Lloyds Development Capital (LDC), a mid-market private equity house and subsidiary of Lloyds Banking Group, has launched an office in Cardiff, which will be led by Dewi Hughes.

The move comes after the company pledged to invest £1.2bn in British businesses over the next three years.

The firm said that the new office will complement its established office in Bristol.

Dewi, a chartered accountant with 20 years’ experience in M&A, joined LDC from Deloitte where he has led the Big Four firm’s corporate finance advisory team in Cardiff in recent years.

Dewi started his career at Ernst & Young in 1993 before moving to Deloitte in 2007. He has extensive experience of local, national and international mergers and acquisitions.

LDC chief executive Martin Draper said: "The private equity landscape in Wales is increasingly attractive. With both the rate and scale of deal activity intensifying, it is the optimum time for us to invest in a permanent base in Wales and support ambitious management teams across the country in achieving their growth ambitions.

"Dewi’s experience and expertise, as well as his standing in the local business community, make him an ideal fit for our strategic objectives in the Welsh market."