Business

Bullying claims at Development Bank ‘extremely worrying’

Published

6 days ago

November 28, 2024

ENTREPRENEURS have been bullied and forced to hand over control of their businesses after approaching the Development Bank of Wales for financial support, the Senedd heard.

Paul Davies, who chairs the economy committee, raised “extremely worrying” evidence from Dylan Jones-Evans, an economist and academic, about the Development Bank.

Mr Davies said the committee also received emails from people who had dealings with the bank and felt they had been bullied out or had their businesses essentially stolen.

Prof Jones-Evans told the committee: “Unfortunately, I have been approached by … businesses prior to this review who feel they have not been treated fairly with valuations being too low, where decisions have taken far too long, and where terms are unacceptable.

“Worst still, there have been instances where some have been bullied by the directors imposed on them, where they have been forced out by dubious means and where founders feel they have not been supported by the bank.”

Prof Jones-Evans warned that young, inexperienced founders found themselves in this position and should have received far greater support.

Mr Davies said: “If these reports are accurate, those actions may well have extinguished that entrepreneurial spirit, which would be an absolute tragedy and exactly the opposite of what the bank was established to do.”

The former Tory group leader added that much of the testimony was supplied anonymously, which limited the committee’s ability to scrutinise the evidence.

But he cautioned: “It only takes a brief look on a news website to find situations where allegations such as bullying have been made against other public institutions where, in some cases, they have been ignored and, as we know, sometimes these cases do not end well.”

Mr Davies stressed: “I just want to be clear: I have discussed these accusations with the bank via correspondence and in a private meeting and they absolutely refute them.”

Leading a debate on November 27, he said most of the evidence received by the committee, which made 13 recommendations, was supportive of the bank and its operations.

Mr Davies also raised concerns about the Development Bank being reclassified by the Office for National Statistics as central government in 2021.

He explained this leads to “double counting”, with the Welsh Government having to keep money in reserve to cover any uninvested funds given to the bank.

Plaid Cymru’s Luke Fletcher said the transition from Finance Wales to the Development Bank marked a step change in 2017, with investment doubling to £124m by 2022/23.

Mr Fletcher advocated merging the bank with Business Wales to create a one-stop shop.

Labour’s Hefin David pointed out the bank is not covered by Wales’ Future Generations Act, raising suggestions a social value clause could be inserted into grant and loan agreements.

Samuel Kurtz, the Conservatives’ shadow economy secretary, raised warnings from the Federation of Small Businesses of “massively fragmented” business support.

He expressed concerns about troubling evidence from Prof Jones-Evans that the Development Bank did nothing to stop imposed directors bullying out founders.

The economy committee scrutinised bank executives on November 20, questioning a 3.2% cost-of-living pay rise awarded to all staff including those earning six-figure salaries.

Dr David pointed out that annual remuneration for the highest-paid director increased by 20% from £217,000 to £260,000 between 2023 and 2024.

Giles Thorley, chief executive of the bank, which wrote off £27m in 2022/23, said 3.2% was lower than the Welsh Government’s rise, attributing the 20% to performance-related pay.

Rebecca Evans, Wales’ economy secretary, said the Development Bank has invested £778m in more than 3,900 businesses since 2017, supporting 41,700 jobs.

She said: “That’s a total impact of £1.66bn on the Welsh economy – real investment, real businesses, real growth, supporting businesses in every part of Wales.”

Turning to concerns received by the committee, Ms Evans said: “Finance can be complex and I am aware there are times when customers don’t understand the role of the bank or the obligations of the bank and this can, regrettably, lead to misunderstandings and complaints.”

She added: “I’ve had the opportunity to address concerns with officials. It is the case, though, that founder members of companies are sometimes removed by their boards.”

Ms Evans told the Senedd she has confidence in the leadership of the bank and its board, with an external review set to take place next year.

Business

What is the current state of the UK housing market and is it a good time to move?

