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Management buyout gives Snowdrop Independent Living new owners

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MOBILITY aids specialist Snowdrop Independent Living has new owners after a management buyout (MBO) team was supported by the Development Bank of Wales with a £500,000 equity investment.

The business specialises as a retailer and distributor of mobility aids, including stair lifts and orthopaedic chairs, and was founded 20 years ago by Peter O’Shea.

It started as a single showroom in Haverfordwest before expanding further into south Wales with shops in Swansea and Penarth.

The Development of Bank of Wales recognised Managing Director David Morgan and Chairman Kevin Bounds as having the key skills and experience to lead a successful management buyout alongside four existing members of staff.

Funding for the buyout was provided by the Development Bank of Wales, via their Wales Management Succession Fund. This fund enables management teams to access equity funding to take over existing businesses.

David Morgan said: “I was looking for a business that did something useful. Snowdrop makes people’s lives better and that seems to me like a pretty good way to spend your day. Snowdrop provides aids to mobility and everyday living such as power wheelchairs, specialist beds, hoists, mobility scooters and consumables. The engineering teams install stair lifts, track hoists and through floor lifts and can project manage more complicated property adaptations.

“We met with senior managers and built the buyout team. The Development Bank of Wales guided us on how to build a proposal that would work for us and the bank. The help and advice offered and gratefully accepted through this stage helped us get the MBO over the line.”

The new management team is now looking to grow the business with more showrooms, greater social media marketing and the introduction of new technology providing better customer service. There are currently 22 members of staff and 20 new jobs will be created.

Senior Investment Executive Stephen Galvin who led the transaction with Investment Executive Navid Falatoori said: “We invested in this business because we liked the management team’s plan to capitalise on the sector’s demographics. Snowdrop is developing an offering which improves mobility for an ever-increasing ageing population and we wanted to be part of that. We strengthened the management team, adding to the existing resources by bringing in the experience of David and Kevin, making it a robust and confident MBO team.

“The development bank is keen to ensure that management teams have succession funding to help them take over strong community-based businesses like Snowdrop. We are further encouraged that the previous owner Peter O’Shea is remaining in the business as it grows, alongside all existing staff members. As they open new outlets, this will also create more jobs. Our endorsement now means that Snowdrop is able to boast a highly experienced management team with strong ambitions and a focus on growth.”

Portfolio executive Andy Morris said: “I will work with the business over the next few months to ensure they have the support they need. A management succession transaction is a long-term commitment and we can help the team navigate the journey ahead.”

The investment from the Wales Management Succession Fund was the first since it was recently invested in by the Clwyd Pension Fund.

Business

Stena announces redundancy plan amid uncertainty for Pembrokeshire

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FREIGHT carrier and ferry operator Stena Line, which runs services between Fishguard and Pembroke Dock, has announced plans to cut up to 80 staff members following an internal review.

Uncertainty looms over whether any of these redundancies will impact staff operating our local ferry services.

Stena CEO Paul Grant shared the news in an email to employees on Monday, citing a need to “future proof the company.” He explained that an internal assessment revealed the company’s current organisational structure as “too big and expensive” compared to its revenue.

The decision comes amid rising costs and increased competition in the freight and travel sectors.

According to Mr. Grant, “Cost pressure due to higher inflation has led to our customers having less money to spend, and with the introduction of the European Emission Trading Scheme (ETS), increasing our prices, we see a decline in volumes for both travel and freight.” Additionally, disappointing sales during the summer season and unmet market growth expectations for 2024 contributed to the restructuring.

The program, designed to strengthen Stena’s long-term business viability, includes a reduction of costs, prioritization of investments, and staff cuts that will primarily impact support functions and consultants. The workforce will be reduced by 80 positions by early 2025, along with 30 consultants also set to leave the company. Discussions with unions and work councils are expected to last several months, with all affected staff to be informed of their status by January 31, 2025.

In response to this announcement, the Transport Salaried Staffs’ Association (TSSA) has demanded a meeting with Stena Line to clarify the impact of these cuts, particularly on their members.

TSSA General Secretary Maryam Eslamdoust expressed disappointment over the handling of the announcement, stating: “Our members are shocked by this news and outraged that Stena has chosen to sidestep established industrial relations processes. Stena must meet with us urgently to clarify who is at risk and address the potential impacts on our members.”

The layoffs are part of a broader restructuring effort aimed at securing Stena Line’s future amid sustainability challenges. CEO Niclas Mårtensson acknowledged the difficult decision, stating, “Stena Line has been a successful company over the past few years; however, we need to ensure a lower cost base to be able to future proof the company. With 40 vessels in Europe and the Mediterranean, we have significant sustainability challenges ahead of us, and this program will enable us to make necessary investments for the future.”

The TSSA’s letter to Stena reiterates the union’s commitment to supporting affected employees and calls for an immediate discussion to clarify the situation, especially for staff at Fishguard who may be impacted.

