FW Capital has invested more than £6 million into SMEs across Wales via the British Business Bank-backed Investment Fund for Wales.
In the first year since the Investment Fund for Wales was launched in late 2023, FW Capital – one of three appointed Fund Managers – has supported more than 20 businesses, with debt finance investment sums ranging from £100,000 to £500,000 (with the fund able to invest up to £2million).
Businesses from every local authority area in Wales have expressed interest in the fund, including The Economy Energy Group, which is a growing renewable energy provider based at Swansea Enterprise Park and Neath-based luxury hair and beauty salon Blossom Beauty. Blossom Beauty opened earlier this year in the former Next store on New Street.
The Investment Fund for Wales was launched by the government-backed British Business Bank to boost the supply of early-stage finance to small and medium-sized businesses across Wales.
Blossom Beauty is one of the businesses to have benefitted from IFW and FW Capital’s support with a £150,000 debt finance loan, delivered via FW Capital.
Blossom Beauty is led by experienced beauticians Jenny Dobson, a qualified make-up artist and part-time nurse Fiona Spinks of Afino Aesthetics, who both run Cherry Blossom, a successful hair, beauty and cosmetic business in Neath town centre.
Increased customer numbers and the small size of the existing premises at Cherry Blossom, which Jenny opened in 2020, led to her considering opening another salon in the town with Fiona. Support from the Investment Fund for Wales helped Jenny and Fiona buy new equipment and cover other set-up costs for the new premises.
The Blossom team – which will include specialists already working at Cherry Blossom – will provide hairdressing, laser treatments, massages, a nail station and improvements for lashes and brows, while bringing a new lease of life to the former Next store, which closed in 2019.
Blossom Beauty owner Jenny Dobson said:
“The support we’ve had has been fantastic. We’ve already seen really strong demand for what we’re offering at Blossom, and we’re already booked up for the next few weeks – which is a huge sign of confidence in what we’re doing. We couldn’t be more excited by this opportunity.”
Andrew Drummond, an Investment Executive at FW Capital, said:
“It was a pleasure to support Jenny and the team at Blossom in taking on and setting up their new site. They’re a fantastic example of a successful, growing business, bringing custom and footfall back to an important town centre site.
“We’re proud of the support we’re able to offer to businesses like Blossom and wish them every success as they continue their growth journey.”
Other businesses already supported by Fund Managers FW Capital include:
Bethan Bannister, Senior Investment Manager, Nations and Regions Investment Funds at British Business Bank, added:
“The Investment Fund for Wales was launched to support ambitious businesses like Blossom with their plans to scale and grow.
“We’re pleased that the funding has enabled the team at Blossom to revive disused premises in the heart of Neath town centre and is already clearly delivering on a market need as evidenced by their packed booking schedule.”
The British Business Bank backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital is responsible for larger loans (£100,000 to £2 million) and Foresight manages equity deals (up to £5 million).
The Investment Fund for Wales, helps to increase the supply and diversity of early-stage finance by providing options to smaller businesses that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
