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Business

Over 350% yearly rise in Welsh start-ups, new R3 research shows

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START-UP numbers in Wales were 352.4% higher in January 2023 than in January 2022, according to new research from insolvency and restructuring trade body R3.

R3’s analysis of data provided by Creditsafe shows there were 1,683 new Welsh firms set-up in January – the highest recorded figure since May 2022, and 352.4% more than January 2022’s figure of 372.

Wales saw the biggest yearly rise in start-ups across all of the UK regions and nations, followed by the West Midlands (255%) and Greater London (17.1%).

Start-up figures also increased 58.8% compared December 2022’s total of 1,060 – the second highest monthly rise, falling just behind Northern Ireland, whose January start-up figures were 61.1% higher than the previous month.

Charlotte May, Chair of R3 in Wales, says: “Wales has made an entrepreneurial start to 2023, with more than 1,680 entrepreneurs taking the leap with a new venture last month.

“Hopefully, this new wave of Welsh start-ups will also help balance out the high number of voluntary liquidations which continue following COVID.”

Charlotte, who is Associate Director for South West and Wales at Manolete in Bristol continues: “However, it’s also really important to note that businesses can be really vulnerable in their first few years of trading, and the fallout from the pandemic paired with ongoing cost of living concerns makes navigating this even trickier.

“My advice to new company directors is simple – know your business inside out and if you spot an issue, seek help as soon as you can. There are many options out there for businesses that are struggling, but those options become fewer if you don’t move quickly and seek advice before the problem spirals out of control.”

Business

Pubs to stay open late for VE Day 80th anniversary

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Extended hours to help nation mark milestone in Second World War history

PUBS across England and Wales will be allowed to serve until 1:00am to mark the 80th anniversary of Victory in Europe (VE) Day, the Prime Minister has announced.

The extension applies to the evening of Wednesday, May 8, allowing revellers to continue their celebrations into the early hours of Thursday, May 9.

A series of national events are planned to commemorate the end of the Second World War in Europe, including a military parade through central London, an RAF flypast, and the lighting of more than 2,500 beacons across the UK.

Late opening hours for pubs have previously been granted during major national occasions, including Queen Elizabeth II’s Platinum Jubilee and England’s matches during the Euro 2024 semi-finals and final.

Speaking ahead of the anniversary, Prime Minister Keir Starmer said: “As we mark the 80th anniversary of VE Day, the whole country should come together to remember the incredible sacrifices made by the wartime generation and to celebrate the peace and freedom they secured for us all.

“Keeping our pubs open for longer will give people the opportunity to join in celebrations and raise a glass to all of the men and women who served their country, both overseas and at home.”

The commemorations will begin on Monday, May 5, with Union Flags flying at the Cenotaph in London. A military procession will march from Whitehall to Buckingham Palace, followed by an aerial display by the Royal Air Force. On May 8, the BBC will broadcast a celebratory event live from Horse Guards Parade.

Michael Kill, chief executive of the Night Time Industries Association, welcomed the decision. He said: “At such a challenging time for the hospitality sector, allowing businesses to extend their trading hours during these celebrations offers a much-needed boost while paying tribute to our shared history.”

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Business

Greenlink energy link goes live, connecting Pembrokeshire to Ireland

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Interconnector brings power boost and green energy potential to Wales and Ireland

A MAJOR new electricity interconnector linking Pembrokeshire and Ireland has gone live, with power now flowing between the two countries for the first time via the Greenlink project.

The 504-megawatt (MW) Greenlink Interconnector connects National Grid’s 400kV substation at Pembroke with EirGrid’s Great Island substation in County Wexford. The link spans 200km, including 160km of high-voltage direct current (HVDC) cable laid beneath the Irish Sea.

The interconnector is expected to improve energy security, increase grid resilience, and support the growth of renewable energy by allowing surplus electricity to be shared between Wales and Ireland.

Greenlink is one of the first privately funded energy infrastructure projects of its kind in Europe. It is owned by Greenlink Interconnector Limited and operated by EirGrid.

At the Welsh end of the link, National Grid carried out a series of upgrades to its Pembroke substation, including the installation of a new gas-insulated switchgear bay inside the existing air-insulated facility. The hybrid solution was designed to be space- and cost-efficient, and it uses a greener insulating gas instead of sulphur hexafluoride (SF6), in line with National Grid’s target to halve SF6 emissions by 2030.

James O’Reilly, CEO of Greenlink Interconnector Limited, described the go-live as a “significant milestone.”

He said: “This is one of the first privately developed and funded energy projects between the UK and Ireland. By enabling the transfer of green energy across borders, Greenlink strengthens energy security, enhances sustainability, and fosters greater connectivity with the wider European market.”

John Twomey, Director of Customer Connections at National Grid, said connecting Greenlink to the network at Pembroke allows both countries to “benefit from that boost in capacity and resilience.”

He said: “As demands on our electricity grids evolve, interconnectors provide immense value by strengthening the security of electricity supplies and improving our collective ability to exploit renewable power produced across borders.”

The converter stations at each end of the interconnector transform electricity between direct current (DC) and alternating current (AC) for use on the respective national grids.

Michael Kelly, interim Chief Operations and Asset Management Officer at EirGrid, said the project was “a vital step forward in strengthening our shared commitment to energy resilience and security.”

He added: “EirGrid is leading the transition to a low carbon future by making Ireland’s grid renewable ready. This latest connection was made possible through collaboration with our UK colleagues and the Greenlink team.”

The interconnector is now fully operational, with electricity flowing across the Irish Sea in both directions.

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Business

Boost your start-up idea with popular Business Bootcamp

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PEMBROKESHIRE’S popular Business Bootcamp is set to return to offer a boost to local start-ups this summer.

Following the success of last year’s event and positive feedback from participants, Pembrokeshire County Council’s Business Support Team will host a two-day Business Start-Up Bootcamp in June.

Entrepreneurs at prestart, start-up or established business stages are encouraged to register for this free workshop offering an insight into business essentials.

Experts will cover key topics including idea generation, branding, marketing, finance, and pitching.

There will also be an opportunity to network with like-minded entrepreneurs, find out more about what support is available and explore potential business connections.

Pembrokeshire County Council’s Business Development Officer for Entrepreneurship Industries Alex Evans said: “Due to popular demand and positive feedback from the previous Bootcamp we ran, we were happy to run another Bootcamp to supply the growing demand of business support in the County of Pembrokeshire.

“With a specialist organisation running the Bootcamp and guest speakers attending, this is a great opportunity for entrepreneurs to either kick start their business ideas or boost their business growth.”

The Bootcamp, funded by the UK Government Shared Prosperity Fund, will take place on June 3rd and 10th 9am to 3pm at the Bridge Innovation Centre, Pembroke Dock, SA72 6UN. Places are limited and booking is essential.

To find out more please contact Alex on Alex.Evans@pembrokeshire.gov.uk or 07584642534.

Ends

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