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Job cuts in Pembrokeshire after £90m Wilko bid fails

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JOB cuts at Wilko’s head office and warehouses are expected to begin this week, including at the two Pembrokeshire stores, after a surprise £90m bid for the discount retailer fell through

It is understood that about a third of the 1,400 staff at the group’s headquarters and distribution centres are to be made redundant after talks with M2 Capital collapsed because a failure to provide proof of funding.

Talks on a rival bid from the HMV owner, Doug Putman, continue. It is understood that he does not want to hold on to Wilko’s back-office function, only the brand and its stores.

Almost 12,500 jobs are at risk after Wilko called in administrators this month as it ran short of cash.

M2 is a little-known Anglo-Canadian finance group that has set up funds to buy hotels and car parts makers but has yet to complete any deals. It is the only bidder that has pledged to take on Wilko’s support staff as well as its shops. However, it has not satisfied administrators that it has the necessary backing to do so.

The private equity firm has reportedly been in discussions about financing the deal with Michael Flacks, an entrepreneur who owns a diverse array of businesses including the US retailer Kelly-Moore Paints, the skin brushing brand Non Nonsense Beauty and the pump maker Aldrich. He once looked at buying the British brand Laura Ashley.

However, Flacks told the Sun he had only heard from M2 this week: “I replied saying I have no interest in Wilko and I don’t back anyone’s business,” he told the newspaper.

In a letter to the chair of M2, Robert Mantse, representatives for Wilko’s administrators at PricewaterhouseCoopers asked for “clarification as to the status of your interest” including “proof and source of funds, which is satisfactory to us” by 5pm on Wednesday.

A source close to the process has questioned the credibility of the M2 bid, which was put forward very late on the final day for offers on Friday and included a 20% stake in the business for employees.

Mantse responded: “Money talks and bullsh*t walks.”

M2 has said it has £150m lined up to support a buyout and turnaround at Wilko.

Putman’s offer does not include the retailer’s head office and warehouse, but would include more than 200 of its 400 shops, possibly protecting up to 10,000 jobs.

The Canadian tycoon’s family also owns Everest Toys, the largest toyand games distribution company in North America, and Toys R Us in Canada. He is expected to combine Wilko’s operations with HMV and his toy business if his bid is successful.

Business

Ferry traffic surges at Pembroke Dock due to Holyhead closure

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FERRY traffic at Pembroke Dock Ferry Terminal has surged following the temporary closure of Holyhead Port due to severe damage caused by Storm Darragh. The Port of Milford Haven, which owns and operates the terminal, has implemented measures to manage the increased volume of vehicles and minimise disruption in the area.

Holyhead Port, a key hub for ferry services between Wales and Ireland, has been closed since December 7. Repairs to storm-damaged infrastructure are ongoing, with reopening not expected until at least Thursday, December 19. The closure means more lorries in Pembroke Dock.

Irish Ferries has temporarily replaced the Isle of Innisfree ferry with the larger James Joyce on its Rosslare route..

The James Joyce has been diverted whilst repairs are carried out at Hollyhead, she will be operating from Pembroke Dock for a few months (Pic: Martin Cavaney)
Drivers in their lorries waiting to board ferry at Pembroke Port (Image: Martin Cavaney)

Traffic management plans in place

Tom Sawyer, Chief Executive at the Port of Milford Haven, said: “We are expecting to see ongoing increased traffic to Pembroke Dock Ferry Terminal. To manage traffic in the area, we have opened up different areas of the Port to reduce the number of vehicles queueing at the Port entrance. We have also been liaising with Pembrokeshire County Council’s Emergency Planning team to identify other areas for longer-term parking, if needed, so that traffic around Pembroke Dock is managed as effectively as possible.”

Sawyer acknowledged the inconvenience to local residents and businesses and expressed gratitude for their understanding: “Our priority is to ensure the safe and effective operation of all traffic on the Milford Haven Waterway. We’d like to thank everyone, particularly those living in and around the Pembroke Dock area, for their understanding and support. We will endeavour to take all actions possible to keep the area as uncongested as possible.”

Concerns over Christmas delays

The closure of Holyhead Port has raised concerns about delayed Christmas deliveries, as the route is a critical link for goods between Ireland and the UK. An Post, the Irish postal service, has reassured customers that alternative routes are being utilised, and the backlog of parcel trucks at Holyhead is decreasing.

A spokesperson for Holyhead Port stated: “Safety is of paramount importance to Holyhead Port, and a thorough investigation into the extent of the damage and repairs required is ongoing. At this point, it is estimated that the berths will reopen for ferry traffic on Thursday, December 19, at the earliest.”

Local impact and advice

Residents near Pembroke Dock have reported increased congestion due to the diversion of ferry traffic. The Port of Milford Haven continues to monitor the situation closely, working with local authorities to alleviate the impact on the community.

