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Finance Wales’ Investments Provides North Wales Economy with £3M Boost


The economy of North Wales has received a £3 million boost in the last 3 months following a succession of investments in established local businesses by Finance Wales.

Oaking Developments, which is constructing the Oak Drive development in Colwyn Bay, and South Caernarfon Creameries secured a total of £2.8 million in investment while Flintshire-based Engineered Composites secured £200,000.

The investments are helping these established North Wales businesses to expand and create new jobs.  Their expansion is also expected benefit local partners and suppliers in North Wales.

Welcoming the news, Economy Minister Edwina Hart said: 

“Businesses like these  make an important contribution to the Welsh economy as well as playing a key role in their local communities.  They provide stable jobs for local people and as they grow they create new job opportunities as well as opportunities for local suppliers.

“Oaking Developments, South Caernarfon Creameries and Engineered Composites all have significant investment plans and I’m pleased they are benefiting from a number of funds launched by the Welsh Government over the past five years that are designed to support business growth.”

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The Development Bank of Wales exists to help businesses in Wales start up, strengthen and grow, by getting them the capital they need across a range of routes.

As a unique resource in Wales, we offer flexible finance to all businesses at all stages, with funds available from £1,000 to £10million.

Our teams of friendly and dedicated staff all across Wales are on hand to provide guidance on the right investment and support for your business, and can provide the local insight which we know business owners value.

We’re one of the top five institutional venture capital investors in the UK by volume, with more than £100m invested in tech businesses.

We also work alongside partner organisations like Business Wales, and offers co-investment alongside banks, crowd funders, grants, private and corporate investors and other lenders.

And we’re committed to helping Welsh businesses improve their sustainability and achieving net-zero goals, helping them to transition to Wales’ green business future.

For more information, visit the Development Bank website at to find out more.


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