Business
Company restructuring expert responds to January’s insolvency statistics in Wales
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
Barclays urged to bring back branches to west Wales
BARCLAYS has been urged to reopen bank branches in west Wales after reports that the banking giant is preparing to rebuild its high street presence.
Paul Davies MS, Senedd Member for Ceredigion Penfro, has written to Vim Maru, Chief Executive of Barclays UK, calling on the bank to restore full branch services in Pembrokeshire and Ceredigion.
Mr Davies said Haverfordwest and Aberystwyth should be treated as priority locations, with Tenby and Cardigan also considered as part of any future review.
The call comes after reports that Barclays is looking again at its high street network, including opening new branches, expanding some existing sites and reviving the traditional role of local bank manager.
Mr Davies said west Wales should not be overlooked if Barclays is serious about returning to communities.
Barclays closed its Haverfordwest branch in May 2024, while branches in Aberystwyth and Cardigan also shut that year. The closures left many customers in Pembrokeshire and Ceredigion without access to a full Barclays branch.
Mr Davies said the loss of face-to-face banking had hit residents, small businesses and community organisations across two largely rural counties.

He said: “It’s extremely disappointing that Barclays Bank currently has no branches in either Pembrokeshire or Ceredigion. This represents a significant reduction in service provision for both personal and business customers across the two counties.
“However, I welcome the bank’s recent announcement and have written to the Chief Executive to encourage Barclays to take this opportunity to restore banking services in our area by reopening branches in Pembrokeshire and Ceredigion.
“Access to face-to-face banking services remains vital for many residents, businesses and community organisations, and I hope the bank will give serious consideration to reopening the high street branches in west Wales.”

The withdrawal of bank branches has become a growing concern in towns across Wales, particularly for older residents, people without reliable internet access, rural customers who depend on public transport, and businesses that need to deposit cash.
While some banking services are available through the Post Office, Barclays Local sites and banking hubs, campaigners have argued that these do not always provide the same service as a fully staffed branch.
Mr Davies said Barclays now had an opportunity to show that rural communities would not be left behind.
He is asking the bank to place Haverfordwest and Aberystwyth at the front of the queue if it proceeds with plans to expand its branch network.
The Herald has contacted Barclays for comment.
Business
St Davids micro-bakery scheme and alterations backed
A PLANNING application has been approved to convert an outbuilding into a micro-bakery and carry out upgrades to a Grade II-listed property in St Davids.
The proposal, submitted to the Pembrokeshire Coast National Park Authority by Richard Francis and Sue Benge through agent Pembroke Design Ltd, relates to Manor House at 19 High Street, located within the St Davids conservation area.
The application sought permission for the refurbishment and change of use of an existing outbuilding to form a small-scale bakery, as well as a series of alterations and extensions to the main listed building.
The applicants aim to develop a plant-based bed and breakfast and micro-bakery business that serves the St Davids community, with a commitment to sustainability at the core of the project.
A supporting statement said: “It is the client’s goal to improve and upgrade the listed building, to reduce the carbon impact of the building by the removal of fossil fuel energy, improving energy efficiency and insulation, installing solar and heat pumps, thereby creating a sustainable, plant based bed and breakfast and micro bakery business serving the community of St Davids.”
The proposed bakery will be operated on a limited basis by the occupants of the property, typically opening two days a week.
Sales will be available through online order and collection only.
Other works include a modest single-storey rear extension, new heritage-appropriate timber double-glazed windows and doors, internal alterations, and the installation of rooflights.
Plans also include reinstating a historic window opening, fitting an air source heat pump, and other energy efficiency upgrades.
Additional proposals include solar panels on the outbuilding, a greenhouse in the rear garden, and other external works.
St Davids City Council supported the application, noting that it is unlikely to have a detrimental visual or environmental impact on the surrounding area.
Planning officers recommended approval, noting that the scheme has been carefully designed to respect the character and heritage value of the listed property.
An officer report stated: “The proposed development has been carefully designed to respect the character, appearance and significance of the listed building and its setting.
“The proposed rear extension is modest and subservient in scale, whilst the alterations to the existing building have been designed to improve its functionality, energy efficiency and long-term viability without causing unacceptable harm to its special architectural or historic interest.”
The micro-bakery was described as a “beneficial re-use” of the outbuilding.
Business
Popular Newgale surf shop and home works approved
A SCHEME to improve a Pembrokeshire seaside village home and surf shop, while also removing an unlawful part that was subject to an enforcement notice, has been given the go-ahead.
In an application to Pembrokeshire Coast National Park, Bruce Sanderson of New Surf, through agent A D Architectural Design Consultants LTD sought permission for internal and external alterations to dwelling and surf shop, at New Surf, Newgale, including the removal of an un-lawful use of part of the ground floor as a shop.
The proposals were supported by Nolton and Roch Community Council.
An officer report recommending approval said: “The proposal returns the dwelling building to full residential use only. The application site is in a particularly sensitive location and appropriate mitigation has been sought and conditions imposed to preserve protected sites and species.”
It added: “The property known as Newsurf is a two-bedroom dormer bungalow with adjoining surf shop opposite the shingle bank of Newgale beach. The surf shop is positioned southeast of the bungalow and comprises a pair of pitched roof store buildings with linking flat roof section to the dwelling. Prior to being a surf shop, the application site was a filling station.
“The southern ground floor area of the dormer bungalow has been in retail use without planning authorisation and the remaining ground floor as residential use. Plans show two bedrooms and a storage area on the first floor of the dwelling.”
It detailed the proposals addressed the unauthorised aspects of development relating to a 2022 national park enforcement notice.
It concluded: “The proposed scheme is considered acceptable in how it responds to landscape setting, visual, aesthetic, historical, cultural and ecological aspects and also the physical characteristics of the site.
“The proposal preserves and enhances the character of the dwelling and by doing so will not create an unacceptably detrimental impact on the special qualities of the National Park. It is not considered that the development will cause an unacceptable impact upon privacy or amenity of neighbouring properties.”
The application was conditionally approved.
The Newsurf site also features in plans by a Vodafone phone company subsidiary to bring fibreoptic cables across the sea from Ireland to Pembrokeshire; the onshore part of a project to bring a fibreoptic cable onshore from Kilmore Quay, Wexford, Ireland to a site at Newsurf shop car park, Sands Café Car Park and the Duke of Edinburgh Inn, Newgale.
No decision has yet been made on that application.
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