A MONMOUTH factory has received £75,000 from Monmouthshire County Council (MCC) and the Welsh Government following a successful application for hardship relief funding.

Tri-Wall Europe, based in Wonastow Road, Monmouth, applied for the funding after incurring losses in the last financial year.

The company is owned by Hong Kong based Tri-Wall Ltd and employs 130 people to work in its factory, 70 per cent of whom live in Monmouthshire.

MCC’s Cabinet met last Wednesday (15th June) to approve the funding. £18,750 will be taken from earmarked reserves within MCC and 75 per cent of the relief will be funded by the Welsh Government.

Under the Local Government Finance Act 1988 MCC can reduce or remit the business rate of a company if the ratepayer would suffer hardship if the council did not act.

MCC leader Peter Fox said: “Tri-Wall is a significant employer in the Monmouth area. All of us go through struggles at times. It’s important to do all we can to support them.

“I’m heartened by the future and the direction Tri-Wall is heading.”

Senior members of staff at Tri-Wall are positive about the position of the company and are pleased with its prospects for the future.

Tri-Wall’s general manager Philip Rees welcomed the positive news. He said: “The company is in a profitable and strong position to grow.” He cited the reason for the losses was due to exchange rates.

Kyle Baker, chief financial officer of Tri-Wall, is pleased with the result and said the company is now even in a position to hire more staff.

Chairman of Tri-Wall Yuki Suzuki said he had strong feelings that the company will do well, move ahead and grow.