Supported by Welsh Government, the Development Bank of Wales today announced that it has reached a significant milestone with £1 billion invested in equity, debt, and property since 2017. £240.4 million of this funding has gone to 1,078 businesses in North Wales, unlocking a further £135.3 million in private sector co-finance.
Local companies to benefit include Bangor Tyre Service, which has been offering mechanic and tyre fitting services to customers in Bangor for over 30 years. Set up by friends Gwyn Thomas and Dewi Roberts, the company was sold to Gwyn’s 32-year-old son Stuart, with the support of a £350,000 loan by the Development Bank, alongside his own funds to allow him to buy out the existing partnership and continue the business.
Halen Môn is a family-owned business located on the Isle of Anglesey, in Brynsiencyn, which was set up in 1996 and manufactures unique and highly regarded Welsh sea salt, plus other complementary ingredients. As part of its decarbonisation journey, it received a £77,000 loan from the Development Bank, through the Welsh Government-backed Green Business Loan Scheme, to fit the roof of Tŷ Halen with a new 100kw solar panel system. It is estimated that the installation will secure a carbon saving of more than 380 tonnes (per year).
Bwydydd Oren Foods provides fresh produce to businesses and local authorities throughout north and mid Wales, from its warehouse on the Griffin Industrial Estate near Penrhyndeudraeth. It was able to install a 60MWh solar panel array and two new electric vehicle charging points at its warehouse, which was again funded by a £60,000 loan from the Green Business Loan Scheme.
In total, the £1 billion investment has supported 51,089 jobs and generated £5.8 billion in jobs-based GVA – an almost sixfold return in economic value. The Development Bank’s contribution to the nation’s economy has unlocked a further £636 million in private sector co-finance, amplifying its overall impact.
In total, 4,699 different businesses throughout Wales have benefitted from 5,184 investments by the Development Bank since 2017. This includes £89 million for 292 innovative tech ventures, and £275 million for Welsh property developers to build 2,302 new homes.
Rebecca Evans, the Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “If companies are to grow, it’s vital they can access finance.
“Since we set up the Development Bank in 2017, it has acted as a social impact investor, making sure its investments support our priorities, from encouraging entrepreneurship to building a greener economy.
“Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development. By securing 50,000 jobs, the Bank shows how targeted investment can open up opportunities and support inclusive communities across Wales.”
First Minister Eluned Morgan said: “The Development Bank is part of the support we offer for companies that want to expand and innovate.
“Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December.“
Since its establishment, the Development Bank has supported businesses across growth stages including 3,675 businesses with £428 million in growth funding, as well as fuelling Welsh entrepreneurship, with 787 start-ups receiving £61 million in support. It has also funded 341 succession deals, worth £138 million, which has helped to keep established businesses in Wales. There have then been 30 successful exits that have generated over £31 million during the period.
The owner of Bangor Tyre Service, Stuart Thomas, said of the Development Bank support: “Dad and Dewi developed a thriving business that provided employment for local people, which was well respected by our loyal customer base.
“The help and support from the team at the Development Bank was brilliant and I cannot thank them enough.”
Commenting on the support by the Development Bank, Alison Lea-Wilson, Co-founder of Halen Môn said: “We are really pleased to have worked with both the Development Bank of Wales and Hafod Renewable Energy to get the new system installed.
“Given the role the Menai Strait and the surrounding area plays in Wales’ natural environment, we want to make sure that we do everything we can to have as little an impact as possible on that environment and know that’s important to our customers too.”
Gethin Dwyfor, the Director of Bwydydd Oren Foods, said: “Like a lot of businesses, making the switch to greener energy and solar panels were an obvious next step for us, but we didn’t have the resources needed to make that change.
“The support we’ve had from the Development Bank of Wales via the Green Business Loan Scheme has been great.
“It’s a cost-neutral step in the short term and will pay off in the long term because we’ll be able to power our fleet sustainably and pay less for our energy.”
Hon. Group Captain Sally Bridgeland FIA, Chair of the Development Bank, said: “Our investments have supported thousands of businesses at every stage of their growth journey — driving productivity, innovation, and job creation.
“With teams embedded across Wales, we take a relationship-driven approach that contrasts with the more transactional nature of traditional finance.
“These results demonstrate the power of sustainable capital to deliver long-term economic value; bringing ambitions to life and delivering economic benefits for people, businesses and communities across the whole of Wales.”
Giles Thorley, Chief Executive of the Development Bank, added: “As we approach the Wales Investment Summit, this milestone reflects the transformative impact of our work since 2017.
“I’m incredibly proud of the footprint we’ve built, reaching every part of Wales. This achievement is a testament to the hard work and ambition of the businesses and entrepreneurs we’ve supported and their drive and ambition.
“I also want to recognise the dedication of my colleagues, whose personal commitment continues to deliver real impact in communities across the nation.
“By leveraging £636 million in private co-investment and deploying recyclable funds, we’re building a legacy of growth and resilience for future generations.
“£1 billion invested in Welsh businesses is £1 billion driving Wales forward—fuelling ambition, powering innovation, and unlocking opportunity in every town and city across our nation.”
Investment Breakdown Across Wales:
- 5,184 investments across 4,699 businesses
- Average deal size: £190,000
- Funding mix:
o £564m in debt
o £138m in equity
o £298m in property
