The Big Conversation: setting Wales on course for recovery

AMANDA DOREL, WALES REGIONAL DIRECTOR, SME BANKING AT LLOYDS BANK

As businesses look to recover from the impact of the coronavirus pandemic, we asked the question: what does Wales need for its recovery?

At Lloyds Bank we knew we didn’t have all the answers. So we decided to ask businesses about the challenges they’re facing as they deal with the economic effects of Covid-19. We wanted to convene a series of expert conversations, bringing together businesses and industrialists to agree how best to address Welsh recovery.

Our latest research shows that businesses in Wales were among the most confident. Although overall confidence remains at a more muted minus 4 per cent, that’s nevertheless the highest reading in several months and it’s encouraging to see an upward trend of cautious optimism.

So, it was heartening to see that sentiment reflected when we brought together a range of Welsh companies as part of a series of virtual events called The Big Conversation to consider critical areas of support needed to help rebuild the local economy. Half of the businesses said they’re more innovative now than they were six months ago, and a third felt more resilient. No doubt this innovation has been prompted by firms’ needing to “pivot” to offer new products using the resources they already had at the start of the pandemic.

Hannah Williams of brewery Tiny Rebel agreed. “March 20 is a day I’ll never forget. Ninety per cent of our revenue came from bars and pubs. When they were told to close, we worked 24/7 to come up with different revenue streams. By switching to selling direct to customers online, and focusing on our partnerships with retailers, we’ve been able to plug the gap.”

Pet retailer PetPlace also had to think on its feet during lockdown. Managing director Sion Pritchard said that being able to scale up the business’s online service for pet owners to buy products was invaluable.

We’ve already supported many Welsh firms through our own £2bn Covid fund and Government loan schemes, but we know that recovery goes beyond financial help.

With this event we began a journey to understand the specific challenges identified by our business community, from accessing grants to helping retain employees to the creation of regional growth funds. We look forward to working with that community, and all those who are prepared to stand with us in support of businesses in Wales.