Published

29 mins ago

December 4, 2024

Staff Writer

The UK housing industry has seen some turbulence in recent years, with events such as the COVID-19 pandemic, Brexit, and wavering interest rates massively impacting the market. So, where is the UK housing market at now and what’s the outcome for those looking to buy or sell?

Current UK market

House prices

House prices have fluctuated throughout the year and by September 2024, the average house price in the UK was £292,000, a 2.9% annual price change. Across Wales, house prices in September 2024 were £217,000 which was in line with the previous year’s average of £216,000. In Pembrokeshire specifically, house prices were, on average, £238,000.

Mortgage rates

The average mortgage rate in November 2024 was 5.09% for a 2-year fixed term and 4.85% for a 5-year fixed term. This is a fair drop compared to last November which saw mortgage rates hit 6.29% and 5.86% for 2-year and 5-year fixed terms respectively.

House sales

The number of house sales has seen an increase in 2024. It’s estimated that there are 306,00 homes with a sale agreed, which is a 26% increase from last year. House sales are the highest they’ve been in four years and are now reaching pre-pandemic levels.

Future Forecast

The increase in momentum in the housing market is promising and with The Bank of England looking to drop the base rate of interest to 3.5% by 2030, mortgages will be more available to buyers. Labour has also pledged to build 1.5m homes in its first five years of Government, which should increase property purchases.

It’s difficult to accurately predict what will happen in the housing market as things can change quickly, however it seems likely that 2025 will be a good year for homeowners.

Top tips for selling your home

If you are thinking of selling your home, here are some top tips to help you in the process.

Make your home look inviting

Home staging is about making your home look as attractive as possible to potential buyers. Simple things like keeping your home clean, refreshing some of your paintwork, or replacing an old lightbulb can make a significant difference to the appearance of your home. If you have old furniture that takes up extra space or your garden has become excess storage for things you don’t need, consider a rubbish removal company such as Junk Bunk to help declutter your home.

Strengthen your kerb appeal

‘Kerb appeal’ refers to the exterior of your home. The most important features include well-maintained windows, a roof in good condition, and a tidy garden with well-looked-after pathways and fences. With 68% of home buyers considering kerb appeal important, it’s not something to overlook.

Choose a good estate agent

Having an organised and reliable estate agent can help you to sell your home faster and for a better price. Compare estate agents carefully and take the time to choose one you trust to sell your home efficiently.

So, should you move?

If you’re wondering whether now is a good time to move, it’s really down to your personal circumstances. If you want or need to move and can afford to do so, don’t let current market predictions stop you as they are changing constantly. If you’re not ready to move or don’t have the financial means to, then holding off could be a better option.

Business

Specsavers brings state-of-the-art eyecare to county with landmark investment

Published

3 days ago

December 1, 2024

Tom Sinclair

IN a time when healthcare services are stretched thin across the UK, Pembrokeshire stands out as a beacon of hope and innovation with the upcoming opening of Wales’ largest Specsavers store in Haverfordwest. Thanks to a transformative £1.2 million investment, the county is poised to benefit from world-class eye and hearing care when the new store opens its doors on Monday, December 16, 2024.

This state-of-the-art facility, situated at 21 Riverside Quay in the Riverside Shopping Centre, is set to revolutionize local healthcare with 14 test rooms, including two dedicated audiology suites. Not only does this make it the largest Specsavers in Wales, but it also places it among the most advanced in the UK. At a time when accessing NHS services can be challenging, the store’s cutting-edge technology and expanded clinical services offer a lifeline to residents, relieving pressure on GPs, hospitals, and A&E departments.

Andy Britton, ophthalmic director at Specsavers Haverfordwest, highlighted the importance of this development: “Our investment reflects our commitment to delivering exceptional eye and hearing care in Pembrokeshire. This isn’t just about a bigger store – it’s about meeting the needs of our growing community, introducing advanced clinical services, and training the next generation of optometrists.”

