Business
Chinese company buys Ironman for £430m

Ironman: Winners celebrate at the 2015 Ironman Wales event held in Tenby
CHINESE company Dalian Wanda Group, headed by China’s richest man, has bought the company that runs a popular triathlon event in Tenby, which is said to be worth over £4m to the Pembrokeshire economy, for $650m.
The purchase is part of a diversification that the property developer said may involve another sports purchase by year-end. It is predicted that the seller, Providence, will make a four times return on its original Ironman investment.
The purchase is Wanda’s latest sporting acquisition after Swiss marketer Infront Sports & Media and a stake in Spanish football giants Atletico Madrid, as the group counters a slowdown in its domestic property market with a move into entertainment.
Wanda, parent of Dalian Wanda Commercial Properties Co, China’s biggest commercial real estate developer, aims for revenue of $100 billion by 2020 from $40 billion in 2014. Ironman will bring in $183 million this year, following four years’ compound growth of 21%, Providence said.
Ironman comprises a 2.4 mile swim, 112 mile bike ride and 26.2 mile run, completed in under 17 hours. Wanda plans to hold as many as three races in China next year and increase Chinese participants to 200,000 over the next decade from 100.
The 2015 acquisition of Ironman, Infront Sports & Media and a stake in Atletico Madrid has made Wanda Group one of the world’s largest and most comprehensive sports companies. With these new businesses, Wanda Group now has sports sales, media & marketing, and operational capabilities on six continents with strong positions in North America, Europe, China, South Africa, Australia and New Zealand.
“The acquisition of IRONMAN by Wanda Group is a momentous step for the future of our brand,” said Andrew Messick, Chief Executive Officer for IRONMAN. “As a globally minded company with a mutual desire for excellence and expansion, especially in Asia, Wanda is the ideal partner. I’m privileged to remain at the helm of this extraordinary organization as we embark on this new chapter in our history. Thank you to Providence Equity Partners for seven outstanding years of ownership.”
In the 2015 Ironman Wales, American Jesse Thomas earned an Ironman title in his first attempt at the distance, while German Anja Baranek—who came into the event fresh from finishing third at the Ironman 70.3 World Championships—dominated the women’s race from start to finish to claim the women’s title.
Business
Bluestone’s steep ravine enters ‘new chapter’ as reopening date confirmed
BLUESTONE National Park Resort has confirmed that its much-loved Steep Ravine will reopen on Saturday, May 23, marking the return of Camp Smokey and Smokey Joe’s Shindig, alongside new zip line adventures for guests to enjoy this summer.
The award-winning 5* resort in Pembrokeshire was forced to close the Ravine in December 2024 after severe storm damage left the area unsafe. Since then, work has been underway to restore the site and ensure it can be safely enjoyed by guests once again.
When visitors return this summer, they will find a landscape that looks different to how they may remember it – a change Bluestone says reflects both the impact of the storms and a conscious decision to take a long-term, nature-led approach to its recovery.
James McNamara, Director of Product and Programme Development at Bluestone, said the reopening represents “a new chapter” for the Ravine.
“We know how special the Steep Ravine is to so many of our guests and closing it back in 2024 was not a decision we took lightly,” he said.
“The storm damage meant the area was no longer safe, so it was important that we took the time to restore the Ravine carefully and responsibly, working closely with specialists throughout the process.
“Every step has been taken with care for the landscape and its future, while making sure guests can once again enjoy everything that makes this place so special.”
As part of the restoration work, areas of woodland affected by the storms were carefully managed to improve the long-term stability of the site. Bluestone says the landscape will continue to naturally regenerate and evolve over time.
As part of this approach, some fallen timber and natural woodland material has intentionally been left within the Ravine to help support the recovery process. Over time, this will help return nutrients to the soil, encourage new plant growth and create valuable habitats for insects, birds and wildlife as the landscape regenerates naturally.
“Steep Ravine has always been about bringing people together outdoors – whether that’s around the campfire at Camp Smokey or experiencing the adventure of the Ravine itself,” James McNamara added.
“We’re excited to welcome guests back this month and reopen a place that means so much to so many people.”
While the landscape has naturally evolved following the restoration work, Bluestone says the experience guests know and love is very much returning this summer.
Camp Smokey – the rustic outdoor dining spot at the foot of the Ravine – will once again serve lunches, BBQ feasts, drinks, marshmallow toasting around the fire and a brand-new lunch menu.
Evening entertainment also returns with Smokey Joe’s Shindig, featuring high-energy family sing-alongs, dancing and live entertainment at Camp Smokey.
Adventure seekers will also be able to experience two new guided zip line adventures.
The Summit Flight sends guests racing across the Steep Ravine on a high-speed 279m zip line experience, while the Double Glide features shorter zips designed to build confidence and excitement along the way.
