Newable Ltd has won the contract to deliver the Business Wales Accelerated Growth Programme element of the Business Wales services from January 2024 to the end of March 2029.
The £14.6m contract was awarded following the decision to abandon a previous award following a legal challenge over its procurement was lodged by a losing bidder.
The Accelerated Growth Programme forms part of the Welsh Government's Business Wales Entrepreneur and SME support services. The aim of the programme is to support and develop Start up and SME's within Wales that have high growth aspirations and potential.
The successful supplier will now be required to target pre-revenue and established businesses that demonstrate the potential for high growth:
- To deliver a range of pan-Wales high growth support interventions to ambitious entrepreneurs (pre revenue) and rapid high growth businesses (SMEs), via a relationship management model.
- To develop tailored business support packages that will stimulate high growth job creation, support sustainable green business growth, strengthen positive employment practices while improving workplace equality and promoting Fair Work for BW AGP participants.
- To deliver a fully accessible and inclusive high growth support service to entrepreneurs and businesses in Wales whilst addressing under-representation and inspiring high growth entrepreneurs, and business owners from all communities to build the confidence, skills, and resilience to develop their businesses.
- To increase the turnover, employment, profits, and international export sales of the high growth businesses supported on the BW AGP.
- To introduce and embed the Welsh Government Economic Contract to all businesses registered onto the programme.
- To work closely with the wider Welsh Government business support (including but not limited to Innovation & Export support), other parts of Business Wales support services, the Development Bank of Wales, the entrepreneurial ecosystem including academia, private, public and third sector, and financial sector organisations in order to complement services and support high growth development in Wales.
Established in 1982 under the name Greater London Enterprise (GLE), the company rebranded as Newable in 2016 to mirror its expansion and the broader geographical reach of its operations. In 2023, Newable transitioned to a 100% employee-owned model. Traditionally, Newable functioned as a company limited by guarantee, lacking shareholders and instead having members, which comprised the 32 London Boroughs and the City of London Corporation.
The proposed duration of the service contract is expected to be structured for a period of up to 5 years and 2 months; an initial period of 14 months, with an option to extend, on an annual basis, for a further 4 years at the sole discretion of the Welsh Government, and subject always to budget approval.
