Wales is targeted by the EU as a region requiring investment. Historically, GDP per head and average salaries have trailed the EU as a whole and, because of this, the Welsh Government is able to offer support to new and existing businesses looking to expand. These businesses can be indigenous or looking to locate all or part of their business here.
In May 2018 the Welsh Government introduced its new approach to business support - Prosperity for All : Economic Action Plan. Summary details of the scheme can be found here.
Businesses seeking Welsh Government support will need to enter into a new Economic Contract.
This Economic Contract is the centrepiece of the Welsh Government's new approach. It will frame the reciprocal relationship between Government and business and it aims to drive public investment with a social purpose.
The Welsh Government will apply the Economic Contract to its direct financial support to business. This Contract will require businesses seeking investment to demonstrate that they meet the four pillars of social purpose. This will be the first stage requirement for businesses before being considered for funding.
The four pillars are:
Having complied with the Economic Contract, businesses seeking financial support from the Welsh Government will then be expected to contribute to at least one of its five Calls to Action which are designed to address the challenges of tomorrow. In this way, Government support for business will also contribute to wider benefits for the people of Wales from businesses that are preparing proactively for future change.
These Calls to Action are as follows:
It is important to state from the start that no business has a right to this support. You need to comply with the terms of the Economic Contract, contribute to at least one of the Calls to Action listed above and present a case that justifies why support is required and the level of the support requested. It will always be 'the minimum necessary to proceed.'
The maximum level of support is set down by European legislation and is dependent upon both the size of the company and the location of the project. The percentage of qualifying costs supported are as follows:
Tier 1 areas -
Tier 2 areas -
If you are looking to start a business, expand, restructure or develop new products or services it will pay to have a no-obligation chat with us to run through your project.
Our director, Mark Howard, has spent the last 21 years of his accountancy career in corporate finance with a particular speciality in grant funding. He ensures that businesses are able to access the best support possible when preparing cases for funding.
Over the last 11 years he has helped his clients access in excess of £40m of grant support and this has allowed them to leverage in additional commercial funding of over £80m. These individual grants have varied in size from £30k to £3.8m.
Here are some of his success stories that have been publicised:
William Hare Limited - £350k to expand manufacturing facility. Article here.
Link Data Management Solutions Limited - £651k to establish a software development hub. Article here.
Backbase UK Limited - £Undisclosed second grant to expand development centre activities. Article here.
Aon UK Limited - £Undisclosed to set up UK Affinity Business headquarters. Article here.
Incopro Limited - £500k to set up a development and support centre. Article here.
Hamlyn Williams Limited - £Undisclosed to set up a second UK office. Article here.
Backbase UK Limited - £Undisclosed to set up UK R&D centre. Article here.
Monitise International Limited - £527k to expand its development and support centre. Article here
Frog Bikes Limited - £Undisclosed to repatriate manufacturing from China. Article here
Net Consulting Limited - £130k to aid expansion plans. Article here
DevOpsGuys Limited - £245k to aid expansion plans. Article here
Smartpipe Solutions Limited - £925k to set up development centre. Article here
Quantum Advisory Limited - £140k to aid expansion plans. Article here
Attenda Limited - £1.98m to set up IT managed service centre. Article here
Hitec Laboratories Limited - £340k to set up development centre. Article here
Tribold Limited - £Significant to set up development centre. Article here
Trusted Data Solutions Limited - £350k to set up European Headquarters. Article here
Tongfang Global - £600k to set up European manufacturing headquarters. Article here
He works closely with the Welsh Government to ensure its officers are supplied with all the relevant information they require to make a positive investment decision.
His aim is to maximise the chances of success for each of his clients and his 100% record to date is testament to that approach.
As a practice, are not ashamed to say that we are selective about the clients we take on. We have to present the best possible case for your business and we can only do that if we believe your project will be a success. That's not to say that we only take on straightforward applications. On the contrary, sometimes the most challenging projects produce the greatest rewards - it's just important that they are presented in the most favourable light.
We are always up front when it comes to fees. We believe that as advisers we should be remunerated on success. Accordingly, once we have fully scoped your project and received outline go-ahead from the Welsh Government to submit a detailed application we will take it forward on a no-win, no-fee basis.
Our fee is also agreed in advance so there are absolutely no surprises. It will be based on a small percentage of the funds raised and will always be extremely competitive.
All that we ask is that, when we are successful, our fee is settled as promptly as possible.
We would be happy to discuss any potential project you have and the likelihood of accessing support under the Economic Action Plan. In fact, given the current
budgetary constraints within the Welsh Government, it is more critical than ever that you engage the services of a grant consultant. Only the best projects will secure support and we can help
you to present your case in the most positive light.
Any discussions that we do have with you will be completely confidential and without obligation. To get the very best FREE initial advice please give us a call on 01656 750808 or send us an e-mail.
Should we ultimately be engaged to help you with the grant application, we work on a NO WIN, NO FEE basis.