A NEW finance company headquarters will bring hundreds of well-paid jobs - with salaries up to £40,000 a year - to Gwent.

Picture Financial Group will set up base at the Celtic Lake Business Park, near Newport.

At first around 70 staff will be employed, but that will increase to 250 by 2008 to support the growth of the business.

Neville Allport, founder and chief executive, said: "The launch of the company represents a tremendous opportunity to build a business that will become a major name in the consumer finance sector."

Mr Allport said his company had chosen the location after considering several others. He said: "The availability of skilled and experienced staff, a suitable building and the valuable support of the Welsh Assembly administration led us to select Gwent."

Mr Allport said that the jobs would be highly paid, with sales loan consultants enjoying salaries of £40,000.

The decision to locate the business in Gwent was welcomed by Economic Minister Andrew Davies, who said: "This is good news for Wales' newest city, Newport, and further demonstrates the importance of Wales as the business location choice for many companies.

"The Assembly administration is keen to support companies through its Regional Selective Assistance support scheme to build a stronger and more prosperous economy."

Newport West Assembly Member Rosemary Butler also welcomed the news, and said it was a result of the regeneration of the area following years of industrial decline.

Ms Butler told the Argus: "These are highly skilled and well-paid jobs that will provide fantastic opportunities for local people.

"It is a testament to Newport's revival, with world-class sporting and arts facilities like the velodrome and the Riverfront centre helping to raise our profile and bring in investment.

"Our academic results are excellent, and as the chief executive says, it means that we have the skilled workforce that these companies need." Picture Financial Group, operating in the UK-secured personal loans market, is now looking for recruits from across Gwent.