News

REFINERY SALE A STEP CLOSER

Published

11 years ago

March 31, 2014

London based investment firm tipped to purchase Murco plant
Greybull Capital tipped to buy the struggling refinery
Plant and retail petrol stations would continue operating

MURPHY OIL is in advanced talks to sell its Milford Haven refinery to a low-profile private equity fund that will continue operating the struggling plant, sources familiar with the situation said on Tuesday.

The American oil giant has been trying to sell the 135,000 barrels-per-day plant and its Murco petrol stations for around four years. But buyers who were willing to keep it running have proved elusive as European refineries fight for survival due to failing demand.

A deal is now moving closer with London-based Greybull Capital after it had agreed to fund a major planned maintenance at the plant within the next 18 months, sources said.

“There is a form of agreement pending finance,” said a source close to the negotiations.The maintenance turnaround at Milford Haven was expected to cost less than $75 million, the source said. The full cost of the deal was unclear.

The source said that a commitment to fund the turnaround was vital to prevent any buyer from running the plant for a short time before closing it down to sell assets, or demand a government bailout. Greybull has in the past focused on financing deals to buy struggling British high street chains such as the ultimately doomed electrical goods outlet Comet. It declined to comment on the Milford Haven discussions.Greybull would probably need to partner with either a commodity trading house or a bank with trading capabilities in order to secure the funding for the deal to keep the 450 employees in place.

“They are trying to raise the money in order to keep the work force in place,” an industry source said.

A spokeswoman for Murco, the Murphy Oil subsidiary that operates the refinery, confirmed talks for the sale of the refinery were coming closer to a conclusion.

“Discussions with regard to the sale of the Murco UK business by its U.S. parent, Murphy Oil Corporation, are ongoing and are at an advanced stage,” Emma Murphy said in an email.

Retail Outlets

Murco’s 400 petrol stations across the country would also be part of the deal.

“The buyers will purchase the Murco name and the supply system which will continue to supply the Murco petrol stations,” the industry source said.

Murco also operates three storage and distribution terminals in Britain which are supplied by rail from the refinery and handle around 2 million tonnes of oil product a year, according to the company’s website.

The Welsh plant, like other British and European refineries, has struggled in recent years due to weak demand in the region and in its U.S East Coast export market, as well as growing competition from U.S., Russian and Asian plants – factors which have hammered margins.

India’s Essar Energy said last month it will shutter one third of its production capacity at Britain’s second-largest oil refinery Stanlow.Last year the Grangemouth refinery in Scotland was brought to the brink of closure following a bitter industrial dispute, after owner Ineos said it needed to slash costs to keep it viable.

This followed the closure of the Coryton plant owned by bankrupt Petroplus which closed in 2012. Greybull is led by the brothers Nathaniel and Marc Meyohas, who operate from a small office in London’s Knightsbridge. The pair try to keep a low profile but shot to fame two years ago when they were involved in the Comet scandal.

Greybull was among the backers that had bankrolled a buyout of the electricals retailer by the former banker Henry Jackson, who sparked outrage when he pulled the plug on Comet just months later, triggering thousands of job losses.

The investment company has declined to comment on their plans over the Murco site. Councillor David Pugh, Cabinet Member with Responsibility for Economy, Tourism, Communities and the Voluntary Sector, said: “We have been aware for some time that Murco is in advanced discussions with a potential purchaser. We are pleased to hear that these negotiations are now nearing completion and that the future of the Refinery is looking more secure.

He added: “Our officers, together with the Welsh Government’s Energy and Environmental team, are in regular contact with Murco and the company is aware of our support for them and whoever acquires the business.”

Who is behind Greybull Capital?

behind greybull

THE OFFICES of Greybull Capital are discreetly placed in the heart of London’s upmarket Knightsbridge.

These are the offices of the company reported to be behind the proposed purchase of the Murco’s operations in the UK, including petrol stations and crucially for Pembrokeshire the refinery at Milford Haven.

Behind tinted windows, brothers Marc and Nathaniel Meyohas have been behind the financing of takeovers of well-known troubled brands and High Street names, such as Game and most famously Comet. Last year the company was involved in the rescue and restructuring of Metaltrax, a West Midlands-based manufacturer of bakeware and kitchen accessories, saving a reported 387 jobs.

Greybull was closely involved in the investor group behind OpCapita’s purchase of troubled electrical retailer Comet. The withdrawal of support by a key American investor before Christmas 2012 caused Comet to collapse with the loss of 7,000 jobs at the retailer’s stores nationwide.

