WIREDGOV

Cardiff based MotoNovo Finance is creating more than 580 new jobs more than doubling staff numbers in a major expansion backed by the Welsh Government.

Announced yesterday by  Economy Minister Edwina Hart, it is the largest job creating inward investment project for the financial and professional services sector in Wales so far this financial year.

The expansion plan and jobs, to be located at Central Cardiff Enterprise Zone, were secured for Wales by the Welsh Government with £3m business finance support.

The Minister described it as a real economic boost and an important vote of confidence in Wales. The expansion will inject c£18m in salary costs alone into the South Wales economy annually.

MotoNovo Finance, which provides car finance and insurance, will create 587 new jobs, bringing total jobs number to over 1000 by 2021.

The investment will see MotoNovo Finance, owned by South African based FirstRand Bank, increase its existing core motor finance business activities in Cardiff where it employs 424 people. It will expand and diversify into new markets and relocate to Central Cardiff Enterprise Zone where it will establish its new UK headquarters.

Economy Minister Edwina Hart said yesterday:

“This is great news for Wales, for the financial and professional services sector, for Central Cardiff Enterprise Zone and above all for the employment opportunities it will create."

“It is a strong vote of confidence in Wales and what it can offer companies looking to grow their businesses. It is a substantial inward investment that will raise the profile of this thriving and rapidly expanding sector in Wales"

“It is a clear indication that our policies and strategies to make Wales one of the largest centres for the financial services sector outside of London are having a real impact. I am delighted that Welsh Government support helped secure this strategically important investment project for Wales and the jobs it will create.”

Reflecting on their expansion plans Mark Standish CEO at MotoNovo Finance noted yesterday;

“Our roots are strongly in Cardiff, having been launched here as Carlyle Finance in the mid 1970s. Over recent years, we have demonstrated sustained growth, both in volumes and in reputation, not least of all as a high calibre employer having been recognised as one of the UK’s Best Companies to Work For. Today, our business is a highly respected and influential player in the automotive finance sector and we are set to expand in this and other financial sectors in the months and years ahead."

“Our greatest strength is the people who make up ‘Team MotoNovo’ and having led the business for 16 years; I couldn’t be prouder than to be announcing our growth and investment plans, recognising the extensive help and support we have received from the Welsh Government in developing our plans.”

MotoNovo Finance is currently based in Llanishen and plans to establish its UK HQ in prestigious new offices in 1, Central Square, within Central Cardiff Enterprise Zone. Recruitment is due to commence in later this year.

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