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Investment Fund for Wales announces investment in Neath beauty business

Press release 18 September 2024

Photo of Blossom owners Jenny Dobson and Fiona Spinks with Bethan Bannister from British Business Bank and Andrew Drummond from FW Capital inside the Blossom hair and beauty salon

The British Business Bank announces the second debt finance deal from the £130m Investment Fund for Wales, with a £150,000 investment from the Debt Finance fund, managed by appointed fund managers FW Capital.

A team of trained beauticians has expanded their business in the heart of Neath, supported with investment from FW Capital and the British Business Bank’s Investment Fund for Wales.

Blossom, a luxury hair and beauty salon, opened in the former Next store on New Street, Neath, earlier this month. The salon is led by experienced beauticians Jenny Dobson, a qualified make-up artist, and part-time nurse Fiona Spinks, both of whom run a successful hair, beauty and cosmetic business in the town centre.

The launch of the new site was backed with a £150,000 Debt Finance loan from the Investment Fund for Wales, which was launched by the British Business Bank in late 2023. The loan, which was delivered via FW Capital, allowed Blossom’s owners to buy new equipment and cover other set-up costs for Blossom.

Jenny decided to launch the business after seeing high levels of demand at Cherry Blossom, which she set up in 2020. Increased customer numbers and the small size of the existing premises at Cherry Blossom led Jenny to consider setting up another salon in the town. Fiona, a qualified nurse, also operated from Cherry Blossom as Afino Aesthetics and has joined Jenny in setting up Blossom.

The team – which will include specialists already working at Cherry Blossom – will provide hairdressing, laser treatments, massages, a nail station and improvements for lashes and brows from the new salon. As well as providing a new space for the team to welcome more customers, Blossom is playing an important part in the town centre, bringing a new lease of life to the former Next store which closed in 2019.

The support we’ve had has been fantastic. We’ve already seen a lot of success at Cherry Blossom, and this gives us the opportunity to grow our business even further and provide a wider range of services to even more customers in the heart of Neath.

We’ve already seen really strong demand for what we’re offering at Blossom, and we’re already booked up for the next few weeks – which is a huge sign of confidence in what we’re doing and we couldn’t be more excited to see how this opportunity goes.

Jenny Dobson Co-Owner, Blossom

It was a pleasure to support Jenny and the team at Blossom in taking on and setting up their new site at Blossom. They’re a fantastic example of a successful, growing business, bringing custom and footfall back to an important town centre site.

We’re proud of the support we’re able to offer to businesses like Blossom and wish them every success as they continue their growth journey.

Andrew Drummond Investment Executive, FW Capital

The Investment Fund for Wales was launched to support ambitious businesses like Blossom with their plans to scale and grow. We’re pleased that the funding has enabled the team at Blossom to revive disused premises in the heart of the town centre and will also provide opportunities for local staff to upskill and progress.

Mark Sterritt Investment Director, British Business Bank

The British Business Bank backed Investment Fund for Wales operates across the whole of Wales and includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. BCRS Business Loans is managing the smaller loans part of the fund (£25,000 to £100,000). FW Capital is responsible for larger loans (£100,000 to £2 million) and Foresight manages equity deals (up to £5 million).

The Investment Fund for Wales helps to increase the supply and diversity of early-stage finance by providing options to smaller businesses that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.

Further Information

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Notes to editors

About the Investment Fund for Wales

Operated by the British Business Bank, the Investment Fund for Wales (IFW) provides a mix of debt and equity funding. IFW will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the various support and funding organisations from Welsh Government as well as local intermediaries such as accountants, fund managers and banks, to support Wales’ smaller businesses at all stages of their development.

The funds in which the IFW invests are open to businesses with material operations, or planning to open material operations, in all areas of Wales, including but not limited to North Eastern Wales, North Western Wales, Mid Wales, South West Wales and South East Wales.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA.)

Find out more on the Investment Fund for Wales

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