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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

St Davids GP surgery plans lodged with national park

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PLANS to convert a former GP surgery in Pembrokeshire’s only city to a home and holiday let have been lodged with the national park.

In an application to Pembrokeshire Coast National Park, Alice and Danjal Joensen, through agent Oochitecture, seek permission for a change of use of the ground floor of the former GP surgery, Eryl Mor, 36, New Street, St Davids, merging with the existing first-floor apartment to create a larger single dwelling house, along with the creation of an attached short-term holiday let.

The GP surgery is currently vacant, following its closure in October 2024 after new partners could not be secured.

A supporting statement says, prior to being a GP surgery, the two storey element was a single dwelling house.

It adds: “The house would consist of an open plan kitchen-living space to the ground floor, along with a study, lounge and utility room. The first floor includes four double bedrooms with ensuite and main bathroom.

“The new unit of accommodation would form a holiday-let with two double bedrooms, shower room, and an open plan kitchen-living space.

“The GP surgery is currently vacant, following its closure in October 2024 after new partners could not be secured, therefore the proposed change of use will provide a viable long-term future use for the property.”

It says minimal external alterations are proposed to the property with existing entrances utilised for both the main house and holiday-let, adding: “The existing concrete ramp to the front elevation will be retained with proposed works including extending the upper level and steps to provide a connection to the front door, allowing for accessible entrance to the property.

“There will be no changes to vehicular or pedestrian access, with the site continuing to be accessed via the existing entrance from New Street. Parking will be provided for the main house and holiday-let on the existing tarmac driveway off New Street.”

The application will be considered by Park planners at a later date.

 

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Business

Cardigan bakery named among best in UK

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A CARDIGAN bakehouse has been named among the best bakeries in the UK as interest in “bakery tourism” continues to rise.

Bara Menyn, a small family-run bakehouse tucked away in a side street in Cardigan, has been highlighted by travel experts at holidaycottages.co.uk as one of the bakeries worth making a trip for.

The name Bara Menyn means “bread and butter” in Welsh, and the bakery has built a reputation for imaginative bakes, pizzas and seasonal produce.

Laura Kerslake, regional expert for Wales, said: “Bara Menyn is how you say ‘bread and butter’ in Welsh and the name of the small family bakehouse that is hidden down a side street in Cardigan, West Wales.

“It’s open three days a week so that the owners can fit the bakehouse around family life and their careers as artists.

“The family’s artistic flair can be seen in all the imaginative fillings and toppings on the bakes and pizzas served, which are also made using local, seasonal produce.”

The listing comes as the UK sees growing interest in independent bakeries, with spending on bakery goods reported to have risen by six per cent from 2025 to 2026.

Research also suggests that many people are now willing to travel for regional food experiences, from traditional cakes to artisan bread and pastries.

Two other Welsh bakeries were also highlighted: Little Valley Bakery, which has sites in Mumbles and Brynmill, and was recently named in the Good Food Guide’s 50 Best Bakeries 2026; and another Welsh entry included in the travel company’s wider list.

For Cardigan, the recognition adds to the town’s growing reputation as a destination for independent food, drink and creative businesses.

 

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Business

In The Welsh Wind gin in running for world title

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A CEREDIGION distillery is celebrating after one of its gins was named among the best in the world.

In The Welsh Wind Distillery, based near Cardigan, has won gold and the Wales country title at the World Gin Awards 2026 for its Palo Cortado Cask-Aged Gin.

The matured gin has now been shortlisted for World’s Best Matured Gin, placing it in the top five internationally.

The overall winner will be announced at the World Gin Awards Gala Dinner in London on June 2.

The gin, priced at £45, is bottled at 43% ABV and is made by resting the distillery’s Signature Style Gin in Palo Cortado sherry barrels.

The result is described as a layered spirit with notes of almonds, dried stone fruit and wood spice, alongside the warmth of the gin’s botanical profile.

Palo Cortado is one of the rarest styles of sherry, produced in the Jerez region of southern Spain. It sits between Amontillado and Oloroso, combining nutty, oxidative character with a more elegant structure.

Ellen Wakelam, co-founder of In The Welsh Wind, said: “Palo Cortado is not a cask you choose lightly. It’s one of the rarest styles of sherry in the world and it does something quite specific to our Signature Style.

“It pulls out a depth and warmth that the gin already has in it and frames it in a way you wouldn’t expect. We’ve been incredibly proud of this gin since the first batch and to have that recognised at this level, and to be shortlisted for World’s Best, is something we’re genuinely thrilled about.”

The gin has previously won Best Welsh Matured at the World Gin Awards 2022 and received the Master award from The Spirits Business Gin Masters in 2021.

In The Welsh Wind is an independent craft distillery founded by Ellen Wakelam. It produces single malt whisky, blended Welsh malt whisky, gin and vodka, with a focus on Welsh provenance and cask maturation.

Palo Cortado Cask-Aged Gin: The Ceredigion-made gin is in the running to be named the world’s best matured gin.

 

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