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Number of Welsh companies with unpaid bills hits 2024 high

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THE NUMBER of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of the year so far.

The number of Welsh firms with overdue invoices on their books rose by 3.7% in September 2024 when compared to September 2023’s total of 17,709.

Bethan Evans, Interim Chair of R3 in Wales, says: “The rise in businesses failing to pay their bills on time is a clear sign that economic recovery in Wales is still fragile.

“While some sectors may be bouncing back, many firms are still grappling with the ongoing effects of rising costs, wage pressures, and reduced consumer spending, which is making it harder for them to manage their cash flow effectively.”

The number of overdue invoices in Wales also reached a 2024 high in September, with a total 145,687 recorded. This is a slight yearly rise of 0.3% when compared to September 2023’s total of 145,273.

Bethan, who is a partner at Menzies LLP, continues: “Wales’s business debt burden has crept up every month since March and this is creating a growing financial pressure for businesses.

“Without a consistent improvement in payment practices or cash flow, many companies may find it increasingly difficult to manage their debt and maintain operations, and we could see more and more businesses in Wales turning to a formal insolvency solution as a result.

“I would urge business owners and directors that are seeing their debt levels rise to seek advice as soon as they can from a qualified professional. Most R3 members in Wales will be happy to provide a free initial consultation so you can explain the challenges you’re facing, and help you understand the best course of action for you and your business.”

Business

Tenby Imperial Hotel renovation plans get green light

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THE FIRST stage of plans to renovate an iconic historic Pembrokeshire seafront hotel has been given the go-ahead by national park planners.

Tenby’s Imperial Hotel, which had an asking price of £2.5million, was sold earlier this year by specialist hotel property adviser, Christie & Co, to Crest Hotels.

Crest Hotels has eight other ‘unique’ hotels in the UK, including the Metropole Hotel in Llandrindod Wells and The Feathers Hotel in Ludlow.

The four-storey Grade-II-listed Imperial Hotel has been an hotel for nearly 120 years, opening in 1905.

The 45-bedroom hotel is sited in the town’s conservation area and next to the historic town walls, boasting panoramic sea views over Tenby’s South Beach and across to Caldey Island.

A listed building application before Pembrokeshire Coast National Park, by Crest Hotels, – the first of several phases proposed –  sought permission for bedroom alterations and refurbishments including the bar/lounge area.

A supporting statement, through agent AT Architects said: “This proposal is phase one with three further potential phases of refurbishment and development.”

It added: “Phase one does not include alterations to the existing building exterior. Phase one consists of the refurbishment of 35 existing bedrooms and ensuites. There will be the creation of two new bedrooms and ensuites formed by splitting two of the existing bedrooms. These works are to take place over ground, first, second, third and fourth floors of the hotel.

“To the ground floor the existing bar / lounge area is proposed to be opened to the enclosed veranda area and then top the main staircase and entrance foyer. The central pier will be removed, and this area is to undergo a total refurbishment. The ground floor room currently an office and reception foyer are to have the existing hallway reinstated and then opened up between the two rooms to form a new kitchen facility to serve the enhanced food and beverage offering.”

The proposals were supported by Tenby Town Council, but Tenby Civic Society objected due to the potential loss of internal fixtures.

An officer report, recommending approval, said: “The proposed scheme is considered in keeping with the character of the listed building, and its setting in terms of design and form. As such, the application can be supported subject to conditions.”

Later stages proposed, still before national park planners, include external alterations and extra facilities such as a spa and cinema room.

The listed building consent for the first phase was conditionally approved by park planners.

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Business

Amazon invests £2 billion in Welsh economy over past decade

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A NEW report from Amazon’s 2024 UK Economic Impact Hub highlights the company’s significant contributions to the Welsh economy, revealing an investment of over £2 billion since 2010. This long-term commitment has generated substantial economic benefits, including an estimated £1.8 billion in goods and services added to Wales’ GDP.

The report, which examines Amazon’s regional economic footprint, outlines both job creation and support for local businesses. Amazon has created over 2,000 full and part-time roles in Wales and supported 180 individuals through its employability skills training program since 2010. Additionally, more than 2,600 Welsh small and medium-sized enterprises (SMEs) currently sell on Amazon’s platform, collectively achieving export sales exceeding £110 million in 2023 alone.

