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Business

Company restructuring expert responds to January’s insolvency statistics in Wales

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WALES’ Chair of R3, the UK’s insolvency and restructuring trade body, Tim Sloggett has commented on the publication of the January 2024 personal and corporate insolvency statistics for England and Wales, which shows that:

  • Corporate insolvencies increased by 5% in January 2024 to a total of 1,769, compared to 1,685 in January 2023. This is lower than the year-on-year increase in January 2023 or 7.5%.
  • Personal insolvencies increased by 4.3% in January 2024 to a total of 8,089, compared to 7,756 in January 2023. Despite this recent increase, personal insolvencies still remain 17% below January 2019 before the pandemic.

“On the face of it, the declining year-on-year rate of growth of corporate insolvencies appears to be positive news. However, underpinning this is a decrease in Creditors’ Voluntary Liquidations (CVLs) and an increase in administration appointments.

“In recent years the story has been very much a high volume of small companies closing and being placed into CVL.  Administrations are more often used with larger companies compared to CVL’s, With news that the UK slipped into a recession at the end of last year, this now appears to be feeding through to larger businesses.

“In particular, the data shows that the main sectors facing challenges include retail, construction and accommodation and food services with insolvencies in these sectors significantly higher than they were prior to the pandemic, rising 141%, 68.5%, and 119.6% respectively compared to 2019 figures.

Tim, who is a managing director at business advisory firm Quantuma, continues: “Personal insolvency numbers rose year-on-year. This is not unexpected given the cost of living crisis, but interestingly volumes still remain below levels before the pandemic.

“This may be because the number of Breathing Space processes used also soared to the highest levels since the process was introduced in May 2021, which indicates that this process may be achieving its purpose of providing people with more time to resolve their debt issues and avoid bankruptcy.

“Whilst there are positive signs of lowering inflation, food, fuel, housing and energy costs remain high and are likely to remain key concerns for many households.

“Since the pandemic insolvency practitioners have been given new tools to help rescue businesses. The introduction of the moratorium and restructuring plan help provide businesses with breathing space and an increased chance of restructuring its debts. However, these take time to implement, and anyone worried about their personal or business finances should seek advice as soon as possible. It’s such a hard conversation to have, but the sooner you take that step, the more options there are likely to be to rescue the business.

“Most R3 members in Wales will give a free consultation to prospective clients so they can understand more about their circumstances and outline which options may be best suited to them.”

Business

Residents meet with local politicians over A477 road safety concerns 

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MEMBERS of the Eglwyscummin Community Council and residents of the village of Red Roses today (Friday 17th January) called a road-side meeting with local politicians Samuel Kurtz MS, Cefin Campbell MS and Ann Davies MP to highlight what they consider to be an ‘unsafe’ junction.

Growing concerns about the safety of the Red Roses junction brought about by the increase in near misses and accidents from users of the junction was evidenced during the meeting. The community hope that continued pressured on Welsh Government will deliver the additional safety modifications needed to reduce the number of incidents happening at the junction.

The local Member of Senedd for Carmerthen West and South Pembrokeshire, Samuel Kurtz, has been leading the campaign with the Community Council and has been liaising with SWTRA and Welsh Government Ministers to call for action on this junction.

He has already delivered a successful campaign to change the road layout of the notorious A477 Nash Fingerpost junction following several serious accidents, which is already being of real benefit to the local community. He hopes to build on this success by continuing to fight for further improvements in Red Roses and address the speeding issues being experienced on the A477 through the village of Milton.

Following the community meeting, Samuel Kurtz MS commented: “The Community Council have been extremely active in sharing the experiences that drivers are having at this junction and have put forward some recommendations that they believe will make it safer. Sadly, it’s a typical case of the junction meeting all the criteria on paper, but in practice, it’s dangerous and needs addressing.”

“ In this case, traffic travelling Westward towards Pembroke at speed have no turn off lane before having to slow down to virtually a standstill to make the narrow sharp lefthand turn off the A477 to Red Roses. On this fast busy road, it has been the root cause of the sign being crashed into on several occasions as drivers have failed to make the turn. There are crashes or near misses, as cars break sharply to try to make the turn as safely as possible.”