The new store is also a hub for education, supporting optometrists pursuing higher qualifications in areas like Glaucoma and Independent Prescribing. This ensures Pembrokeshire residents have access to top-tier care while nurturing a future generation of specialists.

A recent YouGov survey commissioned by Specsavers reveals a critical gap in awareness about eye health. Nearly 70% of Welsh adults don’t think to visit an optician first for eye-related issues, often turning to overstretched NHS services instead. By encouraging patients to make opticians their first point of contact for issues like sudden vision loss or painful eyes, Specsavers aims to change this narrative.

Britton elaborated: “Optometrists are equipped to handle many urgent eye issues, often faster and more effectively than traditional NHS routes. By improving awareness, we’re not only providing faster care but also reducing unnecessary strain on the NHS.”

The grand reopening event promises to be a celebration of both innovation and community spirit, featuring live music from the Haverfordwest Male Voice Choir and appearances by local dignitaries, including Pembrokeshire mayors. Specsavers has also committed to a year of community-focused initiatives in 2025, cementing its role as more than just a business – but a vital part of Pembrokeshire life.

Cllr Paul Miller, Deputy Leader of Pembrokeshire County Council, praised the investment: “At a time when many towns are struggling, Specsavers’ decision to invest in Haverfordwest demonstrates confidence in our community’s future. This new store is not just a healthcare milestone – it’s a cornerstone of our town’s regeneration.”

With flexible seven-day-a-week hours and a commitment to both innovation and accessibility, Specsavers Haverfordwest is a shining example of how Pembrokeshire continues to defy national trends in healthcare decline. For more information or to book an appointment, visit www.specsavers.co.uk/stores/haverfordwest.

Pembrokeshire is truly fortunate to have such a forward-thinking service at its heart, proving that even in challenging times, innovation and care can thrive.

Business

Approval expected for 91 Narberth houses

Published

5 days ago

November 29, 2024

Bruce Sinclair - Local Democracy Reporter

PLANS for an estate of 91 houses, more than 40 per cent of them affordable, in a Pembrokeshire town described as one of the best places to live in the UK, are expected to be approved next week.

In an application recommended for conditional approval at the December 3 meeting of Pembrokeshire County Council’s planning committee, Wales & West Housing Association seeks permission for 91, one, two, three and four bedroomed homes on land to the north of Adams Drive and to the west of Bloomfield Gardens, Narberth.

Narberth was featured in The Sunday Times 2023 Best Places to Live Guide, where it was described as having “a town centre that punches far above its weight”.

28 affordable homes are proposed, along with 12 houses as Low-Cost Home Ownership Units, the remaining 51 homes for open market sale.

Outline planning permission for a residential development on the agricultural land site – now lapsed – was approved in 2010.

Agent Asbri Planning Ltd, in a supporting statement, said: “The design led approach will create a high-quality place, that sensitively sits within the site retained wildlife corridors and positively connects to the community of Narberth.”

It added: “The development of a mixed tenure site for different types of homes will cater for a variety of local people. These include first-time buyers, growing families looking to move up the property ladder, those looking for bungalows or to downsize for their retirement.

“As indicated approximately half of the homes proposed will be for social rent or offered for sale as part of a discounted home ownership scheme for local people who want to buy their own home but cannot afford the high cost of houses in Narberth.

“As a not-for-profit organisation, which operates under charitable rules to bring benefit to their communities, these open market homes would allow Wales & West Housing to self-fund the development without the need for social housing grant or financial support from the Welsh Government. This is therefore an opportunity to provide more affordable housing for local people and families.”

The discounted sale properties will be delivered via Wales & West Housing’s ‘Own Home Cymru’ scheme which helps buyers with a local connection to purchase a home of their own at 70 per cent of market value without the need for a deposit.

The application also proposes 191 parking spaces at the development.

The application finishes: “The proposed development will result in a high-quality environment which contributes to local distinctiveness and a sense of place, leading to regeneration benefits for the wider area in accordance with the site’s vision and brief.”