'Important' firm Open Resolution goes out of business

Open Resolution never employed more than nine people

A new firm described by the economy minister as an "important investment" in Welsh financial services has folded.

Open Resolution specialised in checking and correcting people's credit rating to ensure they were not refused loans.

It announced last summer it would be creating 89 new jobs in Cardiff, with the firm able to access £250,000 of Welsh government money.

But the company went into liquidation earlier this year before Welsh ministers gave it any money.

Open Resolution had been based in temporary offices and employed nine people.

When the planned investment was announced in August 2014, the economy minister Edwina Hart said: "This is great news and yet another important investment in the Welsh financial and professional services sector.

"I am delighted Welsh government support helped attract Open Resolution's head office functions to Cardiff."

Edwina Hart said she was 'delighted' the firm was to have its headquarters in Cardiff

Former managing director Steve Bloor told BBC Wales he decided to call in liquidators in April.

"There is a business opportunity there [for credit repair] but sadly the UK market is not as mature as the US," he said.

"Sadly that meant we couldn't proceed with the business and decided to close."

A Welsh government spokesman said: "The company received approval for funding towards the setting up their HQ in Cardiff and the creation of some 90 jobs.

"Unfortunately, the project has not progressed and no payments have been made by Welsh government."