NEWPORT City Council’s leader, Cllr Bob Bright, has welcomed the official launch of the Alacrity Foundation in the city centre.

The foundation, which opened its Gwent base on Monday, hopes to take graduates and give them the contacts, knowledge and financial support to form a successful business.

The project is backed by Sir Terry Matthews, owner of the Celtic Manor Resort.

Cllr Bright, said: "I am delighted that the Alacrity Foundation has officially launched in Newport and that the city has been chosen as the catalyst to develop a new generation of entrepreneurs,"

"I welcome Sir Terry Matthews’ decision to base the Alacrity Foundation initiative in a landmark building in the heart of our city, and that it is being used for a project that will invest in the entrepreneurs of the future.

"I look forward with anticipation to seeing the innovations and businesses that this scheme develops and is a real opportunity for the city to retain these talented individuals.

"It is an endorsement for Newport that this world class facility has located in our city centre and it will give young graduates the opportunity to develop their entrepreneurial skills in how to build a successful technology company."