Swansea headquartered law firm JCP Solicitors is expanding with the acquisition of Port Talbot-based Howe & Spender Solicitors.
Howe & Spender managing partner Ian Spender will be joining as a director in the lifetime planning team of the newly merged firms on completion of the deal in August, with director Souiful Alam having joined as a director in the commercial property team at JCP Solicitors earlier this year.
The team will maintain all private client and property work currently undertaken by Howe & Spender and expand the commercial and private services available.
The acquisition represents JCP Solicitors’ continued growth strategy and adds to its existing offices in Swansea, Carmarthen, Cardiff, Caerphilly, Cowbridge and Haverfordwest.
In its last financial year JCP posted revenues of £11m. For its current 2025/26 financial it is forecasting revenues of £13m.
Hayley Davies, chief executive of JCP Solicitors, said: “We are delighted to announce this merger with Howe & Spender, representing our growth strategy in action as we continue to expand across South Wales.
“Our people are our priority, and we take careful consideration when it comes to mergers and acquisitions as we look for those who meet our values, the JCP ethos, culture and client-first focus. We are looking forward to working with the team at Howe & Spender to further develop our offering for clients in Port Talbot and the surrounding area, while also providing progression opportunities for colleagues and creating new career pathways in the region.
“What is more, we are proud that this merger will support the long-term development for Port Talbot. Now is the time for businesses to consider investment in the town; the region is rife for regeneration opportunities as the business community diversifies. We will be delighted to support commercial and private clients across all areas of law, playing a key role in the regeneration of this resurgent seafront town.”
Mr Spender said: “Having provided first class legal services to Port Talbot and the surrounding areas for 130 years, with client care always being our priority, joining forces with JCP Solicitors, a renowned Welsh law firm, is a fantastic strategic development for both businesses.”
“Our team at Howe & Spender brings a wealth of legal expertise and knowledge of conveyancing and lifetime planning matters to the JCP Solicitors’ client offering. All our current, private client work will continue under the newly merged brand.
“Overall, this merger brings new investment to the region and represents an exciting new chapter for the business. It is fantastic to see the legal sector in Port Talbot continue to grow, and we are confident this merger will support new and existing clients and local businesses to access expert legal advice and guidance on their doorstep.”
BGF
BGF has committed to invest £100m to back high-growth businesses in Wales.
The equity investor, formerly known as the Business Growth Fund, said it forms part of plans over the next five years to invest £3bn to support firms across the Ƶ to scale-up.
It also includes £300m ringfenced to back Ƶ female run businesses. This follows an initial £25m pledge to the Invest in Women Taskforce (IWT), which contributed to raising over £250m in 2023.
Initial investments from the BGF range from £3m to £30m for growth-stage companies and £3m to £10m for early-stage ventures. BGF backs earlier-stage businesses in the life sciences and deep tech sectors, and growth-stage businesses across all sectors, typically generating annual profits of £1m to £10m.
Since being established in 2011 BGF has invested more than £4.5bn in 370 companies. Backed companies have generated £7.1bn in additional sales, £1bn in export growth, and created more than 27,000 jobs. Some 74% of BGF’s capital has been deployed outside London and the south east of England.
Companies in Wales it has invested in to date include PureCyber, Character.com, Victorian Sliders and IQ Endoscopes. In total it has injected £47m in equity into Welsh since 2011.
Cardiff-based BGF investor, Hannah King, said: “We’re proud of our track record in Wales and excited to increase our investment through this £100m commitment. Welsh businesses have enormous potential, and we’re here to provide the capital and support to help them grow and scale sustainably.”
Debbie Wosskow co-chair on the Invest in Women Taskforce, said: “This is another historic moment. BGF’s 10% commitment to female-powered businesses is significant. At £300m in total it builds on our already ground breaking progress with the Invest in Women Taskforce, and is one of the largest ever made in the Ƶ.”
The £3bn pledged by the BGF over the next five years follows £2.3bn deployed between 2020 and 2024.
The £100m committed to Wales also includes projected funding from the £300m Ƶ-wide female funding pledge.
Space Forge
Cardiff-based Space Forge, which is pioneering advanced material in space manufacturing such as compound semiconductors via its returnable satellite technology, has a secured £22.6m investment to support its commercialisation plans.
In the biggest ever Series A fundraising round in the Ƶ space tech sector, and one of the biggest for a Welsh start-up, Space Forge has been backed by a strategic global consortium led by the NATO Innovation Fund, with significant support from the World Fund, the National Security Strategic Investment Fund (NSSIF) and £2m from the British Business Bank through its regional angels programme.
The round has also been supported by the Cardiff Capital Region’s £50m Innovation Investment Capital fund.
By harnessing the unique conditions of space-including microgravity, vacuum, and extreme temperature differentials-Space Forge, which employs 70 in Cardiff at Eastgate Business Park and also has a presence in Florida, is unlocking the ability to manufacture materials that are impossible to produce on earth.
These advancements have wide-reaching applications in compound semiconductors, quantum computing, clean energy, and defence technologies.
Research suggests space-made materials could cut CO₂ emissions by 75% and energy use by 60% in key infrastructure, offering a powerful tool for strengthening climate resilience.
The latest investment will accelerate the development of the firm’s ForgeStar-2 next-generation returnable manufacturing satellite while also supporting its first in-orbit demonstration mission, ForgeStar-1, set to launch later this year in Florida.
Together, these missions will demonstrate a scalable, reusable platform for manufacturing high-performance materials in space-delivering breakthroughs for security, clean energy and infrastructure.
