'Target young companies' MPs told

AppId is over the quota
AppId is over the quota
15 September 2011 Last updated at 11:18 GMT Wales should attract young businesses instead of chasing big international companies, one of the most successful businesses in the country has said.

Insurance group Admiral told MPs that start-up enterprises could help the economy grow.

Chief operating officer David Stevens said Wales should target businesses that could move "lock stock and barrel".

He was speaking to a parliamentary inquiry on inward investment.

Mr Stevens said companies with their headquarters and senior management teams in Wales were more valuable than "off-shoots of big companies based elsewhere".

"Businesses with only 'muscle' in Wales are more likely to withdraw in hard times or if cheaper location options emerge," he said.

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