Mae hwn yn fersiwn HTML o atodiad i'r cais Rhyddid Gwybodaeth 'Wales Government Grant to Guardian Wealth Management'.

Adran yr Economi, Gwyddoniaeth a Thrafnidiaeth 
Department for Economy, Science and Transport

Your Ref:
Our Ref: ATISN 8451
Graham Warlow
12 June, 2014
Dear Mr Warlow 
Request for Information – Reference ATISN 8451
I wrote to you on 19 May regarding your request for information.  In your request you asked
for all documents and letters relating to the Welsh Government grant of £850K to Guardian 
Wealth Management in 2012.
I confirm that we hold information relating to your request, some of which is attached at 
Annex B.  I have concluded that the remainder of the information is exempt from disclosure 
under section 43(2) of the Freedom of Information Act 2000 (FOIA). Exempt information has 
been blanked out if it was on the same page as information I have provided. Full reasoning 
for applying this exemption is detailed at Annex A. 
If  you  believe  that  I  have  not  followed  the  relevant  laws,  or  you  are  unhappy  with  this 
response, you may request an internal review by writing to:
Mick McGuire, Director, Sectors and Business
Department for Economy, Science and Transport 
QED Centre, Treforest Industrial Estate, Treforest, CF37 5YR
When dealing with any concerns, I will follow the principles set out in the Welsh 
Government’s Code of Practice on Complaints which is available on the Internet at or by post.  You also have the right to complain to the Information 
Commissioner.  Normally, however, you should pursue the matter through our internal 
procedure before you complain to the Information Commissioner. The Information 
Commissioner can be contacted at:
Canolfan QED Centre
Main Avenue
Ystad Trefforest 
/Treforest Industrial 
CF37 5YR

Information Commissioner’s Office
Wycliffe House, Water Lane, Wilmslow, Cheshire, SK9 5AF
Tel: 01625 545 745 / Fax: 01625 524 510
Also, if you think that there has been maladministration in dealing with your request then 
you may make a complaint to the Public Services Ombudsman for Wales who can be 
contacted at:
Public Services Ombudsman for Wales,
Ffordd yr Hen Gae, Pencoed, Bridgend, CF35 5LJ
Yours sincerely
Jonathan Hughes
Business Development Manager 

Annex A
ATISN 8451 – Application for Exemption 
Section 43(2) 
Section  43(2)  states  that  "Information  is  exempt  if  its  disclosure  under  this  Act  would,  or 
would  be  likely  to,  prejudice  the  commercial  interests  of  any  person  (Including  the  public 
authority holding it)".
This  exemption  is  a  qualified  exemption.    I  must  therefore  demonstrate  that  if  the 
information were released, the resultant harm to the matters the exemptions are seeking to 
protect would be substantial.  I must also demonstrate that the public interest in withholding 
the information outweighs the public interest in releasing the information. 
The  exemption  is  engaged  where  disclosure  would  prejudice  the  legitimate  commercial 
interests of any party, including the Welsh Government.  The intention behind the exemption 
is to prevent the disclosure of information that could cause serious harm to the commercial 
interest  of  any  individual/organisation  that  is  their  ability  to  successfully  participate  in  a 
commercial activity. 
For information to be withheld under this exemption it is not sufficient for the information to 
be “commercial” in nature, but rather the disclosure of the information would, or would be 
likely  to,  prejudice  the  ability  of  that  organisation  from  which  it  originates  to  engage  in 
legitimate commercial activities.
Substantial harm test 
We consider that releasing documentation relating to the company’s grant application which 
includes highly confidential information and intellectual  property, for example the forecasts 
of individual grant instalments, targets and full details about the eligible  expenditure could 
give away sensitive information about the company in question and cause them substantial 
harm.  The  information  captured  contains  cost  information,  product  sales  forecast
information, information relating to the financial and business viability of the company and 
their  Strategic  Business  Plan,  detailing  amongst  other  things,  their  business  ideas  and 
projects.  It  also  contains  ongoing  financial  reports,  information  regarding  property  lease 
negotiations and information regarding other legal matters. 
Public Interest Test 
The  general intention  of  the  Freedom  of  Information  Act  is  to  make  information  held by  a 
public  authority  available  to  the  public  and  to  help  them  gain  a  better  understand  the 
decisions made by government. Those in receipt of public money should expect a degree of 
public interest and scrutiny in how that money is to be, or has been, used to meet a strong 
public interest in seeing that government gets the best value from the public purse.
The  disclosure of  the information  caught  by this  request,  which  as  stated above  includes,
highly confidential information, for example the forecasts of individual grant instalments and 
full  details  about  the  eligible  expenditure  could  give  away  sensitive  information  about  the 
company in question. The information also contains cost information, product sales forecast 
information, information relating to the financial and business viability of the company and 
their  Strategic  Business  Plan  detailing  amongst  other  things  their  business  ideas  and 

The  company’s  concern  and  ours  is  that  if  this  information  was  released  into  the  public 
domain  it  would  have  a  detrimental  impact  on  the  company  in  question.    The  release  of 
information  at  this  time  would  be  of  interest  to  any  commercial  competitor  and  would 
disadvantage the company in terms of tendering for future work and weaken their position in 
a  competitive  market.    If  we  were  to  put  into  the  public  domain  details  of  any  special 
conditions of grant this would provide those competitors with sufficient information to identify 
certain  aspects  of  the  company’s  financial  position  and  this  would,  we  believe,  result  in 
substantial  harm  to  their  future  viability.  It  is  not  in  the  public  interest  that  the  Welsh 
Government should put any business at a competitive disadvantage. 
In conclusion, we believe that the balance of the public interest therefore falls in favour of 
withholding this information. 

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