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Fairwood Trust to grow new business in Gwent


South Wales grant making charity, the Fairwood Trust, is joining forces with Bright Ideas to offer support for fledgling businesses. Students and recent graduates


from the University of Wales, Newport who have recently started their own company can apply for a scholarship from the Trust worth up to £5,000 up until November 18, 2011. Eighteen ventures judged to have


the most potential will be selected to receive the grant as well as a skills development package. The scholarship will last


around six months during which time the business will be given training in entrepreneurial skills and topics including attitude, creativity, networking and building relationships. The Fairwood Trust was


established in 2008 by director Charles Middleton (pictured) and his board. Its focus is on improving the education, training and skills of individuals and organisations in South Wales. Charles, previously CEO of


Training Service Wales (TSW), said: “The trust’s aim is to find companies in South Wales that would benefit from support, not


Society reveals 7.2% growth


Exceptional growth of 7.2 per cent has reinforced the position of Monmouthshire Building Society as one of the best performing institutions across the UK financial services sector. Total assets at the Newport-


based society reached £742m for the year to April 2011, an increase from £692m the previous year; while profit after tax exceeded £2.4m. Gross mortgage lending for


the year experienced a significant 16 per cent increase to £105m, compared to the previous financial year. Cementing its reputation as


a competitive mortgage lender, the Society was awarded the prestigious title of ‘Best Regional Building Society 2011’ by the Mortgage Finance Gazette. Going forward, the recent introduction of a range of low


6 THEbusiness QUARTER


deposit mortgages has allowed the society to responsibly and securely offer the aspiration of home ownership to first time buyers, which has been well received by customers. Net inflow of retail savings


at the society was strong during the year at £33.7m, a testament to the ongoing stability of its innovative product range and competitive interest rates offered. Chief executive Andrew Lewis


said: “These are excellent results in what remains a particularly challenging environment for all building societies where increased profitability and growth has been modest for many competitors. “The society continues to


go from strength to strength, despite a difficult and challenging marketplace.”


just financial but educational. “By offering these scholarships


to university students and graduates who may not have had experience running a business before, we’re giving them the best possible to start and all the essential skills required to be a success.” Anyone who meets the criteria


for the scholarships and would like to know more can contact Bright Ideas on 01633 432335 or brightideas@newport.ac.uk. For further information on The


Fairwood Trust visit www.fairwoodtrust.co.uk.


Banker gives economic update


Welsh business owners and entrepreneurs got a flavour of the economic winds facing Wales at a lunchtime event at the University of Wales Newport campus. The audience heard from The


Royal Bank of Scotland economic advisor James McCann. He said: “Sentiment about


the outlook for the UK economy has weakened notably in light of developments across the world in the last month. Deteriorating conditions in the Eurozone, and the loss of the US economy’s AAA rating, sent shockwaves through the markets. “The real problem in the US


isn’t the political tussle or any real likelihood that the government will default. It’s really about worries that its economy is stagnating. “Without demand from the


US, global economic prospects look much weaker. This, combined with the problems in the Eurozone, which also threaten global growth, is the major reason for the sharp tumble in stock prices across the world. “The fall in equity markets


wiped a big chunk off wealth in the UK. “And, the less wealthy we


feel, the less we want to spend so this alone could further delay the recovery in consumers’ confidence needed to boost domestic demand. “But while consumption


accounts for about two thirds of demand in the UK, it isn’t the whole story. Trade has been the most important driver of the UK recovery up until now and we need to continue to rebalance our economy in that direction. “A weaker global economy


will make that more difficult. The US is the UK’s biggest single overseas market, accounting for just about 15 per cent of UK and 26 per cent of Welsh exports, while exports to the Eurozone account for 55 per cent of UK and 44 per cent of Welsh exports. Inevitably a slowdown in these major economic areas will have implications for the pace of the UK recovery. “But it is still expected to be a


recovery, albeit a slower one than most economists thought even three months ago. “There are big risks though,


which the Governor, Mervyn King emphasised, pointing out that he was keen not to ‘underestimate the gravity of the crisis facing the global economy’ and that the risks coming from the Euro area would have a significant impact on the UK. It will be a bumpy road ahead.” James McCann is an Economic


Advisor at The Royal Bank of Scotland. Working in the


Microeconomics team he provides analysis across a number of areas including the corporate sector.


Acquisition means better offering


Established Newport law firm, Hornby Baker Jones and Wood (HBJW), has acquired SRBlegal to boost its commercial law offering in a bid to increase the company’s local market share and expand its UK- wide presence. SRBlegal, which currently


employs seven staff, will become the commercial arm of HBJW but continue to trade under the SRBlegal name. The acquisition follows a close working relationship between the two firms for many years with each referring work to each other.


The new acquisition arrangement took effect at the beginning of September, with Stuart Brothers of SRBlegal providing consultancy services to the firm. HBJW has a strong


portfolio both in and outside on Wales, with a growing client base in Manchester, Liverpool, the West Country and London. Andrew Collingbourne,


managing partner at HBJW, said: “We were keen to develop the commercial arm of our business to meet the demands of our growing client base.”


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