August 7th, 2015.
The State of Business … in Wales
Pure Commercial Finance is a proud Welsh company and we work hard to help other businesses in Wales find the correct funding for their needs. The added bonus is that strong businesses mean a healthy economy.
So, what is the current state of business in Wales today? Let’s take a look at what’s going in Wales at the moment:
Welsh Manufacturing is Stronger than Ever
It’s recently been announced that Aston Martin could set up shop in St Athan, Vale of Glamorgan, very soon. David Cameron announced that the car manufacturer may relocate there to build its brand new SUV. General Dynamics may also be moving to Wales as they are currently considering building their new armoured vehicles in Merthyr Tydfil.
This declaration is just the latest in a string of business boosts for Welsh manufacturing. According to reports from WalesOnline, Welsh people account for around 4.5% of the UK population; however, the manufacturing here outstrips this, accounting for more than 5% of the UK’s manufacturing exports.
15% of all Welsh output comes from manufacturing and 1 in 8 Welsh workers can be found in this industry, something that has been heavily influenced by the employment sector growth of 15% since 2010.
Current large companies that reside here include the Ford engine plant in Bridgend that produces an engine every 24 seconds, GE Aircraft Engine Services Ltd is building the future of aviation based just outside Nantgarw, and the Royal Mint in Llantrisant provides Britain with its currency. Pretty impressive, right?
A Welsh Production Company is Worth £100m to the Welsh Economy
With a string of successful TV shows already filmed in Wales, such as Sherlock Holmes and Torchwood, the TV and film industry is unsurprisingly looking to invest in and move its filming projects to our wonderful Welsh isle. And Bad Wolf is one such company.
Bad Wolf was created by BBC Executives Jane Tranter and Julie Gardner who have worked on British favourites Doctor Who, Torchwood, and Da Vinci’s Demons in the past. The experienced executives plan on heading up an office here in South Wales while also having a team based across the pond in LA.
This is great news for the Welsh economy as this TV and film production company creates projects that can cost anywhere up to £1 million per hour. And it is expected that £100 million will be given to the local economy over the next 10 years.
Gardner has recently told the press:
“Jane and I have filmed all over the globe and know, first hand, that the talent base in South Wales is world class. We are thrilled to be embarking on this new venture surrounded by such shared talent and passion.”
Ms Tranter added:
“TV has changed beyond all recognition in the past decade. Huge international productions made on movie scale budgets have put British TV at the forefront of this revolution.
“We are delighted to be working with Welsh Government to grow this industry and continue to benefit the economy of Wales.
“The Welsh Government fully understands that by putting Wales at the forefront of this industry it could be a world leader within the decade.”
So, now could be the time to invest in a manufacturing or film business. If you need help assessing your financial options, you know where we are. In the meantime, why not read a few more blog posts?