Welsh Government’s bespoke Economic Resilience Fund (ERF) is providing crucial support to the UK's leading manufacturer and supplier of professional bakery equipment, Minister for Economy, Transport and North Wales, Ken Skates, has announced.
Mono Equipment, based in Swansea, received £108,000 from the fund to help sustain jobs at the company and to protect it from the severe impacts of the coronavirus (COVID-19) pandemic.
The ERF, which is part of the Welsh Government’s £1.7 billion support package for businesses, is providing thousands of companies across Wales with significant financial support and complements the help provided by the UK Government. To date, more than 12,500 businesses have received financial support worth more than £280 million and the fund is known to have helped protect more than 75,000 Welsh jobs.
Mono Equipment, which counts Marks and Spencer, Sainsbury’s, Greggs and the US-based chain Dunkin’ Donuts among its diverse global customer base, has previously received a range of export support from the Welsh Government to successfully develop new international markets. The business experienced a significant drop in turnover as a result of coronavirus and the ERF has been crucial in supporting the company through the pandemic.
Mono Equipment’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 per cent 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.
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.