Graduates of the University of South Wales are soon to benefit from an exciting new lease of life for Royal Chambers, a suite of offices above Newport’s Indoor Market.
Recently refurbished by Newport Unlimited, the offices have been transformed to become a business incubator, The Business Loft, where new and graduate businesses will be offered office space, hot desks, meeting rooms, mentoring and development support.
Chrissie Webber, the new Business Incubation Manager at the University of South Wales, said: “This is a great opportunity for the Bright Ideas team at the University to expand on their successful support of 8% of graduates to start their own business within 6 months of graduating, where the national average is just 3%.
“Helping students’ transition into successful business that employ more people and grow the economy of Wales is high on the agenda of the new University. We are therefore delighted to be working closely with Newport Unlimited on this new venture.”
The University is working in association with Community Interest Company, IndyCube, to develop a co-working, collaborative environment at The Business Loft, which encourages creativity, business collaborations and peer support.
“This way of working offers a unique opportunity for the businesses to grow and develop,” Chrissie added.
The Business Loft offers accommodation for up to 50 people, with five individual offices and two large open plan rooms for hot desks, as well as a creativity space within a coffee and meeting area so that the businesses can share ideas, support each other and work collaboratively.
Hamish Munro, Head of Regeneration at Newport Unlimited, said: “Newport Unlimited was delighted to support this exciting new project by providing funding for The Business Loft.
“The creation of new, independent businesses is essential for the ongoing regeneration of Newport and will also help to stimulate the wider economy.
“The Business Loft will bring a new generation of entrepreneurs into the city and offer them the support they need to develop their ideas, and get them up and running.”
With office space for new and small businesses at a premium in Newport, the University’s Business Loft will provide a much needed boost to both new businesses and the local economy.