£1.2m business rate boost for Welsh firms

Organisers of the Snowdonia Etape Eryri cycle race are one of the new firms to benefit

A raft of businesses in Wales are set to get £1.2m in business rate support at five enterprise zones, Welsh ministers have announced.

In total, 62 companies are set to benefit in the latest round of funding which has topped more than £9m since 2012.

In north Wales, 40 firms are sharing £750,000, while 22 in south and west Wales are receiving £444,000.

Under the scheme, companies can have up to £55,000 of business rates paid.

"Our commitment to providing the right conditions for businesses to flourish and grow in Wales is unwavering," said Economy Minister Edwina Hart.

She said nearly 200 companies at the seven enterprise zones in Wales had now benefitted from the scheme.

More than £70m has been spent on the zones since 2011.

Enterprise Zone rate relief winners for 2015-16

• 31 firms in Deeside Enterprise Zone will share £598,165

• Nine companies in Anglesey Enterprise Zone will receive £144,00

• In west Wales, 16 businesses in the Haven Waterway Enterprise Zone share £189,926

• Five sites in the Ebbw Vales Enterprise Zone are getting £216,402

• One firm in St Athan, Vale of Glamorgan, will receive £37,583

Critics have argued the zones have had mixed success with figures showing only seven jobs were created at two of the zones in the past year.

However, one of the latest firms to benefit from the rate relief scheme welcomed the initiative.

Always Aim High Events, which runs high-profile sporting challenges such as the Cardiff Triathlon and the Snowdonia Etape Eryri cycle races, said it was an important step for the company.

"The initiative has encouraged us to establish our head office in the heart of Anglesey," said director Nigel Kenrick.

"Employing 10 full-time skilled individuals, we will host events and services worldwide and bring over £7m of economic benefit to Wales in 2016."