Business Rates Relief Scheme extended as Welsh Enterprise Zone job total reaches 7,000

A popular business rates relief scheme for companies based within Welsh Enterprise Zones was reopened for applications today (Monday 22 June) as the total tally of jobs created or safeguarded within the seven Zones exceeded 7,000.

The Enterprise Zone Business Rates Scheme, extended for a fourth round, allows small and medium sized businesses to apply for funding to help offset their Business Rates incurred during 2015/16.  Since 2012, the scheme has supported 136 businesses with over £8 million of funding.

Meanwhile, latest Key Performance Indicators for the seven Enterprise Zones show that to date 347 businesses have received financial support from Welsh Government, attracting more than £100 million public and private sector investment. This has helped to create or safeguard a total 7,002 jobs across the Zones since they were established in 2012.

One of those 347 businesses supported by Welsh Government was Westbridge Furniture Designs, located in the Deeside Enterprise Zone.

Today the firm, which manufactures furniture for retailers including John Lewis, M&S, Ikea and Next, announced it had created 220 new jobs – almost 70 more than anticipated – following a major expansion.

The company opened a third manufacturing facility on Deeside Industrial Park to service a new five year contract with Ikea, supported by £488,000 business finance from the Welsh Government.

Economy Minister, Edwina Hart, said:

“I am very encouraged by the latest performance indicators for our seven Enterprise Zones which clearly show we are supporting businesses such as Westbridge Furniture Designs to deliver growth and create or safeguard more than 7,000 jobs to date.

“Our Enterprise Zone Business Rates Scheme has proved very popular and helped businesses within the Zones grow. I have now extended this to a fourth round to ensure more companies can benefit. Together with an extension to the Small Business Rates Relief Scheme, an extended and enhanced Wales Retail Relief Scheme, and a cap to the business rates multiplier, we are reducing costs for businesses across Wales. We are a pro-business government, listening to what businesses need to help them grow and create jobs.”

The Enterprise Zone Business Rates Scheme is also open to businesses planning to locate in the Zones.  The closing date for applications is 30 September 2015.