He added: “I believe that there are some relatively straight forward steps that can be taken which will deliver improvement and I’ve been asking Welsh Government for a review of the A477 and will invite road officials to see for themselves the junction in use. But I do need feedback from the local community to help make the case to Welsh Government. I’m asking people to get in touch with me via my Facebook page or email to share their experience, opinion, or example of any issues they may have had or witnessed using this stretch of road.”

Pictured above: Members of the Eglwyscummin Community Council at the road-side meeting with local politicians Samuel Kurtz MS, Cefin Campbell MS and Ann Davies MP discussing safety concerns at the Red Roses junction.

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Business

Haverfordwest Farmers Market: Local producers and fresh produce

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AS County Councillor for Castle Ward, Thomas Tudor expressed his delight after visiting the Haverfordwest Farmers Market. Held in Castle Square, the market showcases a variety of high-quality local produce, offering a vibrant community shopping experience.

Fresh produce every Friday

The Haverfordwest Farmers Market takes place every Friday from 9:00am to 2:00pm in the heart of Pembrokeshire’s bustling county town. Visitors can explore a wide range of stalls offering fresh produce, meats, crafts, and organic goods directly from local farmers, growers, and artisans.

Market Manager Joanne Welch explained: “Customers enjoy a memorable shopping experience in a vibrant, friendly atmosphere, have confidence in the producers, their products, and can always rely on the high-quality produce available at every market.”

Why shop local?

The market serves as a hub for supporting local businesses and reducing food miles. “Buying local makes sense,” Joanne continued. “Not only does it benefit the local economy, but it guarantees the freshest produce that is great value for money—and tastes fantastic too!”

What you need to know

  • Purpose: Farmers markets provide a unique opportunity to connect with local producers while enjoying fresh, quality food. Supporting these markets ensures a sustainable future for local farmers and reduces the environmental impact of long food supply chains.
  • Hygiene standards: Stallholders adhere to the same strict hygiene regulations as other food retailers, ensuring safety and quality for customers.
  • Cost: While prices may not always be cheaper, the quality and freshness of the products offer excellent value for money.

For those looking to enjoy a unique shopping experience, Castle Square in Haverfordwest is the place to be every Friday. Explore the best of Pembrokeshire’s local produce and craft while supporting your community.

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Business

Samuel Kurtz MS raises awareness of Asda Foundation local grant opportunities

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SAMUEL KURTZ MS has called on local grassroots organisations in Carmarthen West and South Pembrokeshire to apply for new grant funding opportunities from Asda’s charity, the Asda Foundation.

The Asda Foundation has announced up to £500,000 of funding to help transform and improve community spaces across the UK. Grants awarded will be worth between £500 and £3,000 and are aimed at helping grassroots groups improve or transform their local outdoor community spaces. Funding can be used to transform an outdoor area, create or enhance community growing projects, and enable community clean ups.

This is the first in a series of grants that the Asda Foundation will deliver in 2025, with over £3m of funding to be made available to grassroots community groups. Information for groups on how to apply is available here: https://asdafoundation.org/our-grants/outdoor-community-spaces-fund/

Karl Doyle, Chair of the Asda Foundation, says: “Over the last year, our research has consistently told us that local communities are seeking better access to safe and accessible public spaces. We know that being outdoors has a positive impact on health and wellbeing, and that that bringing people together to be part of a group and community makes a significant difference to people’s lives. This grant provides funding support for groups to do just this, and we hope it will also help build community connections and help grow pride in communities across the UK.’’

Samuel Kurtz MS added: “ This funding scheme from the Asda Foundation provides a great opportunity for local groups to really come together to improve their local community and outdoor environment. I encourage any groups that may have an idea about how this money could be put to good use to find out about the application process as soon as possible. Given the deadline of the 11th February for this round of funding it is vital that applications are submitted in good time. It would be fantastic to see as many local bids as possible so that communities right across Carmarthen West and South Pembrokeshire can benefit from this scheme.”

Photo caption: Samuel Kurtz Member of the Senedd for Carmarthen West and South Pembrokeshire pictured at the ASDA store in Pembroke Dock.

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