Business
Business confidence in Wales dips during February
Firms remain positive but optimism weakens compared to UK average
BUSINESS confidence in Wales fell slightly during February, with firms reporting lower optimism about both their own performance and the wider economy.
The latest Business Barometer from Lloyds shows overall confidence in Wales dropped three points to 29%, compared with 32% in January. This contrasts with the UK picture, where confidence remained unchanged at 44%.
Companies reported reduced confidence in their own trading prospects, down three points to 35%, while optimism in the broader economy fell five points to 22%.
Despite the dip, many Welsh businesses said they are continuing to pursue growth plans over the next six months. The top priorities identified were investing in staff through training (71%), developing new products or services (52%), and entering new markets (29%).
The monthly Business Barometer surveys around 1,200 businesses across the UK and has been running since 2002, providing an early indicator of economic trends.
Across the UK, confidence in firms’ own trading prospects fell six points to 53%, although optimism about the wider economy rose eight points to 36%. London recorded the highest regional confidence in February at 59%, followed by the North West and Northern Ireland, both at 58%.
Sector results were mixed. Construction saw a significant rise in confidence, up 14 points to 60%, while manufacturing increased five points to 37%. Retail and service sector confidence dipped slightly, down two and three points respectively.
Nathan Morgan, area director for Wales at Lloyds, said businesses in Wales remain focused on growth despite short-term uncertainty.
He said: “While business confidence dipped this month, we know Welsh businesses are continuing to press ahead with their growth strategies. Whether their plans are to upskill their teams, enter new markets or diversify product and service offerings, we’ll continue to be ready to provide our support.”
Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said the wider economic outlook appeared to be stabilising.
He said: “It’s encouraging to see optimism in the wider economy returning, although with a small reduction in firms’ confidence in their own trading prospects. The majority of the survey results were collected following the Bank of England’s close decision to hold interest rates at its February meeting, signalling potential easing ahead, which may have alleviated business concerns, including those around cost pressures.
“The rise in pricing expectations to a six-month high may indicate firms are looking to rebuild their margins in 2026. It’s also great to see confidence increase for manufacturers and construction firms as they are key for UK growth.”
Business
Slebech Park wedding venue ran without planning permission for years
A CALL to keep a wedding venue, erected without permission at a Georgian Pembrokeshire hotel whose site once belonged to the Knights Hospitallers, has been given a five-year period of grace.
In a listed building application to Pembrokeshire Coast National Park, Traverse Development Ltd, through agent Harries Planning Design Management, sought retrospective permission for the temporary retention of a wedding marquee at Slebech Park Restaurant and Rooms, Slebech; works having started back in 2009.
Grade-II*-listed Slebech Park once belonged to the Knights Hospitallers of the order of St John, later becoming the seat of the powerful Barlow family.
The present house was completed in 1776, built by Anthony Keck. This is his largest known house and the biggest Georgian single build in the country.
The grade-II-listed stables, which have the marquee on their eastern terrace, were converted to a hotel, conference centre and restaurant after 2003.
A supporting statement accompanying the application said: “The proposal seeks to retain the already erected temporary marquee used for weddings to allow the site to continue to host weddings, whilst a permanent solution is developed and approved by planning.
“The marquee will continue to operate as it has for over 10 years, with no changes proposed. The marquee is completely removeable without any permanent fixtures.”
It added: “The marquee is only affixed temporarily and will be removed with no damage to any of the listed buildings or the overall site once a permanent solution has been agreed.
“By retaining the marquee in the same location, it ensures that continuation of the site is as existing, reduces the potential impact of moving the marquee to a potentially more harmful site and ensures any ecology is not further disrupted. Once removed the site will return to its historic state.”
An officer report recommending approval said no adverse comments have been received from consultees towards the current proposal, and no third-party representations raising issues relating to listed building matters have been received, the proposed scheme “in keeping with the character of the listed building, and its setting in terms of design and form”.
It added: “Temporary consent for this marquee has been granted on four previous occasions and a letter submitted in support of the current application states that an application for a permanent solution for a wedding venue at Slebech Park is imminent, in line with the original proposals for the terrace restaurant.
“The effect on character and setting is not considered acceptable long-term but short-term retention in the interests of retaining the complex of buildings in viable use (and repair) whilst a suitable permanent solution is found is considered reasonable. As such, the application can be supported for a temporary period subject to conditions.”
The application was approved, conditions including a five-year period of grace.
Business
Celtic Freeport chief steps down less than two years after taking the job
THE HEAD of the Celtic Freeport has stepped down from the role less than two years after being appointed.
Luciana Ciubotariu officially left the post on April 16, with the organisation confirming her departure in a brief statement.
No explanation has been given for the move, but board members praised her contribution during a key period in the freeport’s development and said details of the search for a successor would be announced later.
Ms Ciubotariu joined the Celtic Freeport in May 2024 after previously working with Thames Freeport in London. She was brought in to help steer the project through its formative stages and played a central role in shaping its early direction.
Her exit comes at an important time for the scheme.
Only weeks ago, Neath Port Talbot Council approved a memorandum of understanding with the UK Government, Welsh Government, Pembrokeshire County Council and Celtic Freeport Company Limited. The agreement is intended to confirm the council’s role as the accountable body as the project moves into its next stage.
The Celtic Freeport, which was formally launched in late 2024, is a joint initiative involving Associated British Ports, the Port of Milford Haven, Pembrokeshire County Council and Neath Port Talbot Council.
The project is designed to create designated tax and customs zones aimed at attracting major investment and boosting economic growth across south-west Wales.
In a statement, the organisation said Ms Ciubotariu had led the freeport through the approval of its full business case and helped secure the memorandum of understanding with both the UK and Welsh governments.
That agreement is expected to unlock £25 million in public funding for the project.
The board said it was grateful for her work in helping establish the freeport and wished her well for the future.
Business
Milford Haven dry dock pitched as home for giant £480m superyacht yard
Port says dock is being actively marketed as company unveils vast shed plan that could transform town skyline and create up to 3,000 jobs
A HUGE plan to turn Milford Haven’s dry dock into the heart of a £480 million superyacht construction and refit yard has been unveiled, in what could become one of the most dramatic development proposals ever put forward for the town.
Renderings released alongside the announcement show a colossal enclosed build hall covering the existing dry dock and dominating the waterfront skyline. Based on the images, the proposed structure appears likely to be nearly as long as some of the German submarine pens built on the French Atlantic coast during the war.

