Leading Travel technology firm Comtec, have opened their brand new offices in North Cardiff. Comtec HQ in Vision Court, Pentwyn was officially opened by the Economy Minister Edwina Hart earlier this afternoon.
Comtec, previously based in Cwmbran, was bought by a group of investors last September. The deal was led by current CEO Mike Russell and Comtec’s original founder, ESTnet Chairman Simon Powell, with the backing of Finance Wales. The firm now employs more than 70 staff and continues to grow with plans to increase numbers to over 80 in the next nine months.
The move to Cardiff comes as Comtec has announced a projected turnover of £5.1million for 2015 with a gross profit of £1.1million after a £2.0m loss in 2014.
The offices will provide Comtec employees with a purpose-built modern space to work from, as well as access the talent pool of new graduates leaving South-Wales universities. The move represents a new start to the business, which reflects the huge steps that have been taken in the 12 months since the buy-out.
Comtec is a leading supplier of travel technology to many travel businesses from small retail businesses to large tour operators, including market leaders, Dnata (Gold Medal Travel), TUI Travel and Thomas Cook. It was originally founded in 1995 by Simon Powell, before he sold the company in a £27 million management buyout in 2008.
Simon Powell commented, “We’re delighted to have relocated Comtec to brand new offices in Cardiff, and I’m immensely proud that the Minister has been able to join us for the opening today. Initiatives such as Finance Wales and the Single Investment Fund programme have been very important in helping us to build the businesses across Wales. Comtec has benefited greatly from these.
“We’re passionate about discovering the next generation of talent and Wales has huge potential to produce the skilled tech professionals of the future, and I am pleased the Welsh Government is supporting initiatives to ensure that young people are encouraged to consider pursuing a career in IT.”
The Welsh Government has established an active research community across academia and business to identify ICT skills shortages and support the development of the sector across Wales. Simon Powell supports a number of these initiatives, currently sitting as Co-Chair of EstNet and member of the Renewport panel.
Edwina Hart, Minister for Economy, Science and Transport said: “The ongoing development of Comtec is a success story for the Welsh economy and I am pleased it is benefiting from support through the Welsh Government and Finance Wales. ICT is one of our key economic sectors with high growth potential so it’s very welcome news to see a home grown company expanding and creating jobs.