Welsh deputy minister for skills, Jeff Cuthbert, has announced a further £5m funding for additional apprenticeship places for newly recruited young people aged 16-24.

Speaking at the National Training Federation Wales conference in Llandudno, Cuthbert also set a challenge for the Work Based Learning Network to engage with those employers who do not already offer apprenticeships and find more opportunities for the young people of Wales.

He said: "In today's market an apprenticeship holds as much value as a place at a top university, but it is only by raising the value and profile of apprenticeships that they will gain the parity of esteem with more traditional academic routes."

Julian Leybourne, chief executive of ICON Traning and chair of CIMSPA Wales, says the announcement is a "golden opportunity" for the leisure industry.

He said: "This announcement - alongside the recent change in status for sport as a high priority sector – will provide an ideal opportunity for employers to harness the power of apprenticeships to make viable business investment with a high rate of return.

"Jeff Cuthbert gave a challenge to the work-based learning network to engage with employers who have not been aware of or committed to the benefit of apprenticeships.

"This challenge must be met and all of us involved in training and development should heavily promote this golden opportunity.

"We're confident that the additional funding will be welcomed by employers who want to seek cost-effective solutions to employment as well as building a legacy for the future following Wales' huge success in the London 2012 Olympic and Paralympic Games. "

• Earlier this year, ICON Training was awarded seven Grade 1s by an Ofsted inspection - the first time a leisure company has been assessed as outstanding in each category.