THE Welsh Government has bought a three per cent stake in prestigious car manufacturer TVR, which is opening a plant in Ebbw Vale.
The £500,000 stake has been handed to the firm along with a £2 million loan as part of its plans to move into a 200,000 sq ft site in Blaenau Gwent
A Welsh Government spokeswoman said: “As part of our initial support package to commit TVR to manufacturing in Wales and following independent and specialist due diligence, we provided a repayable commercial loan to the company in early 2016. This was made alongside a private sector lender.
"At the same time Welsh Government also invested £500,000 into equity on the same terms as other investors.
"This gives the Welsh Government a minority stake of just below three per cent that will ensure the Welsh tax payer benefits from the company’s successes."
But Welsh Conservative shadow economy secretary Russell George has called for "tangible evidence that this investment represents value for money".
“Millions of pounds have been invested in TVR, and the Welsh Government must ensure that this exciting project doesn’t turn into another disappointment for the people of Blaenau Gwent,” he said.
TVR is expected to begin manufacturing at the site next year.
