Quiff Accountancy
Quiff Accountancy 

Grant funding

The Background

 

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.

 

Economic Action Plan

 

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:

 

  • Growth potential (measured for example, by contribution to employment, productivity, or multiplier effects through the supply chain).
  • Fair Work (as defined by the Fair Work Board).
  • Promotion of health, including a special emphasis on mental health, skills, and learning in the workplace.
  • Progress in reducing carbon footprint.

 

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:

 

  • Decarbonisation
  • Innovation, Entrepreneurship and Headquarters
  • Exports and Trade 
  • High Quality Employment, Skills Development, and Fair Work
  • R&D, Automation, and Digitalisation 

 

Am I elegible for support?

 

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 -

 Large company  25%
 Medium company  35%
 Small company  45%

 

Tier 2 areas - 

 Large company  10%
 Medium company  20%
 Small company  30%

 

If you have already decided on a location or would like to investigate location options, please check the UK assisted areas map to see whether the proposed premises are located in a Tier 1 or Tier 2 area.
 

Why speak to Quiff Accountancy?

 

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:

 

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.

 

Our fees

 

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.

We are located at:

Quiff Accountancy


32 Rhodfa Mes

Bridgend

CF31 5BF

Contact us today!

If you have any queries or wish to make an appointment, please contact us:

 

01656 750808 01656 750808

enquiries@quiff-accountancy.co.uk

 

Or use our contact form.

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