The scheme has been put forward by Superyacht Sales UK, which says it is in early-stage discussions with Milford Haven Port Authority over the possible use of the Port’s 180-metre dry dock as part of a long-term vision for a major new marine engineering hub in Pembrokeshire.
The company says the wider project could eventually support up to 3,000 skilled jobs and generate around £150 million a year in social value, while helping establish Milford Haven as a centre for superyacht refit, construction and green marine technology.

Port’s response cautious
Despite the eye-catching scale of the proposal, the Port has given only a limited response.

In a statement to The Herald, a spokesperson for Milford Haven Port Authority said: “The dry dock is commercially available for rent and is being actively marketed. We have responded to various organisations that have shown an interest. We are unable to comment further due to commercial sensitivities.”
That response makes clear the dry dock is being marketed commercially and that Superyacht Sales UK is not the only organisation to have shown interest.
The release issued by Superyacht Sales UK says the company is also exploring the possible development of a custom new-build shipyard on the site of the former Royal Naval Armaments Depot on the edge of Milford Haven. However, it acknowledges that no contact has yet been made with the current landowners and that the entire proposal remains at concept and feasibility stage.
Kerry Ballard, founder of Superyacht Sales UK, described the plans as a long-term ambition and said discussions with the Port were exploratory.
She said: “This is a long-term vision, and we are at a very early stage. Our discussions with Milford Haven Port Authority are exploratory, focused on understanding what may be possible in respect of the existing dry dock facilities.
“Milford Haven presents a compelling opportunity. The combination of deep-water access, industrial heritage, and alignment with the Celtic Freeport strategy, particularly around hydrogen and green energy, creates a highly attractive proposition for a next-generation shipyard.”
She added that any development of this scale would need to be shaped in partnership with the local community, stakeholders and education providers.
Questions over scale
There is no doubt the vision is bold. If built in anything like the form shown in the released images, the structure would completely alter the appearance of the docks and create a huge new industrial landmark visible across much of the town.
Rather than sitting beside the dry dock, the proposed shed appears designed to swallow it almost whole, enclosing the dock within a giant shell intended for superyacht construction and refit work under cover.
The sheer scale of the concept is likely to prompt both excitement and scepticism locally.
Supporters will point to Milford Haven’s deep-water access, industrial heritage, marine infrastructure and long association with heavy engineering and energy industries. In theory, those strengths could make it a credible location for specialist shipyard activity if sufficient private investment and commercial demand existed.
The company says the international market for superyachts over 30 metres is growing, with existing European yards facing capacity constraints. Its pitch is that West Wales could capture part of that market while also linking the development to future propulsion systems, including hybrid, battery-electric and hydrogen-powered vessels.
The proposal also includes talk of partnerships with colleges and universities to create training pathways in advanced composites, precision engineering and sustainable marine technologies.
Speculative at this stage
For Milford Haven, the attraction is obvious. A project on this scale would not just mean another industrial tenant taking over an existing dock facility. It would represent a major shift in ambition for the waterfront and could, if realised, bring a new type of high-value engineering work into Pembrokeshire.
But serious questions remain.
No planning application has been submitted. No formal development agreement has been announced. The Port has not indicated support for any specific proposal. At this stage, there is no public evidence of secured funding for a project on anything like the scale being discussed.
There are also likely to be wider questions about land control, infrastructure demands, environmental considerations, traffic, visual impact and whether local people would genuinely benefit from the promised jobs and training.
For now, the proposal remains an ambitious vision rather than a confirmed development.
If the idea progresses, it could mark the start the biggest waterfront development discussions the town has seen in years.
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