A £6 million development by a Newport firm is helping pave the way for further business investment in the city.

Almost 100 jobs were created at Picture Financial, which provides secured personal loans, and there are plans to increase this to 250 by the end of next year.

Newport Mayor Councillor Ken Critchley officially opened the firm's offices at Imperial Park and said the city was establishing itself as a major location for business investment.

He said: "Picture Financial's presence here is encouragement for other investors and businesses, which are also dynamic and aspiring, that Newport is a great place to be. I'm delighted such an innovative organisation has chosen to base itself here and is already enjoying success."

It was also welcomed by Welsh Secretary Peter Hain who said the success of the firm, launched last year was good for Newport and Wales. He added: "It is exactly the kind of energetic young company we need to build a world class Wales. It is aiming for the top, with a vision to be a market leader within five years."

A thousand balloons were launched to mark the occasion and staff and guests were treated to a Hawaiian luau.

Neville Allport, chief executive of Picture Financial, said: "We are reputedly the largest ever financial start-up in the UK, having secured up to £500 million investment.

"Our vision is to become the leader in our market within five years and our employees are at the heart of this - they are the key to success for any organisation regardless of its size or industry."

He said they had invested heavily in the working environment because it was important to provide staff with the very best to enable them to develop their careers and produce outstanding results.

"We want to retain our staff and to do this we understand the importance of staff morale, providing good rewards and showing our commitment through initiatives such as training."