Running enthusiast Paul Thomas is warming-up for a second successful year in business with the help of two separate micro loans from the Development Bank of Wales.
Based on Pontmorlais high street in Merthyr Tydfil, award-winning Sole Mate is a specialist independent running store that was set-up in March 2023. An initial loan of £50,000 from the Development Bank helped fund the fit-out and purchase of initial stock. A second investment of £25,000 is now being used to expand the floor space with a wider range of stock, including Adidas.
Sole Mate was named as the winning independent sports retailer at the 2024 Welsh Independent Retail Awards. Director Paul Thomas said: “I worked in IT for 20 years, during which time running and being active was a saviour for my mental health. I now want to help as many people as possible to reap the same benefits by removing barriers to running. That’s why we don’t just sell trainers and clothing, we give advice on all aspects of training and kit. We also run our own social running club and we have a Community Interest Company that raises funds to help people on their running journey with coaching and therapy when needed.
“But none of this would have been possible without the support of the Development Bank of Wales and the Merthyr Tydfil Enterprise Centre. Starting your own business isn’t easy but they really have pulled out all the stops to make sure we’re up and running with the best possible start. I can’t thank them enough.”
Aled Robertson is a Portfolio Executive with the Development Bank. He said: “Paul has turned his love of running into a successful business that is supporting people of all ages to enjoy a happier and healthier lifestyle. It’s great to see the positive impact that he is having in the local community.”
The £32.5 million Wales Micro Loan Fund is financed entirely by Welsh Government. Loans between £1,000 and £50,000 are available for small businesses, sole traders and social enterprises based in Wales with repayment terms ranging between one and 10 years.
