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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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