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Business

Wales powers ahead with approval of landmark onshore wind project

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THE WELSH GOVERNMENT’S Cabinet Secretary for Economy, Energy, and Planning has granted approval for the Twyn Hywel Energy Park, a pioneering project by renewable energy developer Bute Energy. Set across the Caerphilly and Rhondda Cynon Taf County Boroughs, this development will feature 14 wind turbines generating 92.4 MW of clean energy—enough to power approximately 81,000 households annually.

Twyn Hywel Energy Park is part of Bute Energy’s ambitious network of energy parks across Wales, representing a £3 billion investment with the potential to generate over 2 gigawatts of renewable power. This clean energy output could supply 2.25 million homes and offset around 5.7 million tonnes of carbon dioxide emissions—equivalent to removing all cars from Caerphilly County Borough’s roads each year.

This project will mark Wales’s first onshore wind construction since 2020, symbolizing a renewed commitment to sustainable energy.

Stuart George, Managing Director of Bute Energy, said: “Onshore wind represents the cheapest, cleanest, and quickest route to generating clean energy and ending our reliance on fossil fuels. Wales is primed to lead and benefit from the shift to renewable energy through significant direct investment, new jobs, and investment in local communities. Bute Energy is dedicated to creating a lasting legacy of skills, opportunities, and investment for Wales. Our Community Benefit Fund, skills initiatives, and collaborative approach with communities will help keep as much of the investment in Wales as possible.”

Bute Energy has established a Community Benefit Fund worth over £30 million across the 40-year lifespan of its projects. Designed with input from local communities, the fund aims to support local groups, charities, and services in sustaining and growing their work to meet community needs. Additionally, the company has embedded a 2% Social Value Standard into every contract, ensuring investments flow into local economies during the energy park’s construction and beyond.

The project is anticipated to create hundreds of jobs in Wales, generating millions in local economic benefits. Construction is scheduled to commence in 2025, with completion targeted for 2027. Bute Energy plans to maintain ongoing consultation with local authorities and communities throughout the development process.

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Business

Big change expected to be backed for Pembroke Power Station facility

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PLANS for a green hydrogen production facility by Pembroke Power Station, which the applicants say “can establish Pembroke at the forefront of south Wales’ low carbon future,” and create new jobs are expected to be backed next week.

An application by Pembroke RWE Generation UK plc for the construction of a green hydrogen production facility with electrolysers, hydrogen gas storage, HV transformer and electrolyser control building, and hydrogen gas pipeline offtake; together with associated infrastructure, including water supply pipeline to the Pembroke Power Station and electrical supply connection to the National Grid Substation on land adjacent to Pembroke Power Station is recommended for conditional approval at the November 5 meeting of the county council’s planning committee.

The electrolyser site was previously occupied by the power station’s sports and social club.

A report for planners states: “A green hydrogen facility is proposed that would comprise the main electrolyser area, a hydrogen gas pipeline corridor, an electrical connection to a high voltage transformer and an area for connections into the Pembroke Power Station and a cable corridor for connection into the National Grid Substation.

“The electrolyser is planned to be powered with ‘low carbon electricity supplied primarily via grid connected renewables’ and will create ‘green hydrogen’ for use in industrial processes. Water for the electrolyser will come from existing power station supplies.

“The pipeline corridor would supply hydrogen gas to the Valero Refinery. The pipeline corridor would follow the route of an existing natural gas pipeline. Most of the pipeline corridor would be underground, passing across farmland and a wooded area. It will emerge above ground within the Valero Refinery. The working width of the construction area for the pipeline is expected to be approximately 30m.

“The applicant states that some of the final design aspects and features of the proposed development within the electrolyser site ‘cannot be confirmed at this design stage as these depend on the appointment of an Engineering, Procurement and Construction (EPC) contractor. This may include the heights of buildings, structures and plant and the arrangement of features defined by zones’, nevertheless the maximum height of the flare stack would be 25m and the electrolyser building and compressor building would be up to 17m in height. All other equipment would be of lower height than the electrolyser building.”

The report also quotes from the applicant: “The proposed development forms part of the Pembroke Net Zero Centre (PNZC) initiative which will see RWE diversify its energy generation portfolio to demonstrate a pathway towards decarbonisation.

“RWE’s vision for the PNZC has a critical role to play in Wales’ and the UK’s pathway to Net Zero. By decarbonising its current operations at the power station, while investing in new innovative technologies at the development site, RWE can establish Pembroke at the forefront of South Wales’ low carbon future. The proposals for RWE Pembroke Green Hydrogen form part of this ambition.

“By bringing together technologies such as hydrogen production, carbon capture and storage, battery storage and floating offshore wind to the Pembroke area, RWE can help to decarbonise the energy sector in Wales for generations to come. RWE’s ambitions will build on Pembrokeshire’s local energy heritage, safeguarding existing jobs at the development site, while delivering a significant local economic investment and creating new jobs throughout construction and operation.”

The facility is expected to take 24 months to build, subject to approval, an earlier consultation on the scheme said, and could be built by early 2027.

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