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Principality Commercial finances Cardiff start-up hub

The commercial arm of Principality Building Society has helped finance a business space in Cardiff, home to some of Wales’ fastest growing SMEs.

Principality Commercial has given its support to Space2B at The Maltings in the Splott suburb of Cardiff, a business hub housing more than 80 innovative firms. The commercial space is set within an iconic Grade II listed building steeped in history, with Space2B offering a creative and state-of-the-art co-working environment, as well as serviced and self-managed offices.

This latest deal means Principality has now assisted on 56 new projects or property deals worth £59 million in Wales in the past 12 months, including affordable social housing at The Mill in Canton, Cardiff.

Steve Hughes, Chief Executive at Principality Building Society said:

“This is an exciting deal for Principality Commercial, not only adding another commercial space to our portfolio but directly benefiting Cardiff’s growing start-up and SME sector. Space2B is a unique community inside a custom-built office and it’s an ideal place for new businesses to grow to help the local economy.  Our purpose of investing in our communities is at the heart of all Principality Commercial developments.”

In 2016 The Maltings underwent a large-scale expansion and refurbishment to provide an additional 25,000 sq ft of office space for up to 230 extra people, resulting in the creation of Space2B.

Nick Williams, Chairman at The Maltings, said:

“The provision of funding for the Maltings to convert itself from a business which started in the 1880s to being at the cutting edge of space provision in the 2020s would not have been possible without the unwavering support from Principality Building Society who have remained consistent through the ups and downs of business cycles.  To me consistency of provision of banking facilities is the foundation of being able to plan ahead and grow properly. I and my colleagues thank them.

“This is a really exciting time for Space2B at The Maltings, both with the recent refurbishments and the future plans that we have for the space. There is nowhere in Cardiff that can offer access to a thriving and growing business network and community made up of 80 different business, which makes us a perfect space for SME’s to grow their business. We’re committed to always going above and beyond for our on-site clients, whether that’s offering a business workshop or social BBQ, free parking, or free bicycle hire. We ensure our businesses feel like they’re at home in a fun and creative, yet professional environment.”