Before founding Greybull Capital, Marc Meyohas was the founder and CEO of Cityscape a leading provider of digital urban networks in the UK. Nathaniel Meyohas is no stranger to the petrochemical industry, having in the past been involved in arranging a shareholder loan of $40m to multinational company Manoir Industries.

Most recently Greybull Capital have acquired the British assets of plastic bottle maker Constar for a reported $8m.

Business

Fresh flavours at new eatery in St Davids

Published

6 hours ago

November 24, 2024

Tom Sinclair

A NEW brunch spot has opened its doors in St Davids, promising a delicious twist on classic dishes in a welcoming and vibrant setting.

The Brunch House, a passion project by hospitality duo Hannah Bowie and Adam Sawyer, opened at Oriel Y Parc Visitor Centre on Saturday (Nov 16), drawing over 250 visitors on its first day.

With more than two decades of combined industry experience, Hannah and Adam have transformed the space through extensive renovations, creating an inviting environment for locals and visitors alike.

Hannah, who previously ran 35 Main Street in Solva, shared her excitement: “Brunch is my favourite meal of the day, and bringing The Brunch House to life has been a dream come true. We’re thrilled to offer something fresh and unique to St Davids.”

The menu features an inspired blend of Middle Eastern flavours from Hannah’s heritage alongside brunch staples like the Full Welsh and Pancake Stack. Standout dishes, such as chicken and waffles drizzled with house-made hot maple sauce, have already earned rave reviews.

Ben Richardson, one of the first customers, said: “The chicken and waffles were absolutely delicious. We’re already planning our next visit.”

The eatery’s warm atmosphere and quality cuisine have struck a chord with the community. Bethany Ellison, a local customer, remarked: “What Hannah and Adam have created here is phenomenal. The ambience, combined with the exceptional food, makes this place truly special. I wish them every success.”

Adam added: “We’ve worked hard to make The Brunch House our own, and the support from locals and holidaymakers has been incredible. It’s been amazing to see so many people walk through our doors already.”

The Brunch House is open daily from 9:30am to 4:00pm, with food served until 3:00pm.

Pictured above – Brunch with a twist: The Brunch House in St Davids run by Adam Sawyer and Hannah Bowie is the newest spot to enjoy freshly made dishes

Community

Kick off the festive season in style at the Riverside Winter Fair

Published

7 hours ago

November 24, 2024

Tom Sinclair

GET ready to immerse yourself in a winter wonderland as Haverfordwest hosts its inaugural Riverside Winter Fair on Saturday, November 30th.

This free, family-friendly event promises a day of festive cheer with food, arts, crafts, games, music, and a big dose of community spirit.

The festivities will kick off at 11am with the opening of Haverhub’s Winter Market. Visitors can browse a variety of stalls 11am to 5pm, offering unique gifts, crafts, and delicious food.

Alongside the market, Haverfordwest’s Business Circle are hosting a “Taste of Pembrokeshire” food and drink market on Castle Square 11am to 5pm, offering a delicious selection of local produce.

For families with younger children, Fair Play will be hosting a Board Game Sketch Fest at the Edge Youth Centre / Picton Centre from 11am to 5pm. This event will feature a variety of games, activities, and art projects, providing a fun and engaging experience for children of all ages.

At 12noon children from Haverfordwest’s primary schools will be showing off banners they’ve been making as part of a community arts project, telling the story of the history of their school’s ward area.

They will take part in a vibrant parade led by the South Wales Police Band, marching through the town centre from Swan Square to the Old Quay. Join us at 11:45am on Swan Square to join the parade!

Once the parade reaches the Old Quay, the real fun begins. The main stage will host a variety of performances throughout the day from 12-5pm and Bristol Trader will be hosting an outdoor BBQ and bar for revellers.

Entertainment on the main stage will include a brand-new cantata performed by Fenton School’s children’s choir, the Cantabile Singers of Pembrokeshire, the County Orchestra and the South Wales Police Brass Band.

This captivating performance will tell the story of Haverfordwest’s rich history, drawing inspiration from recent archaeological discoveries.

Following the cantata, local band Sorted will take to the stage, delivering a high-energy performance of Ska and Two-Tone classics. Their energetic and breakneck live sets are guaranteed to get you up on your feet and skanking.

