Business
Alex Lovén named richest young person in Wales
ALEX Lovén has been named the richest young person in Wales according to the 2024 edition of The Sunday Times Rich List, published online today and in print on Sunday, 19 May. The comprehensive list, detailing the wealth of the 300 richest individuals in Britain, includes a special focus on young entrepreneurs under 40.
The 76-page edition of The Sunday Times Magazine reveals significant trends, including a notable decrease in the number of billionaires, from a peak of 177 in 2022 to 165 this year. The combined wealth of the top 350 individuals and families amounts to £795.361 billion, surpassing the annual GDP of Poland.
Key Welsh Figures
Sir Michael Moritz and Harriet Heyman have been identified as the richest people in Wales, with their wealth increasing by £1.27 billion to a total of £4.603 billion. Moritz, originally from Cardiff, made his fortune through early investments in tech giants such as Google, PayPal, and YouTube.
Lovén, aged 36, is the founder of Net World Sports, a leading retailer selling over 100,000 football goals annually. Starting with a £13,000 savings from his job at a builder’s merchant, Lovén’s wealth now stands at £200 million, making him the 15th richest person under 40 in the UK.
Footballer Gareth Bale and AU Vodka founder Charlie Morgan from Swansea City also feature prominently among the richest young Welsh individuals, with fortunes of £70 million and £56 million respectively.
Philanthropic Efforts
The Sunday Times Giving List, in association with the Charities Aid Foundation, highlights the philanthropic activities of Britain’s wealthiest. Sir Michael Moritz and Harriet Heyman are noted for their significant charitable contributions, donating over 4 percent of their wealth, which amounts to £190.5 million. Their philanthropic focus includes education, democracy, and community projects.
Broader Trends
The Rich List also reveals broader economic trends. Robert Watts, the compiler of the list, commented on the shifting landscape: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich are moving away. Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”
The Sunday Times Rich List continues to celebrate entrepreneurs from diverse backgrounds who have built fortunes in various industries, including artificial intelligence, virtual worlds, plumbing supplies, and teaching aides. Watts noted the inspirational stories of individuals from humble beginnings who have achieved significant wealth.
Top Five Wealthiest in Wales
- Sir Michael Moritz and Harriet Heyman – £4.603 billion
- Simon Nixon – £1.88 billion
- Douglas and Dame Mary Perkins – £1.587 billion
- Sir Terry Matthews – £1.340 billion
- David Sullivan – £1.168 billion
For the complete list of the 350 richest people in the UK, visit www.thetimes.co.uk/sunday-times-rich-list.
Business
Haverfordwest Kings Arms pub basement flat scheme refused
A SCHEME to convert the basement of a Grade-II-listed former pub in a Pembrokeshire town’s conservation area to a flat has been refused by planners who said it would create an “oppressive living environment”.
In the application to Pembrokeshire County Council, Toyeb Ali Rahman, through agent Hayston Developments & Planning Ltd, sought permission to convert the basement of the former Kings Arms Hotel, Dew Street, Haverfordwest, the building most recently used as an Indian takeaway, to a residential flat.
A supporting statement said: “The Kings Arms Public House was a public house and was formerly a coaching house with a range of former stables to the rear which have been converted to dwellings. It is a mid-terrace property fronting the western side of Dew Street close to the town centre of Haverfordwest,” adding: “Since closure the public house has been used as a takeaway restaurant and is a mixture of flats and offices.”
It went on to say: “The application proposal only involves a small-scale conversion of a basement storage area associated with the former Kings Arms Hotel to a one bedroom residential flat. There would be no extensions with the only external alteration to the building being the replacement of a poorly detailed metal roller shutter door with conventional domestic entrance door with sidelight.
“As such, there would be no change to the impact of the building or proposal on the locality. In fact, basement area is not at all visible from the street scene along Dew Street.”
However, the scheme was refused by county planners on three points.
“The proposed change of use would result in a self-contained residential unit that fails to provide an acceptable standard of residential amenity for future occupiers. The habitable accommodation would be served by no external windows, resulting in inadequate levels of natural daylight and outlook and creating a poor-quality and oppressive living environment.
