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£10m funding injection to cut debt at ICC Wales
Western Mail
|September 11, 2025
THE WELSH Government has injected a further £10m into the International Convention Centre (ICC) Wales to support its debt reduction as it seeks to move to break even following the impact of the Covid pandemic.
The Welsh Government has a 50% equity stake in ICC Wales, Newport, through a joint venture company with Celtic Manor Ltd.
With a £10m matched investment from Celtic Manor, ICC Wales’ debt with NatWest has been reduced by £17m to just under £29m.
As well as reducing financing costs, the remaining debt has been restructured with the bank on more favourable terms. The balance of the £20m is being invested in the business to support its trading position.
ICC Wales opened in September 2019, but like all venues, it suffered a protracted closure due to the Covid-19 pandemic, which started in March 2020. The venue, which is attracting events from around the world and last year welcomed more than 90,000 delegates, was built at a cost of around £83.7m, with the backing of a £51.5m loan from NatWest.
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