The Welsh Innovation Centre for Enterprise (ICE), the Caerphilly-based business start-up hub, has announced a £1 million expansion with the purchase of a neighbouring building.
Welsh ICE’s parent company, WCR Ltd, has bought the ‘Octagon’ building on Caerphilly Business Park and will lease it back to its subsidiary.
The acquisition will take the floor space of Welsh ICE to just over 27,500 square foot, which will allow it to increase its capacity as well as offer more memberships to entrepreneurs.
There are currently around 120 members at Welsh ICE, of which Caerphilly Observer is one, and since its launch in 2012 it has supported more than 160 businesses. An independent report published earlier this year estimated that ICE had contributed £13.8m to the Welsh economy since it began, helping to create around 375 jobs.
Gareth Jones, Welsh ICE CEO, said: “We are thrilled with this new addition to our current properties, Britannia House and the Lodge, as it allows us to create an ICE campus and offer more help to the growing start-up community in South Wales.
“We already have a waiting list of people wanting office space in ICE buildings and the purchase of the Octagon means that we will be able to welcome them into our community sooner than anticipated.”
Mr Jones added: “Current Octagon residents will be unaffected by the purchase, but they will get the opportunity to join the ICE campus and community and take advantage of all the help, guidance and support that our great team offer.”
Welsh ICE is also opening its new co-working space, the Courtyard, which will house an extra 25 desks for new businesses. The Octagon will be available for new tenants from September. The two new spaces could help to create up to 100 new jobs.
Welsh ICE offers bursaries to eligible early-stage entrepreneurs to help them pay for office space, as well as offering them support and mentoring advice.