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Kleinwort Benson appointed corporate finance adviser to Circuit of Wales

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Kleinwort Benson’s private merchant banking (PMB) team has been appointed as corporate finance adviser to the Circuit of Wales (CofW) development at Ebbw Vale in Blaenau Gwent, Wales.

Kleinwort Benson, a private bank which is now part of global financial institution Société Générale, will be responsible for advising CofW on the current financial structuring, capital placement and future financial strategy of the company. 
 
The GBP425 million Circuit of Wales regeneration project is aiming to become a hub for technology, innovation, culture and education and to attract leading OEMs, automotive and component manufacturers, sporting events, leisure and cultural activities and provide regeneration, training and job creation for Wales and its local communities.
 
Designed by Populous, the architect behind the 2012 London Olympics, the development hopes to have significant social and community benefits in what is one of the poorest regions in the UK. 
 
Martin Whitaker, CEO of the Circuit of Wales, says: “As we make progress towards turning the opportunity of the Circuit of Wales into reality, which will include hosting Britain’s round of the MotoGP World Championship, I am pleased that another significant financial institution has backed the project. This adds further confidence to the development of a facility that underpins the Welsh Government’s objective to demonstrate that Wales is ‘open for business’. We want to welcome Nigel Spray and his team at Kleinwort Benson. We look forward to benefiting from their experience of major infrastructure project delivery and financial expertise. This appointment is another important step towards delivering this exciting regeneration project.”
 
Nigel Spray, head of PMB at Kleinwort Benson, says: “We are delighted to be partnering with CofW to bring to fruition such an important recreational infrastructure project for the UK as a whole. The Circuit of Wales has the potential to be a huge force for good in Wales and in the auto tech / leisure industry. It will have significant social impact, create thousands of jobs, deliver annual urban regeneration benefits of GBP50 million and drive some 750,000 incremental visitors to the Valleys. Additionally, the site will attract significant inward investment and will play its part in maintaining the UK’s world leading position in this industry.”
 
Stephen Rickwood, commercial director of FCC Construction UK and Ireland, which is responsible for delivering the project, adds: “This is another major and positive appointment to the Circuit of Wales development and we are looking forward to working with the Kleinwort Benson team.
 
“FCC Construction is committed to delivering what is going to be the most innovative motor sport development in the world and reinforcing our credentials of creating major infrastructure projects, including other race tracks. Projects of this nature have a hugely positive impact on the local and surrounding communities.
 
“We are dedicated to ensuring the Welsh supply chain benefits from our involvement in this project and look forward to getting construction underway in the near future.”

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