midlands outpost, at Longbridge near Birmingham. The SCS base at the Innovation Centre in Longbridge Technology Park will be a further foothold in England after it opened an office in central London.
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Property and construction
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Cofton submits plans for Llanilid regen
Cofton Wales has submitted its redevelopment plans for the former Llanilid open cast coal mine near Llanharan to Rhondda Cynon Taff Council. The regeneration company’s plans for the 76-hectare site include the construction of 1,850 homes together with a school, health centre and library.
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Five new signings at £15m Connah's Quay development
Five new retailers have signed up at Quay Shopping Centre in Connah’s Quay, Flintshire. Construction of the £15m development by regeneration company St Modwen is expected to complete in September.
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B&M moves into Phoenix Retail Park
B&M Retail has agreed a 15-year lease at Phoenix Retail Park in Swansea. B&M operates the B&M Bargains chain of stores and has taken 18,900 sq ft at the park.
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People
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Salisbury to chair ICAEW strategy board
The Institute of Chartered Accountants in England and Wales (ICAEW) has appointed Jeremy Salisbury as chairman of its Strategy Board for Wales. Salisbury is director of the St Asaph firm Salisbury & Company Business Solutions.
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Two-speed job market created by cuts, says report
Public sector cuts in Wales have created a two-speed labour market, according to figures released by Totaljobs.com. Analysis of jobseeker activity in the country since the general election in May highlighted that recruitment in the public sector dropped by 2.5 per cent, while recruitment activity in the private sector grew by 8.5 per cent.
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