Friday, 14 August 2015

Another Company receving Welsh Government Grants goes under.

BBC Wales report that a Llantrisant-based manufacturing firm, which had planned to create 200 new jobs supported by £2m in finance from the Welsh Government, is expected to go into administration.
Earlier this year Universal Engineering Universal, which has other operations and its head office in Dorset and specialises in designing, developing and manufacturing equipment for the oil and gas sectors, defence and aerospace industries, announced a major investment at its 250,000 sq ft facility.
Universal’s 16-acre site at Llantrisant was selected from a shortlist of potential sites across the UK and abroad because of its good transport links, which include the nearby deep-water ports at Newport and Cardiff, and highly skilled local workforce.

The operation employs around 100. It launched the operation in April with 65 staff and had planned to reach 200 over a two year period.

It is a worrying development that once again the Welsh Government have invested in a company with the noble idea only to see it go under.

The news comes son aftter financial company which left Wales a year after setting up has been asked to repay £700,000 of public funds.

Guardian Wealth Management closed its Caerphilly office in June 2014 blaming low demand for a financial product aimed at the Muslim community.

The firm said it would repay around half of its Welsh government grant aid.

In July, another financial services firm - Griffin Place Communications Ltd in Cwmbran - went into liquidation with the loss of 140 jobs, having received £600,000 in 2014. Bridgend-based finance technology company Ideoba - backed by £176,000 of grant aid - closed in April.

And in June, it was revealed Cardiff-based financial services firm, Open Resolution, had gone into liquidation without collecting a promised £250,000 grant from the Welsh government.

Its beginning to look like the Welsh Government are so desperate to be seen to be creating Jobs that they are not investigating the liability of these companies thoroughly enough or not having a vigorous support policy for these companies.

It seems odd that the Media have not highlighted these failures more as its becoming scandalous.

It may be fortunate for the Minister responsible that the Assembly is now in recess as they would probably find themselves answering some very awkward 

No comments:

Post a Comment