Businesses in Wales backed for expansion

Here we feature the latest equity investments news in Wales

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ONE of the UK’s leading independent commercial vehicle dealers, David Spear Commercials, has become employee majority-owned.

The Tredegar-based business, which generated revenues of £26m in its last financial year, has been 60% acquired via an employee ownership trust. The business has 26 staff.

Founded by David Spear in 1987, the business has grown to become a leading player in the commercial vehicle sector, supplying a wide range of vehicles to businesses across the UK.

Mr Spear said: “This company has been my life's work, built with the support of my wife Sarah, our children, and now with our son Elliot actively involved in the business.

“We've created something very special over the years, and I wanted to secure its future in the right way, by placing it in the hands of the people who have helped make it what it is today. This move to employee ownership protects our independence, preserves our culture, and creates long-term opportunities for our team.”

Photon Project Management

Port Talbot-based solar energy and energy efficiency solutions venture Photon Project Management has been acquired by Sureserve Energy Services.

Photon provides solar energy and energy-efficient and retrofit solutions across south Wales and beyond. Operating for over a decade it has transformed thousands of homes and numerous commercial properties through tailored solar PV installations, advanced battery storage systems, insulation, heat pumps and energy-efficient upgrades.

Photon has quadrupled its revenue to £7m over the last three years.

Its continued expansion in south Wales under Sureserve will be driven under the leadership of managing director Daniel Crossland.

Sureserve is one of the UK’s leading energy and compliance services providers. It provides heating, renewables, energy efficiency and compliance solutions to social housing and the public sector.