News

Council lost £1.8m after trading of £1.9m loan for almost ‘valueless’ Bluestone shares

Published

3 years ago

May 15, 2023

Bruce Sinclair - Local Democracy Reporter

PEMBROKESHIRE politicians have slammed a council leadership bid in the wake of revelations that the previous administration lost £1.8m by exchanging a £1.9m loan in the Bluestone holiday village for shares.

At the full council meeting of Pembrokeshire County Council on May 11, members heard the secured £1.9m loan investment in Bluestone was exchanged for shares which – at best – have been valued at £70,000.

Cabinet member for finance, Alec Cormack told members at the May 11 meeting that the very best annual dividend received on the shares was £5,250, meaning it would take 340 years to recoup the apparently written-off loans.

The behind-closed-doors decision, made by the previous council administration’s Cabinet in 2009, also included the removal of a previous agreement securing public access to the Blue Lagoon water park, then known as Waterworld.

The issue was raised at the May meeting by Councillor Alan Dennison, a new member of the council’s Independent Political Group (IPG), which also happened to be the previous administration.

In a submitted question, he asked full council: “Given the council’s previous investment in Bluestone of a 1.9 million secured loan, now converted into shares, can the Cabinet Member advise what return on investment per annum has been received over the last five years in share dividends or any other form of income?”

Members heard that amounted to just £19,000 in five years.

The £110m Bluestone eco-resort, near Narberth, opened in August 2008.

Early on, the county council invested two loans, adding to a total approaching £1.9m, the lion’s share in respect of Waterworld – now called the Blue Lagoon – with the key justification being there would be year-round public access for the public.

In 2009, it was reported that the county council took up an equity share option in the company behind the Bluestone holiday village, exchanging its loans for them.

Cllr Cormack answered Cllr Dennison’s question at the May 11 meeting, saying the original £1.9m investment was secured with a legal charge on land at the land registry, but was later exchanged for shares with no guarantee and the loss of the public’s right to access the-then Waterworld.

It was in 2009 that the confidential behind-closed-doors decisions were made, removing the loans and the guarantees, members heard.

“The council’s lost £1.8m of the £1.9m – roughly 95 per cent – of the IPPG investment and the public’s lost the guaranteed right to use the Bluestone pool,” said Cllr Cormack.

“At this rate, if we took that maximum dividend amount of £5,250, the council would get its money back in roughly 340 years.”

Speaking after the meeting, a spokesperson for the Pembrokeshire Labour Group praised Cllr Cormack’s role in bringing the information to the public domain.

“Cllr Cormack’s revelations about what had been agreed by the IPG administration are astonishing. There is simply no justification, whatsoever, for the decision by the Independent Political Group (IPG) cabinet leader of the time [Cllr Jamie Adams] to convert the loan into shares.

“Not only do they contain no justification for the decision; it’s clear the IPG swopped a secure loan for shares without any consideration of the consequences. They traded the people of Pembrokeshire’s access to the blue lagoon and £1.8m of taxpayers’ money for shares worth less than £70,000.

“Not only were they worth just £70,000, they’re also non-voting shares meaning this shoddy deal failed to secure this authority any influence over the company – it absolutely beggars belief.”

Referring to a forthcoming vote of no confidence in Council Leader David Simpson, in favour of IPG group member Huw Murphy, the spokesperson added: “This is the same Independent Political Group who are now desperate to run the council again and they’ll need the backing of the Tories to do it. The question must be, what secret deal have they cut to short-change the people of Pembrokeshire again?”

Councillor Jamie Adams, leader of the IPG group, has been contacted to comment.

News

Former West Wales MS says Starmer resignation felt ‘increasingly inevitable’

Published

2 hours ago

June 22, 2026

Tom Sinclair

Samuel Kurtz says public frustration has grown after two years of Labour controversies and policy decisions

FORMER West Wales MS Samuel Kurtz has said Sir Keir Starmer’s resignation felt “increasingly inevitable” after months of controversy and public frustration.

