Small to medium enterprises (SMEs) in Wales have been significantly affected by the COVID-19 pandemic, according to the second annual report published by Economic Intelligence Wales (EIW).

The report highlights the initial effects of the pandemic on the Welsh economy and details subsequent mitigation policies from both UK and Welsh Governments as the UK prepares for a recession in 2020.

The British Business Bank has approved six new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), 

Livingbridge, one of the UK’s leading mid-market private equity investors, has invested in Chill Insurance, one of Ireland’s leading insurance and financial services groups.

Headquartered in Dublin where it employs almost 250 staff, Chill was founded in 2006 by brothers Padraig and Seamus Lynch and has subsequently grown into the largest independent personal lines insurance broker in Ireland with over 200,000 policyholders, representing a 6% market share.

Growing fears of a no-deal Brexit will prompt investors to move assets overseas, says deVere.

Ten technology rich early stage businesses in Wales are a step closer to developing their innovative products and services having secured equity investment from the Development Bank of Wales.

£2.4 million has been secured by ten companies in just ten weeks since the UK went into lockdown. Those to benefit include £625,000 for Flintshire based Reacta Biotech to further develop their diagnostic tool for food allergies. 

Following the launch of Blackfinch Asset Management, investment specialist Blackfinch Group launches four Adaptation Funds. 

Tilney and Smith & Williamson have agreed a revised transaction structure for their proposed merger. The merged group will be known as Tilney Smith & Williamson and will be the UK’s leading integrated wealth management and professional services business. 

INSTANDA, the leading customer and policy management platform for the insurance industry, has today announced the appointment of Steven Haasz 

Urgentem (formerly Engaged Tracking), one of the pioneering companies in climate risk management, data and analytics space, has raised £500k from existing investors and has appointed a new CEO and senior management team in place alongside a new name, corporate identity and website.

Expert cycle insurance provider Bikmo has secured its first venture capital funding of £1.8 million (Series A funding). The investment is led by Development Bank of Wales, alongside specialist global insurer Hiscox plus existing and new angel investors.  Part of the £1 million equity and loan investment by the Development Bank of Wales is enabling Bikmo to move into new premises in Flintshire. The award-winning adventure sports insurance provider Bikmo also has offices in Innsbruck, Austria and will relocate the UK head office to Flintshire as soon as Covid-19 lockdown restrictions will allow.

Blackfinch Group has launched Blackfinch Asset Management, offering adviser firms expanded capabilities and increased support. The new division will replace Blackfinch Wealth and house Blackfinch’s managed portfolio service (MPS), formerly known as the Blackfinch Wealth MPS. This is alongside further offerings to be announced shortly.  

UK Innovation funder Rocking Horse has announced a multi-million-pound partnership with London-based specialist investment firm Quilam Capital who have provided a committed facility to enable it to assist the millions of UK SMEs who are eligible for around £22 billion worth of Government R&D tax credits or Innovate UK grant schemes, with advance funding to support their growth and development.