Knighton Costcutter is a convenience store in Powys, serving the communities of Knighton and the surrounding villages.
The shop has increased by a quarter of its original space and installed new energy-efficient refrigeration and display units, thanks to a £100,000 loan from the Development Bank of Wales
The loan – from the Wales Flexible Investment Fund – allowed the creation of more retail space at the shop, and the new cases have helped cut its over-all energy use by up two thirds.
The business is a longstanding customer of the Development Bank. Business owner John Ewens bought the Knighton store in late 2019 with a £200,000 loan from the Wales Business Loan Fund, followed by £60,000 via the Covid Wales Business Loan Scheme in mid-2020.
John Ewens, owner, said: “I’m really grateful to the Development Bank of Wales for this latest round of investment support. This has given us the chance to take more control of our energy costs, and I wanted to make sure we took steps to future-proof our energy consumption wherever possible.
“The new units have helped us drastically cut over-all energy use, and we’re now able to offer an enhanced range of fresh and chilled goods to our customers.”
Stewart Williams, Portfolio Executive at the Development Bank of Wales, said: “It’s been a real pleasure to work with John these last few years, and the work he’s done to ensure Knighton Costcutter remains competitive and continues to serve communities in this part of Wales has been fantastic.
“The improvements John has had carried out have been a really sensible step in safeguard the future energy-efficiency of his business, and I’m pleased to have worked with him in securing the investment needed.”
The £500 million Wales Flexible Investment Fund is financed by the Welsh Government and Development Bank of Wales. Loans, mezzanine finance, and equity investments are available for businesses based in Wales from £25,000 to £10 million.