And for the grand finale Pure West Radio Riverside Shopping Haverfordwest will be hosting its annual Christmas Lights Switch On event. The celebrations begin at 12noon, leading up to the grand moment when the town’s Christmas lights illuminate at 6pm. As the town illuminates with festive lights, a spectacular fireworks display will light up the night sky.

For those seeking thrills, there will be fairground rides to enjoy. Thrill-seekers of all ages can experience the excitement of the various rides.

To add to the magic, Santa Claus will be making a special appearance, along with Sparkle the Elf and Friends a Giant Snow Globe and Bouncy Castle!

Artists Neil Musson and Jono Retallick will also be launching their model hot air balloon, a floating gallery and homage to the people of Haverfordwest. Find them floating through the town throughout the day.

The Riverside Winter Fair is more than just an event; it’s a celebration of community spirit. Local businesses and volunteers coming together to create a memorable experience for everyone.

Visit the website and sign up to the mailing list for full information delivered to your inbox ahead of the big day: www.riversidewinterfair.co.uk

Programme of events

11am-5pm Winter Market @ Haverhub

11am-5pm Taste of Pembrokeshire food and drink market @ Castle Square

11am-5pm Board Game Sketch Fest @ Picton Centre

11:45am Banner Parade assembles with South Wales Police Brass Band @ Swan Square

12noon Children’s Banner Parade from Swan Square to Old Quay

12:10pm Entertainment on Main Stage @ Old Quay

12-5pm BBQ and outdoor bar @ The Bristol Trader

12-6pm Family fun & Entertainment, Pure West Radio @ Riverside shopping Centre

6pm Switch on of the lights and fireworks display.

Charity

Pembrokeshire charities shortlisted for Welsh Charity Awards

Published

7 hours ago

November 24, 2024

Tom Sinclair

THREE Pembrokeshire organisations have been shortlisted for this year’s Welsh Charity Awards, set to take place on Monday (Nov 25) at the National Museum Cardiff.

The event, which coincides with the start of Welsh Charities Week, celebrates the contributions of charities, community groups, and volunteers across Wales. Representing the county are Milford Haven’s Megan’s Starr Foundation and Milford Youth Matters, alongside Narberth-based SPAN Arts.

The awards, organised by WCVA (Wales Council for Voluntary Action), are the only event dedicated to honouring the voluntary sector in Wales. A record 239 nominations were received this year.

Megan’s Starr Foundation

MEGAN’S STARR FOUNDATION, founded by Nicola Harteveld, is nominated in the Health and Wellbeing category, sponsored by Leaderful Action. The charity supports young people in Pembrokeshire facing mental health challenges, providing free counselling, peer support, and skill-building programmes.

The team said: “This nomination celebrates the heart and soul of our work. Every young person, volunteer, and family member who finds hope and belonging at Megan’s Starr is part of this incredible journey.

“Winning would inspire us to dream bigger, support more, and build a stronger, compassionate future together.”

Harteveld was Volunteer of the Year at last year’s awards.

Milford Youth Matters

MILFORD YOUTH MATTERS has been shortlisted for Fundraiser of the Year, co-sponsored by Thomas Carroll and Zurich Municipal. A fundraising team of seven young individuals, aged 15, has raised £10,000 annually through events such as a charity golf day, reshaping perceptions of young people in Milford Haven.

A spokesperson said: “This nomination recognises the dedication and hard work of our team, who have raised vital funds while developing skills and confidence to reach their full potential. We are extremely proud of their commitment.”

SPAN Arts

SPAN ARTS, based in Narberth, is a finalist in the Welsh Language category, sponsored by Mentrau Iaith. The organisation delivers bilingual arts programmes that celebrate community identity, inclusivity, and accessibility.

Director Bethan Touhig-Gamble said: “SPAN is based in an incredible bilingual county, where the Welsh language is part of the shared culture and identity. To have the work of our volunteers, trustees, staff, and creatives recognised is truly rewarding.”

WCVA Chief Executive Lindsay Cordery-Bruce said: “We’re delighted to have had a record number of nominations this year – 239 in total. That’s testimony to the quality work undertaken by volunteers, community groups, and charities across Wales. I couldn’t be more excited to meet the finalists on Monday and find out who’s scooped the top awards.”

The Welsh Charity Awards highlight the difference made by charities and volunteers across the country. For a full list of finalists, visit the Welsh Charity Awards website.

(Cover image: Milford Youth Matters receive a cheque from Tesco)