It’s been on and off and then on again more times than a hot tap but this week the Circuit of Wales took another step forward with news of a potential £100m investment.

London-based merchant bank Kleinwort Benson has promised to invest £100m into the scheme to cover the final piece of private funding for the project to go ahead.

Nigel Spray, managing director of the firm revealed the plans and said it would make up the final part of the funding needed to get the project back on track.

“The Circuit of Wales has the potential to be a huge force for good in Wales, in the auto tech and leisure industry and as an important recreational infrastructure project for the UK as a whole,” he said.

The announcement follows a series of setbacks for the £400m project including a cooling of enthusiasm by the Welsh government itself.

It seemed like the ambitious scheme was dead in the water earlier this year when the Welsh Government rejected the last funding package.

Although nothing new has yet been formally submitted, is expected to happen in the news few weeks and it is hoped that this could be the kick-start needed to get the project moving again.