The technology offers a promising pathway to strengthen supply chains for semiconductor production, reducing dependence on vulnerable earth-based manufacturing systems.
Joshua Western, chief executive and co-founder, Space Forge, said: “This funding marks a significant milestone-not just for Space Forge, but for the entire space economy. With the backing of our investors, we’re accelerating our mission to make space a practical and accessible platform for industrial-scale manufacturing.
“Our upcoming launches will prove that the future of materials innovation lies beyond earth, helping us build a more secure, sustainable, and technologically advanced world.”
he value of the equity investment by the Cardiff Capital Region in supporting the round has not been disclosed.
Its investment is the fourth from the fund which is managed by Capricorn Fund Managers with PwC providing on investment research and sourcing.
Leader of Cardiff Council and vice chair of the Cardiff Capital Region - a statutory body covering the 10 local authorities of south-east Wales - Huw Thomas, said: “CCR is proud to help fund Space Forge’s next steps in on-earth and in-orbit advanced manufacturing.
“Their trailblazing approach in the space industry is gaining interest and investment in a highly competitive tech sector and it’s very encouraging to see a local pioneering company on a global stage.”
Dr Paul Bate, chief executive of the Ƶ Space Agency, said: “This landmark investment in Space Forge is a powerful vote of confidence in the Ƶ’s growing space economy and its global leadership in space-enabled innovation. Based in Cardiff Space Forge exemplifies how cutting-edge space technology is thriving across all corners of the Ƶ.
“By transforming the way we manufacture high-performance materials, Space Forge is not only pushing the boundaries of what’s possible in orbit, but will also deliver real-world benefits on earth — from cleaner energy to more secure supply chains. We’re proud to support pioneering companies like Space Forge as they grow and help secure the Ƶ’s position at the forefront of the space and semiconductor sectors.”
The calibre of investors backing this round reflects Space Forge’s growing importance in advancing secure, sustainable technologies - across defence, aerospace, and clean tech sectors globally.
Chris O’Connor, partner, NATO Innovation Fund, said: “We are excited to be supporting Space Forge – a company that is innovating material manufacturing, while also advancing Europe’s access to space, supply chain independence and long-term resiliency. We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations.”
Mark Barry, senior Investment director at British Business Bank, said: “We are delighted to make this first investment under the new co-investment strategy as part of the regional angels programme.
The investment into Space Forge aligns with our overall programme goal to strengthen the Ƶ’s regional economy by supporting high-growth businesses, and to leverage the commercial potential from our existing portfolio.
“We first backed Space Forge through a partner back in 2021 and under Josh’s leadership, the company is delivering on its mission to be the in-space manufacturer of choice.”
Welsh Pension Partnership
The Welsh Pension Partnership (WPP) has consolidated £25bn of assets from eight local authority schemes into a new investment company.
While the super local government pension scheme cannot be compelled to invest in Welsh firms or projects, and operates a balanced investment strategy in the interest of pension holders, the Ƶ Government’s pension reform agenda is looking for more local government pension schemes - as well as private funds - to back Ƶ assets.
The WPP has completed, via a new investment company, the consolidation of the eight sub funds that cover all 22 Welsh local authority areas and represent 412,000 members. As well as creating the biggest pension fund in Welsh history, it will also generate significant external fund management fee savings.
The WPP had previously given a £68m mandate to invest in renewable projects in Wales from Bute Energy. It has now confirmed a £6.5m equity investment to back a major scale battery energy storage project from Quinbrook Infrastructure Partners, which forms part of the redevelopment of the coal fired Uskmouth Power Station site in Newport into one of the Ƶ’s battery storage locations. At the site Simec Atlantis Energy is also taking forward plans for three other new battery storage projects at its Uskmouth Sustainable Energy Park.
The WPP also recently confirmed a £30m deployment to support housing developers deliver much needed new homes. It has appointed specialist development and bridge lender Pluto Finance to manage £30m of its capital to back developers, particularly SME companies with a focus on delivering affordable homes.
An undisclosed element of the £30m has been ring fenced to back new housing projects in Wales, with the remainder assigned to Pluto’s Ƶ-wide lending activities, which are mainly residential property developer related, but with some commercial. However, Wales has and will continue to benefit from its main Ƶ fund investment activities.
Ƶ Minister for Pensions and Swansea West MP Torsten Bell, said: “Pensions are a massive part of the economy – and we’re seeing this brought to life here in Wales, where a successful local government pension scheme is investing in the right places to drive opportunity and growth for the local community.
“I was delighted to visit Uskmouth Power Station in Newport, which has had a £6m boost from the Wales Pension Partnership, creating 300 jobs which mean opportunity and prosperity at a local level.
“Making sure everyone can benefit from the potential of larger pension pools ties into the ambitions of our plan for change to boost investment in communities across the country, bringing long-term economic benefits.”
The WPP said: “The Wales Pension Partnership investment in Uskmouth Battery Energy Storage Systems demonstrates our ambitions to attract investment into crucial Welsh infrastructure and secure national energy supplies.
“This investment shows our commitment to working with Quinbrook and our strategic partner GCM Grosvenor to deliver strong investment returns for our pensioners, ensure long-term energy security, reduce carbon emissions, provide jobs and regeneration opportunities across Wales. This is one of many projects that we have in our investment pipeline and will be unveiling over the next 12 months.”
Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans MS said:“We have long recognised the benefits of a strong single Welsh local government pension scheme pool. We want to see the Wales Pensions Partnership continue to go from strength to strength delivering returns for members and be able to invest in economic growth for Wales and the Ƶ.”