“We’ve treated this special place with real care and respect,” James McNamara said. “It means a great deal to our guests and our team, and we’re proud to be reopening it in a way that keeps its spirit alive.”
Business
Banking reforms could unlock £80bn for UK businesses
NEW banking reforms could unlock up to £80 billion in additional finance for British businesses, the Treasury has said.
Ministers say changes to the UK’s ring-fencing regime will make it easier for major banks to support firms with lending, investment and financial products, while keeping protections for savers in place.
The reforms include a proposed new Growth Allowance, allowing large banks to use part of their balance sheets more flexibly to support businesses looking to expand.
Ring-fencing was introduced after the financial crisis to separate everyday banking services, such as retail and small business deposits, from riskier investment banking activity.
The Treasury says the core protections will remain, with ring-fenced banks continuing to operate separately from investment banking arms.
Economic Secretary to the Treasury and City Minister, Rachel Blake said: “Where financial systems are inefficient, we will change them.
“These reforms will ensure more financing flows into UK businesses, and we can support growth and create jobs across the country.
“This will unlock finance for growth while keeping the UK banking system resilient, competitive and fit for the future.”
The changes are set out in a new report, Safeguarding Stability, Enabling Growth, and will be taken forward through the forthcoming Enhancing Financial Services Bill.
The Prudential Regulation Authority will also be given more flexibility to update and tailor rules over time, rather than relying on detailed legislation.
The government says this should allow outdated requirements to be removed more quickly and help banks respond to changes in the financial system.
Banks may also be able to offer businesses a wider range of products, including improved hedging tools and greater access to programmes delivered through the British Business Bank and the National Wealth Fund.
Alex Depledge, Entrepreneurship Advisor to the Chancellor, said the reforms would help growing firms access capital at the point they need it most.
She said: “Too often, our fastest-growing firms hit a wall of unnecessary friction just as they start to scale.
“These changes will unlock more of the capital founders need to keep building in the UK, while maintaining the financial stability that underpins investor confidence.”
The government will consult on the detail of the changes before implementation.
Business
Cod price crisis puts Pembrokeshire chip shops under pressure
CHIP SHOP owners in Pembrokeshire say soaring costs are forcing up prices, changing customer habits, and putting pressure on young staff facing questions from customers.
Speaking to the BBC this week, Rhys McLoughlin, co-owner of Môr Ffres in Dinas Cross, said he is installing self-service tills partly to protect staff from being put on the spot over rising prices.
Mr McLoughlin said cod, once his biggest seller, is being overtaken by cheaper options such as chicken chunks as families look for ways to keep costs down.
Prices keep rising
He said: “There are lots of questions being asked. Incoming prices are going up and up.
“We have no control over that, so either we work for no money, or we follow the price increase and pass it on.”
The average price of takeaway fish and chips rose to £11.17 in March, compared with £6.48 in 2019.
Mr McLoughlin warned that cod prices could rise further by September, saying: “If these prices continue to go up, who’s going to buy fish and chips for £21? Who can afford that?”
Staff under pressure
He said the planned digital kiosks would help manage queues in the small shop during the busy summer season, but would also reduce the pressure on young staff.
Mr McLoughlin said: “We have got young staff working here and sometimes this is their first stepping stone out of school.
“It’s no fun for a boy or girl to come to work to be asked pretty abrupt questions on the spot with 20 people in the chip shop.
“We have actually lost a few members of staff through that.”
Seaside favourite
In Saundersfoot, Sy Crockford, of Marina Fish & Chips, said keeping the traditional seaside meal affordable had become increasingly difficult.
He said cod alone had risen by around 50 per cent, adding: “One thing we don’t want to do is out-price fish and chips.
“It’s nostalgia, it’s romance, to come to the beach and have fish and chips. We definitely don’t want to outprice.”
Mr Crockford said cod and haddock were becoming “a luxury, not a necessity”, and suggested more sustainable and affordable fish options may become more common on chip shop menus.
Rural shops hit
At Cegin-24 in Crymych, owner Sioned Phillips said the price of a box of cod had risen from around £36 to between £50 and £60.
She said: “When I opened, it was £6.95 for a piece of cod. I’ve had to raise it to £9, and that’s being quite reasonable.
“If I wanted to make a normal amount of profit, it should be about £11 or £12 for a piece of cod.
“For me, in such a rural community area, to justify charging elderly people and local people so much for a piece of cod is absolutely ridiculous.”
Ms Phillips said some customers were still sticking with cod despite cheaper alternatives being offered, but were cutting back elsewhere by sharing portions of chips.
The National Federation of Fish Friers said cod price rises were linked to reduced quotas in the Barents Sea, sanctions on Russian fish, and wider cost pressures.
President Andrew Crook said many customers understood fish was a premium protein, but added that higher prices had affected visit frequency and footfall in many shops.
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