A Swansea-based manufacturer of bakery equipment, whose clients include Greggs and Marks and Spencer, has secured a six-figure funding boost from the Welsh Government to help sustain it through the pandemic.
Mono Equipment said the £108,000 funding from the Welsh Government's £500m Economic Resilience Fund, will safeguards jobs and the future of the business, in the face of a significant drop in revenues from the economic fallout from the pandemic.
Mono, which is also active in the export market, also counts Sainsbury's and US-based chain Dunkin' Donuts amongst its clients.
It's managing director, Andrew Jones, said: "We at Mono Equipment are grateful for the support received from Welsh Government during the Covid 19 pandemic. It has greatly assisted us in charting our way through these unprecedented times.
"At the height of the pandemic turnover reduced by over 60% and whilst we have seen a steady recovery from the low point, revenue remains well below our normal operating level.
“With the aid of the support received, we have been able to retain the vast majority of our workforce. Without government aid this would not have been possible. Mono now looks forward to confidence returning in its core UK market and overseas in its growing export markets.”
The Welsh Government's £500m Economic Resilience Fund is part of its £1.7bn support package for businesses, is providing thousands of companies across Wales. It complements the help provided by the UK Government like the furlough sscheme.
To date, more than 12,500 businesses have received financial support worth more than £280m from the Economic Resilience Fund, which has helped protect more than 75,000 Welsh jobs.
Minister for Economy and Transport, Ken Skates, said: "These remain incredibly challenging economic times, but throughout this crisis we have been clear we want good-quality, thriving businesses to continue to be good-quality, thriving businesses when the coronavirus pandemic is over.
“Mono Equipment is exactly that sort of business, and I am delighted we have been able to provide them with the critical support they needed, at precisely the time when they needed it most which in turn enabled them to protect local jobs.
“We deliberately designed our £500m Economic Resilience Fund to plug gaps left by the UK Government’s package of business support. As a result, of all the UK nations, Wales has the highest percentage of businesses entering applications for coronavirus support.
"This is proof that our tailored support is reaching businesses, of all shapes and sizes right across Wales. We will continue to do all we can to protect jobs and help businesses thrive as we emerge from this crisis."
