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UK4

Review of the Business Finance Landscape in Wales

  • First published: 03 September 2026
  • Last modified: 03 September 2026
  • Version: 1
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To record your interest or obtain additional information or documents please find instructions within the Full Notice Text. (NOTE: Contract Award Notices and Prior Information Notices do not normally require a response)

Contents

Summary

OCID:
ocds-h6vhtk-06e3be
Published by:
Development Bank of Wales
Authority ID:
AA0555
Publication date:
03 September 2026
Deadline date:
28 September 2026
Notice type:
UK4
Has documents:
No
Has SPD:
No
Has Carbon Reduction Plan:
N/A

Abstract

The Development Bank of Wales is seeking to appoint an appropriately qualified economic consultancy or research provider to undertake an independent review of the business finance landscape in Wales.

The Development Bank of Wales will act as the contracting authority and will enter into the contract with the successful supplier. Economic Intelligence Wales, the independent research arm of the Development Bank of Wales, is the project sponsor and commissioning body for the requirement. Economic Intelligence Wales will be responsible for shaping the research scope, providing subject matter input and supporting the delivery of the contract.

The review will assess how effectively current public, private and alternative finance provision meets the present and anticipated future needs of businesses in Wales. It will identify key gaps, frictions, affordability constraints, market failures, risks and opportunities within the Welsh business finance market.

The work is expected to provide the Development Bank of Wales, Welsh Government and wider stakeholders with an independent, robust and evidence-led assessment of the Welsh business finance landscape. The successful supplier will be required to produce practical, policy-relevant and decision-ready outputs suitable for senior policy, delivery and stakeholder audiences.

Core requirement

The initial commission will focus on Phase 1, which is expected to include:

mapping the current business finance landscape in Wales;

assessing the supply of, and demand for, business finance;

reviewing the role and availability of public, private and alternative finance;

identifying finance gaps, market frictions, affordability constraints and potential market failures;

examining the public finance and policy context;

assessing current and emerging trends affecting the future demand for and supply of finance;

identifying evidence and data gaps;

undertaking proportionate and targeted stakeholder engagement;

setting out headline policy and delivery implications; and

producing clear, credible and decision-ready findings and recommendations.

The detailed requirements, deliverables, milestones and reporting arrangements are set out in the procurement documents.

Optional services

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.

Full notice text

Scope

Procurement reference

DBW00226.00

Procurement description

The Development Bank of Wales is seeking to appoint an appropriately qualified economic consultancy or research provider to undertake an independent review of the business finance landscape in Wales.

The Development Bank of Wales will act as the contracting authority and will enter into the contract with the successful supplier. Economic Intelligence Wales, the independent research arm of the Development Bank of Wales, is the project sponsor and commissioning body for the requirement. Economic Intelligence Wales will be responsible for shaping the research scope, providing subject matter input and supporting the delivery of the contract.

The review will assess how effectively current public, private and alternative finance provision meets the present and anticipated future needs of businesses in Wales. It will identify key gaps, frictions, affordability constraints, market failures, risks and opportunities within the Welsh business finance market.

The work is expected to provide the Development Bank of Wales, Welsh Government and wider stakeholders with an independent, robust and evidence-led assessment of the Welsh business finance landscape. The successful supplier will be required to produce practical, policy-relevant and decision-ready outputs suitable for senior policy, delivery and stakeholder audiences.

Core requirement

The initial commission will focus on Phase 1, which is expected to include:

mapping the current business finance landscape in Wales;

assessing the supply of, and demand for, business finance;

reviewing the role and availability of public, private and alternative finance;

identifying finance gaps, market frictions, affordability constraints and potential market failures;

examining the public finance and policy context;

assessing current and emerging trends affecting the future demand for and supply of finance;

identifying evidence and data gaps;

undertaking proportionate and targeted stakeholder engagement;

setting out headline policy and delivery implications; and

producing clear, credible and decision-ready findings and recommendations.

The detailed requirements, deliverables, milestones and reporting arrangements are set out in the procurement documents.

Optional services

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.

Main category

Services

Delivery regions

  • UK - United Kingdom

Total value (estimated, excluding VAT)

125000.00 GBP to 125000.00GBP

Contract dates (estimated)

26 October 2026, 00:00AM to 25 October 2027, 23:59PM

Extension end date (if all the extensions are used): 25 October 2030

Contracting authority

Development Bank of Wales

Identification register:

  • GB-PPON

Address 1: Development Bank of Wales plc

Town/City: Cardiff

Postcode: CF10 4BZ

Country: United Kingdom

Website: http://www.developmentbank.wales

Public Procurement Organisation Number: PCWM-6438-QYVP

Contact name: Leanne Millard

Email: leanne.millard@developmentbank.wales

Telephone: +442920801715

Organisation type: Public authority - central government

Devolved regulations that apply: Wales

Procedure

Procedure type

Open procedure

Is the total value above threshold?

Above threshold

Lots

Divided into 1 lots

Lot number: 1

CPV classifications

  • 73000000 - Research and development services and related consultancy services
  • 79400000 - Business and management consultancy and related services
  • 75210000 - Foreign affairs and other services

Delivery regions

  • UK - United Kingdom

Lot value (estimated)

125000.00 GBP Excluding VAT

150000.00 GBP Including VAT

Sustainability

Small and medium-sized enterprises (SME)

Contract start date (estimated)

26 October 2026, 00:00AM

Contract end date (estimated)

25 October 2027, 23:59PM

Extension end date (estimated)

25 October 2030, 23:59PM

Can the contract be extended?