A notable community initiative, the Cwtch Mawr Multibank in Swansea, was co-founded by Amazon in collaboration with former Prime Minister Gordon Brown in 2024. This project has already provided essential goods to families in need across Wales.

David Marcok, Amazon’s General Manager in Swansea, expressed pride in the company’s positive regional impact: “We’re passionate about supporting the Welsh economy and communities through our investments, job creation, charitable donations, and volunteering. Our team is committed to uplifting the community through initiatives that help SMEs grow and support various local causes.”

In 2024, Amazon’s Swansea team furthered their community support, assisting organizations such as Swansea Bay Health Charity, Neath Foodbank, and Waun Wen Primary School with volunteer efforts, product donations, and financial backing. Marcok added, “We’re excited to continue backing these good causes as we focus on delivering for our customers, sellers, and communities.”

For additional information, visit the Amazon Economic Impact Hub here.

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Business

70% of UK workers are struggling to ‘switch off’ from work

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SEVENTY percent of UK professionals are struggling to ‘switch off’ from work, an issue which is leaving many unable to relax and even lose sleep over.

With the Government’s plans to double down on professionals’ ‘right to switch off’ deferred to their Next Steps to Make Work Pay document, new research from global talent solutions firm Robert Walters highlights that professionals are regularly finding their personal time interrupted by work-related emails, tasks or calls.

Lucy Bisset, Director of Robert Walters North comments: “Not being able to fully ‘switch off’ from work can result in a variety of negative side effects for professionals. From diminished concentration and motivation to their productivity and engagement levels dropping off.

“All professionals should feel able to relax and unwind outside of work – without the concern of having to pick up work-related tasks.”

According to the Robert Walters poll, 29% of professionals state that not being able to log-off properly from work has directly resulted in them losing sleep – whilst a quarter cite being unable to relax or reset themselves for the next day.

A further 35% of professionals have struggled with increased stress or anxiety because of this.

Lucy comments: “Missing out on hours of sleep, being unable to fully relax as well as experiencing increased stress or anxiety can pose a huge threat to professional’s ability to work, even carrying out regular tasks and activities. Not to mention, maintaining a satisfactory work-life balance.”

A key trigger of not being able to switch-off from work is the mounting pressure on professionals to be ‘always available’ – with 67% of workers across all professional services industries stating that this pressure has increased over the past 12 months.

76% admit to checking-in on work-related emails or calls when not in the office and a further fifth stating that their employer ‘frequently’ contacts them outside of office hours.

Lucy comments: “Over recent years the boom of workplace tech like Teams and Slack has meant that teams can be more easily tracked and contacted by their managers, whilst the rise of hybrid/remote working has caused professionals to literally bring work home with them.

“An ‘always online’ workplace culture contributes to the blurring of lines between office hours and personal time as well as an increasingly unrealistic expectation for greater availability. This is something that if left unchecked can rapidly lead to increased cases of burnout across workforces.”

Indeed, according to further research from Robert Walters’ Benefits Guide, 86% of UK companies have hybrid-working options, while a further 55% have the option of flexible working hours.

However, there is some variation between industries – for example, professionals working in financial services (93%) and technology (87%) are more likely to have hybrid-working options than engineering professionals (64%).

Whilst professionals in general management are 19% more likely to have flexible working hours than those in tax, legal and compliance (65% vs. 46%).

Lucy comments: “Professionals in traditionally on-site roles often have a clear boundary between work and personal life – being able to ‘clock off’ when they finish for the day.

“Something which becomes more blurred for those working from home. With many professionals who have a hybrid-working schedule literally bringing work home with them 2-3 days out of the week.”

What is the antidote?

When asked about what employers could do to help them to switch off, two-fifths of professionals suggested ‘setting realistic deadlines’ and over a quarter (27%) said putting a limit on out-of-office contact.

Other strategies mentioned were boosting wellbeing incentives (16%) and encouraging regular breaks throughout the working day (16%).

Lucy comments: “Employers who verge on creating a ‘zombie workforce’ put employee productivity, engagement and satisfaction levels on the line. This could also directly lead to a rise in cases of absenteeism throughout their organisation.

“This issue must be addressed head on, by establishing a solid foundation of achievable deadlines, manageable workloads along with clear boundaries between work and personal time – for both those working from the office and at home. Once this groundwork is set, additional improvements like enhanced wellbeing incentives can be introduced.”

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