Geldards’ Cardiff-based corporate team has successfully advised the Development Bank of Wales on its investment in The Wales Management Succession Fund. The fund was formed in 2016 by the Welsh Government and started with £10 million investment and £5 million of legacy funding.
The fund is used to help finance the purchase of small or medium sized Welsh businesses when their owners sell up or retire. Businesses can take access between £500,000 and £3 million of equity investment through the fund.
The new investment means the fund can now support up to 20 businesses, leverage £15 million of private sector funding and create/safeguard 1000 jobs over the next five years.
The Geldards team was led by Partner Karl Baranski, who dealt with all aspects of the transaction in advising the Development Bank of Wales..
“We are thrilled to have advised the Development Bank of Wales in connection with the creation of this fund"
"Since we worked with the Development Bank of Wales in forming the Wales JEREMIE fund back in 2009, we have advised DBW on several fund formation transactions, and it’s great to see this fund being put in place to support Welsh businesses.”
For business advice from an expert, knowledgeable, approachable solicitor, please contact a member of our Corporate team.
GELDARDS ADVISE ON SIMBEC-ORION SHARE ACQUISITION >>