Yes

Description of extensions

3 years in 12 month increments

Does the lot include options?

Yes

Description of 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.

Participation

Conditions

Economic

Conditions of participation

Suppliers must demonstrate that they have the legal and financial capacity and the technical ability necessary to perform the contract.

The conditions of participation are set out in full in the procurement documents.

Conditions

Economic

Conditions of participation

Suppliers must demonstrate:

relevant experience of economic, policy and market research;

experience relating to business finance, SME finance, access to finance, regional economic development or comparable subject areas;

the ability to map and assess public, private and alternative finance provision;

experience of identifying market gaps, constraints, frictions and market failures;

strong quantitative and qualitative analytical capability;

experience of evidence assessment, data analysis and targeted stakeholder engagement;

an understanding of the Welsh economy, policy environment and business base, or the ability to obtain and apply this understanding;

the ability to produce independent, credible and decision-ready research outputs;

appropriate research governance and quality assurance arrangements; and

sufficient suitably qualified personnel and capacity to deliver the contract within the required timetable.

Award criteria

Type: quality

Name

Understanding of the brief

Description

Understanding of the requirement and Welsh business finance context

Weighting: 10.00

Weighting type: percentageExact

Type: quality

Name

Proposed methodology and research approach

Description

Proposed methodology and research framework

Weighting: 25.00

Weighting type: percentageExact

Type: quality

Name

Programme management, deliverability and governance

Description

delivery plan for Phase 1

Weighting: 15.00

Weighting type: percentageExact

Type: quality

Name

Experience of similar projects and team capability

Description

demonstrate your experience in economic and policy-facing research, finance market analysis, SME finance, development finance or regional economic development.

Weighting: 20.00

Weighting type: percentageExact

Type: quality

Name

Quality assurance and output quality

Description

quality assurance process for this commission, including peer review, data validation and review of assumptions.

Weighting: 10.00

Weighting type: percentageExact

Type: quality

Name

Social value and sustainability

Description

describe how your organisation will deliver proportionate social value through this contract.

Weighting: 5.00

Weighting type: percentageExact

Type: price

Name

Pricing schedule

Weighting: 15.00

Weighting type: percentageExact

Contract terms and risks

Payment terms

DBW currently operates a standard payment term of 30 days following receipt of an accurate invoice. All invoices are required to include the unique identifier DBW00226.00. Failure to provide this number within the invoice may result in the invoice being rejected and payments being delayed.

Description of risks to contract performance

The following risks may jeopardise the satisfactory performance of the contract and should be considered by tenderers when preparing their tender responses. These risks may also be relevant to any future contract management decisions or lawful contract modifications, where permitted under the Procurement Act 2023 and the procurement documents. The risks include: incomplete, unavailable or inconsistent evidence or data; changes in Welsh Government policy priorities or related public finance work; stakeholder availability or engagement challenges, including Welsh-medium engagement requirements; delays to agreed milestones, draft outputs or final reporting; scope refinement following Phase 1 findings; the need to confirm, refine, defer, omit or commission further thematic deep-dive work after the Phase 1 review point; publication, confidentiality or commercially sensitive information issues; analytical independence or conflict of interest concerns; information security, data protection or AI-related risks; key personnel or specialist capability changes; affordability, budget or value-for-money constraints; and any other risk that could affect delivery quality, timetable, outputs, governance, stakeholder confidence or the usefulness of the review. Phase 1 only is confirmed at award.

Further thematic work may be confirmed, refined, deferred or omitted after the Phase 1 review point.

Potential future outputs may include:

venture, innovation and scale-up finance;

infrastructure, project finance and capital structuring;

ownership transition and succession finance;

commercial property, premises and development finance; and

final synthesis work.

Any later work will depend on evidence, priorities, budget, capacity, policy context and governance approval.

Data quality, stakeholder access, Welsh-medium engagement, confidentiality/publication and AI assurance are all potential delivery risks.

Submission

Tender submission deadline

28 September 2026, 12:00PM

Enquiry deadline

21 September 2026, 12:00PM

Date of award of contract

12 October 2026, 23:59PM

Submission address and any special instructions

https://etenderwales.ukp.app.jaggaer.com/home.html

May tenders be submitted electronically?

Yes

Languages that may be used for submission

  • English

Documents

ID

L-1

Document type

Bidding documents

Description

Invitation to tender

ID

L-2

Document type

Technical specifications

Description

Please review tender documentation

ID

conflictOfInterest

Document type

Conflict of interest

Description

Not published

Coding

Commodity categories

ID Title Parent category
79400000 Business and management consultancy and related services Business services: law, marketing, consulting, recruitment, printing and security
75210000 Foreign affairs and other services Provision of services to the community
73000000 Research and development services and related consultancy services Research and Development

Delivery locations

ID Description
100 UK - All

Document family

Notice details
Publication date:
13 August 2026
Deadline date:
31 August 2026 23:59
Notice type:
UK2
Version:
1
Authority name:
Development Bank of Wales
Publication date:
03 September 2026
Deadline date:
28 September 2026 12:00
Notice type:
UK4
Version:
1
Authority name:
Development Bank of Wales

About the buyer

Main contact:
n/a
Admin contact:
n/a
Technical contact:
n/a
Other contact:
n/a

Further information

Date Details

0800 222 9004

Lines are open 8:30am to 5pm Monday to Friday.

Rydym yn croesawu galwadau'n Gymraeg.

We welcome calls in Welsh.