A Newtown medical manufacturing firm is benefiting from part of a £2.5million fund approved to help Welsh businesses cope with Brexit challenges.
Almost £2.5million has been approved to help Welsh businesses adjust to the challenges of Brexit since the Welsh Government’s Brexit Business Resilience Programme was launched last year, Economy Minister Ken Skates has announced.
A total of 51 eligible businesses have been approved for funding of between £10,000 and £100,000 as part of the Brexit Business Resilience Grant Fund, so they can invest in overcoming immediate challenges related to Brexit.
Among the companies to have benefitted from the support is Newtown-based medical manufacturing firm Splice Cast – who provide a flagship range of life saving cervical cancer detection instruments.
After identifying potentially negative impacts on its logistical and supply requirements, the firm applied for a Brexit Resilience Grant totalling £48,595.
This enabled the company to invest in additional warehouse space to hold larger stocks of raw materials and finished goods to protect from them from border delays and interrupted supplies.
Duncan Morren, the Managing Director of Splice Cast, said:
We need to supply to a rigid schedule as our products are used by NHS clinics and it is critical that we have stocks. Potential delays in material deliveries and availability from Europe and further afield, would be disastrous as we could lose contracts and potentially be liable for damages. We’ve already been asked for proof of our ability to mitigate potential supply issues and larger stockholding is becoming vital.
Support from the Brexit Resilience Grant has been a vital step in making us ready for Brexit and potential supply difficulties, as well as retaining our current customers and contracts. The support is meaningful and helpful, and it is good to know that medical manufacturing still has the support of the Welsh Government. We are very grateful for the help in these uncertain times.
Economy Minister Ken Skates said:
The threat of a no deal Brexit continues to cause deep uncertainty in our economy, threatening jobs and people’s livelihoods.
Many businesses have engaged with the Brexit Resilience Grant Fund we established to help future proof our economy and work with the business sector to prepare for the challenges ahead.
It is clear that this support is helping companies across Wales to navigate immediate Brexit burdens and uncertainties and to develop new collaborations and innovations. I would urge any Welsh company to find out how Business Wales can help them manage and prepare for the ongoing uncertainties of Brexit.
The Brexit Business Resilience Grant Fund is currently fully committed, but work is under way to make more funding available.
To find out more about the support available visit Business Wales.