Holmes appointed as first chair of new partnership project
THE founding partner of Gambit Corporate Finance, Frank Holmes, has been appointed the first chair of the Cardiff Capital Region’s regional economic growth partnership (REGP).
The partnership’s role will include scrutinising projects seeking backing from the region’s £1.2bn City Deal.
The REGP, which is currently being established, will directly advise the Cardiff Capital Region’s (CCR) regional cabinet – made up of its 10 local authority leaders – and be responsible for reviewing the regional economic strategy underpinning the City Deal.
The leaders have still to finalise the projects that will be included in the deal – although £38m has already been assigned to support the creation of the world’s first compound semiconductor cluster in Newport.
Projects will need to be agreed by all ten.
A final economic plan for the City Deal also needs to be signed off, although there is no set deadline.
While the REGP will be able to question and challenge proposed projects, drawing on their collective expertise, they will not have a veto position.
The board will consist of a chair and between six to 12 other members.
They will be drawn from a range of stakeholder groups in the city region’s economy, including the private, third and education sectors, as well as local government.
The board will also have an advocacy role in promoting the region as an inward investment and tourism location to the world.
Of the £1.2bn for the City Deal, some £734m has already been ringfenced for the next phase of the Metro in south east Wales, with electrification of the core Valley Lines.
Over the next 20 years the City Deal and its projects aims to create 25,000 new jobs and leverage a further £4bn of private sector finance.
The deal is being backed by the UK and Welsh governments, along with the borrowing powers of the 10 local authorities.
Mr Holmes has been appointed following an open application process.
The corporate financier has been a leading advisor on numerous fundraising projects, both in Wales and abroad. Gambit has its head office in Cardiff Bay, but also has a presence in London.
In all, Gambit has advised on more than 300 business deals across the city region, including those involving IQE, ACT Training and Peter’s Food Services.
As chair Mr Holmes will lead the partnership, chair board meetings, collate the views of stakeholders, and communicate and represent the recommendations of the partnership to the CCR regional cabinet.
His first mission will be to work with the CCR regional cabinet to appoint the REGP board members.
The closing date for applications has been extended to this Friday.
Mr Holmes said: “I feel very honoured to have the opportunity to chair and guide a board of members with diverse disciplines and champion the city region, which I believe is a deliverable challenge and a fulfilling extension of my career to date.”
Andrew Morgan, chair of the CCR regional cabinet and leader of Rhondda Cynon Taf County Borough Council, said: “We’re very pleased to count Frank Holmes among our collaborators for the CCR City Deal project.
“The REGP plays a critical role in looking at the decisions we make, and provides a different perspective from private, public and third sector partners in assessing the effectiveness of our investment proposals.
“Frank met all our requirements for this demanding role. He understands the context of the REGP, is experienced at dealing with numerous stakeholders, and has an extensive network, across sectors, at sen- ior leadership level. I am confident he will thrive as first chair of the REGP.”
Huw Thomas, the CCR’s portfolio co-leader on economic development and leader of Cardiff Council, said: “We’re delighted to announce Frank as the chair of the REGP.
“His experience of working with business across the entire city region will be invaluable in making sure the decisions are the best ones to help grow the economy of the Cardiff Capital Region.
“Working with Frank, we will establish the wider board of the partnership, who will play a vital role in assessing our investment strategy for the city region.”
Mr Holmes’ unpaid role is for a three-year term.
He is also a governor of Cardiff Metropolitan University and Llandaff Cathedral School, and chairs the board of trustees of Bobath Children’s Cerebral Palsy Therapy Centre, which he has supported for 15 years.
The CCR City Deal covers the local authorities of Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Merthyr Tydfil, Monmouthshire, Newport, Rhondda Cynon Taf, Torfaen and the Vale of Glamorgan.