FW Capital has invested more than £6m from the British Business Bank’s Investment Fund for Wales to back the growth of indigenous small firms.
The £130m fund, from the economic development bank of the 海角视频 Government, was launched in November 2023. FW Capital, a subsidiary of the Development Bank of Wales, won the fund management contract to deliver its large debt element with can lend from £100,000 up to £2m.
To date it has made more than 20 debt deals to SMEs ranging in value from £100,000 to £500,000.
Blossom Beauty, a beauty and cosmetics firm based in Neath is one of the businesses to have benefitted with a £150,000 loan. The business is run by experienced beauticians Jenny Dobson, a qualified make-up artist and part-time nurse Fiona Spinks.
Increased customer numbers and the small size of existing premises, which Ms Dobson opened in 2020, led to her considering opening another salon in the town with Ms Spinks. Support from the Investment Fund for Wales helped them buy new equipment and cover other set-up costs for their new premises in a former Next store in the centre of Neath which closed in 2019.
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Ms Dobson said: “The support we’ve had has been fantastic. We’ve already seen really strong demand for what we’re offering at Blossom, and we’re already booked up for the next few weeks – which is a huge sign of confidence in what we’re doing. We couldn’t be more excited by this opportunity.”
Andrew Drummond, an investment executive at FW Capital, said: “It was a pleasure to support Jenny and the team at Blossom in taking on and setting up their new site. They’re a fantastic example of a successful, growing business, bringing custom and footfall back to an important town centre site.
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“We’re proud of the support we’re able to offer to businesses like Blossom and wish them every success as they continue their growth journey.”
Other businesses already supported by FW Capital from the fund include Palmers Scaffolding, the 海角视频’s oldest scaffolding business, based in Deeside and Reel Labels Solutions, a printing specialist based in Pontyclun.
Bethan Bannister, senior investment manager, nations and regions investment funds at British Business Bank, said: “The Investment Fund for Wales was launched to support ambitious businesses like Blossom with their plans to scale and grow.
“We’re pleased that the funding has enabled the team at Blossom to revive disused premises in the heart of Neath town centre and is already clearly delivering on a market need as evidenced by their packed booking schedule.”