FIN(4)FW021

Finance Wales Inquiry

Response from Simon Powell

Comments - from Simon Powell Entrepreneur and Wealth creator in Wales

Also know to WG as sit on Newport Task Force

My background –

A.      Family travel agency business grow from 3 people to well over 120 staff and over 20 offices … head office Cwmbran sold to TUI Travel PLC

B.      Co-founded Comtec, Travel technology supplier sold in 2008 to  London based Private Equity. Comtec employed over 180 staff based in Cwmbran with average salary  of around £50k , with Net Profit of £3.5m

C.      Since leaving Comtec in 2011 started 4 new business and involved in other 3 “turn rounds” – 7 businesses that would not be in employing people today if we had not taken the risk …… Up to 70 jobs have been saved or created in under 24 months…..

I have several comments on this topic:-

A.      If we listen to the business community in context of the academics reports Wales could have a unique proposition….

B.      Finance Wales is unique and vital – don’t disband it – agree on what you want from it. Is it there to get a return or is it there to take a risk and get Wales growing? It can probably do both if required – but that that needs to be made clear to them.

C.      Changing the name – to The Development Bank for Wales or using  peer-to-peer (P2P) lenders and crowd funding  - This is all just methods and names – Don’t go and create something else – sort out what you have got.

D.      FW are involved in 3 out of the 7 business and these business would not be around if it was not for Finance Wales.

Very happy to meet and discuss at any point …

Regards

Simon

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Simon L  Powell - CEO  eysys.com

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