Finance Wales makes 30% return

Finance Wales, the commercial arm of the Welsh Assembly Government charged with supporting SMEs, has made a 25-30% IRR on its £125,000 investment in oil and gas services provider Abriox.

Having invested in the company in 2006 to enable Abriox to expand into international markets, Finance Wales sold its stake in Abriox back to the company’s management.

Managing director of Abriox, Neil Summers said: “It’s a good time for us to buy back Finance Wales’ shareholding, which supported our growth at a crucial stage.”

Based in South Wales, Abriox provides oil and gas companies with specialist equipment to remotely monitor the condition of their transmission and distribution networks. Its products are used on new gas pipelines in the UK and the company also has contracts in the United States.

Managing more than £280m of funds, Finance Wales has invested more than £130m through more than 2,200 investments into Wales-based businesses. It has also leveraged an additional £332m in private sector investment.