The Welsh Conservative said he watched the Prime Minister’s Downing Street statement with “genuine frustration”, adding that he wanted the UK to be respected regardless of which party was in government.

Starmer announced on Monday (Jun 22) that he would resign as Prime Minister and Labour leader, just 12 days before the second anniversary of Labour’s 2024 general election victory.

Mr Kurtz said: “As a British citizen, I sighed genuine frustration while watching this morning. Whatever the political colour of the Government, I want our country to be respected at home and on the international stage.

“But, in truth, this moment has felt increasingly inevitable as the weeks turned into months.”

He pointed to a series of controversies and policy decisions, including the Lord Alli gifts row, winter fuel allowance cuts, the Family Farm Tax, rising National Insurance, defence spending and domestic energy production.

Mr Kurtz said people “simply feel worse off”, adding that confidence in the economy remained low.

He said: “A Government should ultimately be judged on whether life is getting better for the people it serves.

“After two years marked by the controversies and a series of damaging policy decisions mentioned above, it’s difficult to argue this Government has passed that test.”

Mr Kurtz also questioned what would happen next, asking whether Labour would see an “Andy Burnham coronation”, whether Wes Streeting could build enough support, or whether an outsider could emerge.

He added that he would be watching the leadership contest “from the sidelines with interest”.

Labour is expected to open nominations for a new leader on July 9, with Starmer remaining in office until his successor is chosen.

Community

Haverfordwest lounge praised for charity work

Published

2 hours ago

June 22, 2026

Tom Sinclair

A HAVERFORDWEST venue has been praised for raising more than £2,600 for local charities through a series of community events.

Castle Ward county councillor Thomas Tudor visited The Waldo Lounge in Haverfordwest with Henry Tufnell MP, where they met manager Stephanie Davies.

Cllr Tudor said Stephanie had “truly embraced” her role in the community, organising events including a duck race, sports quiz, Mad Hatter’s tea party for Little Loungers, a bake sale and a drag night show.

Together, the events have raised £2,637 for local good causes.

Charities to benefit include The VC Gallery, Tŷ Hafan and Adam’s Bucketful of Hope Cancer Support Centre.

Cllr Tudor said: “It was lovely to introduce Henry Tufnell MP to Stephanie Davies, manager of The Waldo Lounge in Haverfordwest.

“Stephanie has truly embraced her role in the community of Haverfordwest, running many exciting initiatives and raising a staggering £2,637 for local charities.”

The fundraising continues this week, with Rock ’n’ Roll Bingo and a Wild West country and western night featuring a rodeo bull.

Caption: Community support: Thomas Tudor, Stephanie Davies and Henry Tufnell MP outside The Waldo Lounge in Haverfordwest.

News

Motorcyclist dies after four-vehicle crash on A40 in Carmarthenshire

Published

2 hours ago

June 22, 2026

Tom Sinclair

A MOTORCYCLIST has died following a four-vehicle collision on the A40 between St Clears and Whitland.

Dyfed-Powys Police said the crash happened at around 12:00pm on Sunday (Jun 21) and involved a grey Audi, a blue Seat, a grey Vauxhall and an orange KTM motorbike.

Sadly, the rider of the KTM died from their injuries and was pronounced dead at the scene. Their next of kin have been informed and are being supported by specialist officers.

A 38-year-old man has been arrested on suspicion of causing death by careless driving. He has since been released on conditional bail while further enquiries continue.

The road was closed while collision investigators examined the scene and reopened at around 8:30pm.

The latest tragedy follows two other serious motorcycle crashes in west Wales.

On Sunday afternoon, another motorcyclist was injured in a separate collision and is recovering in hospital.

Last week, a 22-year-old rider sadly died in a crash near Narberth, while his female pillion passenger was taken to hospital.

Anyone with information, or dashcam footage which could assist the investigation, is asked to contact Dyfed-Powys Police online, by emailing [email protected], by direct message on social media, or by calling 101.

Alternatively, contact Crimestoppers anonymously on 0800 555111 or visit crimestoppers-uk.org.

Quote reference: DP-20260621-177.