The Development Bank of Wales has signed the lease on its new headquarters in Wrexham. The newly formed development bank will be based in the former Moneypenny offices on the Wrexham Technology Park.
Economy Minister Ken Skates announced in July last year that the new development bank would be headquartered in Wrexham. The Development Bank of Wales launched in October and the first staff will begin working from the new HQ later this year.
Economy Secretary, Ken Skates said: “I am absolutely delighted that the lease has now been signed for the Development Bank’s headquarters which will accommodate 50 quality jobs here in Wrexham.
“Our new Economic Action Plan includes a real focus on strengthening our regional economies and ensuring the fruits of our prosperity fall more evenly across Wales, and the Development Bank’s move to Wrexham is a great example of how we are working to achieve this.
“Our priority now is translating the content of the Economic Action Plan into meaningful delivery that benefits our businesses and communities, and we will be working constructively with our partners in business, in the trade unions, in the third sector and others, to ensure it is a plan that truly delivers for Wales.
In 2017, the Development Bank or Wales invested £15 million into north Wales businesses, more than three times the amount advanced in 2016. The team, which is based across the whole of the North Wales region, has doubled in size over the last year. Further recruitment is in the pipeline including a number of live vacancies.
Development Bank of Wales Chief Executive Giles Thorley said: “We’re very pleased to have secured our new HQ in Wrexham and to deliver this key component of our all-Wales location strategy.
“We’ve been scaling up our operations in North Wales and continue to see ambition and appetite for investment from businesses in the region, supported by a vibrant business community.
“Our aim is to ensure that we are well positioned to support businesses on the ground. Whilst we have been investing in our digital service offering, maintaining a local, face to face presence continues to be very important to us and to our customers. We look forward to welcoming people to the offices when they open later this year.”
Director of Risk, Compliance and Legal Neil Maguinness will be permanently based out of Wrexham when the new office opens. Newly appointed Finance Director David Staziker will divide his time between the Cardiff and the headquarters. The Development Bank of Wales will also hold 50% of their board meetings in the new HQ.
The bank was advised by Hugh James Solicitors and Knight Frank in the transaction which has seen it take a five-year lease. Knight Frank Partner Mark Sutton said: “The Technology Park provided the right mix of a prominent location with flexible, open plan office space for the Bank’s new headquarters and we now are pressing on with the project management of the new fitout.”
The Development Bank of Wales offers loans from £1,000 up to £5 million as well as equity investments up to £5 million for Welsh companies or businesses looking to move here. They also manage the Help to Buy Wales scheme, which offers equity loans to people buying new homes in Wales.
The development bank is targeted to have an impact of more than £1 billion on the Welsh economy over the next five years.