Photo Caption: Increased ferry traffic at Pembroke Dock Ferry Terminal due to Holyhead Port closure (Pic: Martin Cavaney/Herald).

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Business

Global green hydrogen pioneers choose Milford Haven as new HQ

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HAUSH LTD, a leading green energy and technology company specialising in green hydrogen, has announced Milford Haven as the location for its new UK headquarters. The move marks a significant step toward making the area a global powerhouse for green hydrogen production and innovation.

Pioneering green hydrogen solutions

Haush Ltd aims to be the first company of its kind to provide green hydrogen solutions for decarbonising land, sea, and air transportation, as well as exporting fuel to Europe. The company’s new headquarters will be established at Fleet Surgeons House, where work is set to begin immediately. The project will create local jobs and includes plans for an education centre to promote skills development in the community.

The Welsh Government is backing Haush through the HYBRID SBRI Hydrogen Port Re-Fuelling Project (HyPR). This initiative focuses on fast-tracking hydrogen production and refuelling services for onshore and offshore fleets, including the design of a permanent hydrogen refuelling solution for the Port of Milford Haven.

High-profile visit to Milford Haven

Economy, Energy, and Planning Cabinet Secretary Rebecca Evans toured the new site on Thursday (Dec 12). She was accompanied by Haush CEO Richard Winterbourne, Chief Technology Officer Joanna Oliver, Chief Operating Officer Adam Hill, and Chief Financial Officer Peter Kristensen.

Rebecca Evans said: “Jobs and green growth are a priority for this Welsh Government, so I am delighted Haush has chosen Milford Haven as the base for its new UK head office.

“The company’s ambitious growth plans align with our aspirations to see Wales become a global leader in renewable energy. This investment will benefit both our climate and economy, generating quality, skilled jobs.

“Haush has committed to training local residents to the highest standards and expanding their educational initiatives to benefit the wider community.”

Driving green innovation

Haush CEO Richard Winterbourne expressed excitement about the project:
“Haush is delighted to make this announcement and move forward with this groundbreaking green hydrogen production project. We look forward to working closely with the Welsh Government to maximise training and educational opportunities for the local community, equipping a future workforce with valuable, transferable skills.”

Chief Technology Officer Joanna Oliver emphasi sed the company’s innovative approach:
“Haush is operating at the forefront of green hydrogen technology and aims to play a significant role in advancing the local green energy transition.”

A brighter, greener future

Haush’s decision to base its UK headquarters in Milford Haven underscores the town’s growing importance as a hub for renewable energy innovation. With strong support from the Welsh Government and a focus on local job creation, the project promises to boost the regional economy and contribute to global efforts to combat climate change.

(Photos by Martin Cavaney/Herald)

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Crown Estate invests in Welsh offshore wind projects

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THE CROWN ESTATE has allocated funding to four Welsh organisations in the first round of its £50 million Supply Chain Accelerator programme, aimed at advancing the UK’s offshore wind sector. Across England, Wales, and Scotland, 13 organisations have received a share of £5 million to support early-stage supply chain projects.

The Welsh projects will contribute to the development of floating wind platforms, operations and maintenance facilities, and skills training. The funding is expected to unlock over £9 million in immediate investment, with the potential for £400 million in future capital expenditure. These initiatives align with The Crown Estate’s Celtic Sea Blueprint, which forecasts 5,300 new jobs and a £1.4 billion economic uplift through the deployment of floating offshore wind capacity in the region.

The Welsh recipients include:

  • Marine Power Systems Ltd.
  • Neath Port Talbot Group of Colleges (subject to contract)
  • Pembrokeshire College (subject to contract)
  • Tugdock Ltd.

Catalyst for change
Ben Brinded, Head of Investment at The Crown Estate, described the funding as a pivotal step for the UK’s renewable energy goals:
“This is a significant moment for The Crown Estate as our first funding into the UK’s offshore wind supply chain. We are fostering collaboration with industry and government partners to catalyse net zero, restore nature, and drive economic growth. The Supply Chain Accelerator is a vital step in maturing propositions that attract public and private investments.”

Welsh Secretary Jo Stevens welcomed the funding as “an important boost to build local jobs and skills in South Wales,” highlighting that floating offshore wind technology provides cheaper energy and creates future-proof jobs.

Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy, and Planning, echoed these sentiments, emphasizing Wales’ ambition to generate sufficient renewable energy to meet its own needs by 2035.

Expanding potential
The Crown Estate, which oversees the seabed around England, Wales, and Northern Ireland, launched the £50 million Supply Chain Accelerator fund earlier this year. With £45 million earmarked for future rounds, the programme aligns with the UK’s Industrial Growth Plan for offshore wind, aiming to unlock more opportunities in the renewable energy sector.

About The Crown Estate
The Crown Estate is a business mandated by Parliament to manage a £16 billion portfolio that includes offshore wind assets, urban centres, and rural holdings. Profits from its operations, totaling £4 billion over the past decade, are returned to HM Treasury.

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