“Furthermore, insufficient information has been submitted to demonstrate that adequate ventilation, air quality, and moisture control could be achieved without harm to the character and appearance of the listed building.”
Planners also said the proposals would, through its design and use of materials, “fail to respect the special architectural and historic interest of the listed building”.
The final reason for refusal was the scheme would “result in an increase in nitrogen discharges draining into the Milford Haven Inner waterbody of the Pembrokeshire Marine Special Area of Conservation (SAC) where features are known to be in unfavourable condition due to current evidence of both chemical and biological failure,” with insufficient information to demonstrate mitigation measures which would allow the proposed development to achieve nutrient neutrality.
Business
Welsh business activity returns to growth as optimism hits 16-month high
Output rises in January amid sustained increase in new orders
WELSH firms returned to growth in January, with business confidence climbing to its highest level in 16 months, according to the latest Cymru Growth Tracker from NatWest.
The Wales Business Activity Index — a seasonally adjusted measure of month-on-month changes across manufacturing and services — rose to 50.3 in January, up from 49.4 in December. Any reading above 50 signals growth, ending a four-month run of contraction for the Welsh private sector.
The improvement was supported by a continued rise in new orders, although the pace of expansion eased and remained only modest overall.
Business optimism strengthened for the third consecutive month, reaching its highest point since September 2024. Firms said they were hopeful that increased investment would help drive growth throughout 2026, despite ongoing concerns about the impact of higher prices on customer demand.
However, inflationary pressures remained elevated. Input costs rose at the joint-fastest pace since last August, matching December’s four-month high and remaining historically strong. Of the 12 UK regions monitored, only Northern Ireland recorded a sharper increase in cost pressures.
Welsh companies raised their selling prices for the second month in a row in an effort to pass on higher costs. The rate of price increases was the steepest since May 2025 and broadly in line with the UK average.
Despite the return to growth, staffing levels continued to fall. Workforce numbers declined at the fastest rate since December 2024 — the steepest reduction of any UK region — as firms cited financial pressures and cost control measures.
Backlogs of work fell at a marked pace, faster than in December, suggesting businesses were able to work through outstanding orders as output improved.
Jessica Shipman, Chair of the NatWest Cymru Board, said Welsh businesses were showing “growing optimism about future output”, but warned that cost pressures remained significant and were contributing to job losses.
Although activity returned to growth, the rate of expansion in Wales remained well below the UK average, and confidence levels were slightly weaker than the national trend.
Business
Redevelopment plans at Clunderwen dairy farm approved
PLANS for new livestock buildings at a Pembrokeshire dairy farm, aimed at “improved animal husbandry” will not lead to an increase in herd size, councillors heard.
In an application recommended for approval at the February meeting of Pembrokeshire County Council’s planning committee, Mr Roblin of Clynderwen Farm, Clunderwen, sought permission for two livestock building at the 210-hectare dairy farm of 280 cows and 235 head of young stock.
A report for members said each livestock accommodation building would have a length of 77 m, a width of 33m, an eaves height of 3.6m and a ridge height of 8.9m.
Both buildings would be parallel to each other and would cover a footprint of 5,082sqm (2,541sqm each). The proposal includes a total of 308 cubicles, loafing and feed areas, with a central feed passage in the middle.
It said the buildings at the site, some 200 metres from the nearby Redhill school and just over a kilometre from Clunderwen, would sit a little lower than those already on site, and the proposals would not lead to any increase in herd size.
Speaking at the meeting, agent Gethin Beynon said the scheme would lead to “improved animal husbandry to serve the existing milking herd and to support the next farming generation”.
He told members the application was accompanied by environmental enhancements and screening, with no objections from members of the public or any statutory bodies.
Mr Beynon went on to say the herd was currently housed in historic farm site buildings that “fall short of current standards,” with a farm move towards Holstein cattle which need more space.
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“It will improve animal husbandry and efficiencies in what is currently a challenging market,” he concluded.
Approval was moved by Cllr Alan Dennison, seconded by Cllr Brian Hall, and unanimously backed by committee members.
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