26th June 2020
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Record Year For Development Bank Of Wales

Record year for Development Bank of Wales
Development Bank of Wales chief executive Giles Thorley

The Development Bank of Wales has reported a record number of investments in its latest financial year, totalling more than £100m and creating or safeguarding almost 4,000 jobs.

In the year to 31 March 2020 the development bank made 457 investments worth a combined £103.3m.

Overall investment was up by £23.2m a 29 per cent increase, while the number of transactions rose from 420.

Investment in property development rose from £23.2m to £34.1m, while there was £16m of equity investment.

The overall figure of £103.3m attracted additional private sector leverage of £75.9m and helped create or safeguard 3,964 jobs.

There was a spread across the country with £38.7m invested in South Wales, £34.3m in mid and West Wales and £30.4m in North Wales.

More than half the number of investments was for small loans, micro loans up to £50,000, with an average deal size of £23,500.

Economy minister Ken Skates said: “Coronavirus has placed unprecedented pressure on the economy and as we plan our recovery I have been clear that I want us to build back better.

“Today’s record results demonstrate the crucial role the Development Bank of Wales plays in doing exactly that. It provides the fast, flexible and responsive support Welsh business needs, which will be more important than ever as we plan for recovery.”

Giles Thorley, chief executive of the Development Bank of Wales, added: “Although the year finished in a way that nobody could have predicted with Covid-19, 2019/20 really was an exceptional 12 months for Welsh business with record investment for all growth stages, start-ups, high growth and well-established companies of all sizes.”

He added: “Small and medium sized business are the lifeblood of our economy. We will continue to work closely with the Welsh Government to provide the funding that is needed to support growth, create jobs and drive ambition in all corners of our great nation.”