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Award of Review of the Business Finance Landscape in Wales

Development Bank of Wales

This public procurement record has 3 releases in its history.

Award

21 Oct 2026 at 10:03

UK6 - Contract Award Notice
Tender

03 Sep 2026 at 16:10

UK4 - Tender Notice
Planning

13 Aug 2026 at 14:56

UK2 - Preliminary Market Engagement Notice
Summary of the contracting process

The Development Bank of Wales commissioned an independent review of how well public, private and alternative finance meets Welsh businesses’ current and future needs. The work maps finance provision and assesses supply and demand, identifying funding gaps, market frictions, affordability constraints and potential market failures. It also includes targeted engagement with stakeholders and evidence-led findings and recommendations to inform decisions. The initial phase is the confirmed requirement. The bank may commission additional thematic research, data collection, engagement or further synthesis, depending on the initial findings and subsequent decisions. Possible themes include venture and scale-up finance, ownership succession, commercial property and infrastructure finance. Delivery is focused on the business finance landscape in Wales.

The procurement is complete and was awarded to Grant Thornton UK Advisory & Tax LLP following an open procedure. The award date was 19 October 2026. The Phase 1 award is £125,000 excluding VAT (£150,000 including VAT). The contract runs from 26 October 2026 to 25 October 2027, with options to extend for up to three further 12-month periods, to a maximum end date of 25 October 2030. Additional thematic work is optional and not guaranteed. Evaluation weighted methodology and research approach at 25%, relevant project and team experience at 20%, programme management and delivery at 15%, and price at 15%. Understanding of the brief and quality assurance each carried 10%, and social value and sustainability 5%.

This award shows demand for economic consultancy or research providers able to analyse business finance in Wales and produce independent, decision-ready evidence. A credible competitor would need strong quantitative and qualitative research skills, including mapping finance supply and demand, assessing public, private and alternative provision, and identifying gaps, constraints and market failures. Relevant experience could include economic or policy research, SME and development finance, access to finance or regional economic development. Understanding the Welsh economy, its policy environment and business base is important, or suppliers must be able to develop and apply that understanding. Delivery also calls for effective stakeholder engagement, sound research governance, data validation, peer review and scrutiny of assumptions, alongside a suitably qualified team with enough capacity to deliver reliably. The assessment also valued practical social value and sustainability commitments.

How relevant is this notice?

Notice Information

Notice Title

Award of Review of the Business Finance Landscape in Wales

Notice Description

The Development Bank of Wales has completed an open procedure for the appointment of an appropriately qualified economic consultancy or research provider to undertake an independent review of the business finance landscape in Wales. The contract covers an initial Phase 1 review to assess how effectively current public, private and alternative finance provision meets the present and anticipated future needs of businesses in Wales. It includes mapping the existing finance landscape, assessing supply and demand, identifying finance gaps, market frictions, affordability constraints and potential market failures, undertaking targeted stakeholder engagement, and producing independent, evidence-led and decision-ready findings and recommendations. The contract also includes options for additional thematic research or related services, subject to the outcomes of Phase 1, budget availability, internal approvals and future commissioning decisions. These optional services are not guaranteed. Following evaluation of the tenders received, the Development Bank of Wales intends to enter into the contract with Grant Thornton UK Advisory & Tax LL. The contract has an initial term of 12 months, with options to extend by up to three further 12-month periods The value stated in this notice reflects the awarded Phase 1 requirement only. As detailed in the tender documentation and UK4 Tender Notice, additional phases may be commissioned subject to the availability of Welsh Government funding and may increase the total contract value.

Lot Information

Lot 1

Options: Subject to the outcomes of Phase 1, budget availability, internal approvals and future commissioning decisions, the Development Bank of Wales may require additional thematic research or related services. Potential additional work packages may include: venture, innovation and scale-up finance; ownership transition and succession finance; commercial property, premises and development finance; infrastructure, project finance and capital structuring; additional data collection or stakeholder engagement; focused updates or refreshes to the Phase 1 evidence base; and final synthesis, policy analysis and reporting. These additional work packages are not guaranteed. The Development Bank of Wales gives no commitment regarding the volume, value or timing of optional services that may be commissioned.

Renewal: 3 years in 12 month increments

Planning Information

Interested suppliers should register on the relevant procurement portal following publication of this notice and ensure their supplier profile and contact details are up to date. The procurement will be conducted as an Open Procedure in accordance with the Procurement Act 2023, with all procurement documents issued through eTenderWales. As part of the engagement process, EIW is seeking to increase market awareness and provide suppliers with an opportunity to understand the requirement, anticipated contract scope, procurement timetable and submission requirements. Any clarification questions should be submitted through the portal to ensure equal treatment and transparency. Responses will be shared with all interested suppliers where appropriate. Suppliers are encouraged to review all published documentation and monitor the portal for updates, clarifications and any supplementary information issued during the engagement period. The engagement period will close on 20 August 2026 (estimated), after which the tender opportunity will proceed in accordance with the published procurement documents.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-06e3be
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/099293-2026
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
UK6 - Contract Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

75 - Administration, defence and social security services

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

73000000 - Research and development services and related consultancy services

75210000 - Foreign affairs and other services

79400000 - Business and management consultancy and related services

Notice Value(s)

Tender Value
£125,000 £100K-£500K
Lots Value
£125,000 £100K-£500K
Awards Value
£125,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
21 Oct 20266 days ago
Submission Deadline
28 Sep 2026Expired
Future Notice Date
3 Sep 2026Expired
Award Date
19 Oct 20261 weeks ago
Contract Period
26 Oct 2026 - 25 Oct 2027 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Development Bank of Wales
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
CARDIFF
Postcode
CF10 4BZ
Postcode Area
Cardiff
Country
Wales
Major Region (ITL 1)
TLL Wales
Basic Region (ITL 2)
TLL5 South East Wales
Small Region (ITL 3)
TLL52 Cardiff and Vale of Glamorgan
Delivery Location
Not specified
Local Authority
Cardiff
Electoral Ward
Butetown
Westminster Constituency
Cardiff South and Penarth

Supplier Information

Number of Suppliers
1
Supplier Name

Grant Thornton UK LLP

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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