Business
40% of Welsh SMEs had to stop or pause business due to lack of financing

MOST common activities that Welsh SMEs have been forced to pause include marketing, launching new products and production
15% of Welsh SMEs that looked to secure external finance were unable to access it
Biggest barriers in sourcing external finance were cost, not understanding the business and lack of flexibility with repayment terms
Over the next 12 months, Welsh SMEs believe sales, new product development, new market expansion and marketing will be areas of growth
With appropriate external finance, most SMEs believe they could grow their business by up to 29% in the next 12 months – significant increase from 19% in 2023
Two in five (40%) of Welsh small and medium sized enterprises (“SMEs”) have had to stop or pause an area of their business because of a lack of finance over the last couple of years. This is according to new research1 commissioned by Manx Financial Group PLC (AIM:MFX), the financial services group which includes, amongst other operating subsidiaries, Conister Bank Limited (“Conister”), Conister Finance & Leasing Limited and Blue Star Business Solutions Limited.
The most common activities that Welsh SMEs have been forced to pause or stop because of a lack of financing were include marketing, launching new products and production.
Manx Financial Group’s research showed that nearly a third (31%) of UK SMEs as a whole have paused an area of their activity and while this has decreased from 40%2 in 2023, one in ten SMEs that looked to secure external finance and/or capital were unable to access it. In Wales this number was 15%.
The most popular external finance options for Welsh SMEs were short-term business loans and secured loans. The survey also highlighted that the biggest barriers faced by Welsh SMEs in sourcing external finance and/or capital were that it was too expensive, they not understanding the business and there was a lack of flexibility with repayment terms.
Over the next 12 months, Welsh SMEs believe sales, new product development, new market expansion and marketing will be areas of growth.
The research showed that less UK businesses are anticipating stagnant growth over the next 12 months – just 25% this year compared to 27% in 2023 and 34%3 in 2022. Indeed, with appropriate external finance, most SMEs believe they could grow their business by up to 29% in the next 12 months, which is a significant increase from 19% in 2023.
Douglas Grant, Group CEO at Manx Financial Group PLC, commented: “Our research reveals a persistent challenge that SMEs continue to face: securing financing remains difficult. This limited access to finance poses serious risks for both SMEs and the broader UK economy, particularly in terms of growth during uncertain times when support is most needed. The economic impact is significant, as SMEs contribute to about half of all private sector turnover in the UK. Innovative solutions are urgently required to address this funding gap.
“As borrowing costs stay high, many businesses are experiencing their own financial crises. This financial constraint, coupled with a potentially unprecedented and volatile environment marked by ongoing geopolitical tensions, multiple elections, a tightening labour market, and persistent cost-of-living challenges, poses obstacles to the prospects of SMEs and national economic growth.
“Although some SMEs have mitigated risks by locking in fixed-rate debt, many others are now struggling with increasing costs without a financial cushion. Government intervention is crucial to support SMEs, which are vital to the UK economy and, for some time, we have been advocating for a permanent government-backed loan scheme tailored to different sectors and incorporating both traditional and non-traditional lenders. Such a permanent scheme has the potential to play a pivotal role in unlocking economic resurgence for numerous companies, thereby sustaining the overall economy—especially as in an uncertain economic environment like the one we see today.”
Business
Haverfordwest opticians celebrate 100 years of long service

WALES’ LARGEST Specsavers store is celebrating a series of individual long service milestones, with nine team members collectively marking a century of long service in 2025.
At the heart of the celebrations is Andy Britton, ophthalmic director at Specsavers Haverfordwest, who has worked at the company for 20 years.
Since becoming a partner in 2006, Mr Britton has overseen the store’s transformation from a small site with just four test rooms to a state-of-the-art £1.2 million premises at 21 Riverside Quay. The enhanced store now boasts 14 test rooms equipped with cutting edge technology and a significantly larger team, growing from 11 to 45 employees.
Haverfordwest residents benefit from Mr Britton’s clinical expertise – he holds multiple postgraduate diplomas that allow him to prescribe medication directly to customers, helping to ease pressure on local GP surgeries and hospitals. He has also led the introduction of enhanced services, including glaucoma monitoring, ensuring more people can access specialist care closer to home.
Reflecting on his career, Mr Britton says: ‘It’s been a privilege to serve the Haverfordwest community over the last 20 years. I’m proud of the team we’ve built and the progress we’ve made – all with the aim of delivering the best possible care for our customers.’
Mr Britton’s anniversary was celebrated alongside colleagues Elise Evans, Gareth Riley and Carrie Lewis-Jones – each marking 15 years with Specsavers – as well as other team members celebrating 10 and five-year milestones.
Fellow director, Wayne Jones, was among those celebrating five years with the business, after joining the Haverfordwest store in 2020. He was named a finalist for Optometrist of the Year at the Optometry Wales Awards in 2023 and then in 2024, joined forces with Mr Britton as retail director of the store.
Commenting on the milestone, Mr Jones says: ‘Our team’s experience and dedication are what makes Specsavers Haverfordwest so special. Reaching 100 years of individual long service milestones in 2025 is something we’re incredibly proud of. It’s a real testament to the commitment of our colleagues, and we look forward to many more successful years ahead.’
To mark the occasion, the directors hosted an in-store awards ceremony, presenting certificates and bottles of champagne to the nine long-serving team members celebrating.
Specsavers Haverfordwest is open seven days a week. To find out more information about Specsavers in Haverfordwest, request an appointment or browse the online store, visit https://www.specsavers.co.uk/stores/haverfordwest.
Additionally, to make eye health accessible to all, the store offers a Home Visits service for those unable to leave their homes unaccompanied due to disability or illness.
Business
Government-backed scheme future-proofs Flintshire firms

Productivity, sustainability and skills boosted through decarbonisation initiative
A GOVERNMENT-funded programme is helping businesses in Flintshire become more productive, sustainable and future-ready through cutting-edge support and innovation.
Delivered by AMRC Cymru, a leading research and development facility based in Broughton and part of the University of Sheffield, the initiative has already supported 32 local companies through a combination of tailored reports, training events and one-to-one assistance.
The scheme—Accelerating Decarbonisation and Productivity Technology and Skills (ADAPTS)—is backed by £811,000 from Flintshire’s share of the UK Government’s Shared Prosperity Fund (UKSPF). It aims to boost growth, reduce carbon emissions and create skilled employment across the county’s manufacturing sector.
Sixteen of the participating businesses also received in-depth support from AMRC Cymru engineers to implement new technologies, enhance workforce skills and address key areas for improvement identified in their initial assessments.
Among those to benefit was Biofortuna, a contract development and manufacturing organisation, which developed an automated solution to scale up a critical process—opening doors to new markets while maintaining high accuracy.
Chris McCarthy, development and manufacturing manager at Biofortuna, said:
“If we hadn’t partnered with AMRC Cymru, we would have had to invest a significant amount of time and resource into researching potential options—and even then, we may have ended up limited to off-the-shelf solutions.
ADAPTS gave us the opportunity to approach our challenge from a completely different angle. They developed bespoke solutions tailored specifically to our needs.”
Natalie Jones, project manager at AMRC Cymru, added:
“Seeing the difference the UKSPF-funded ADAPTS programme has made to Biofortuna’s productivity and precision is fantastic. I’m excited to watch how this new technology supports their ongoing growth.”
Reflecting on the wider impact of the scheme, she continued:
“We’ve achieved excellent results across a number of key performance areas—including adoption of new products and services, improved digital connectivity, increased efficiency, and reduced carbon emissions.
Given the nature and timescale of the work, the full impact of the programme will continue to unfold in the months and years ahead, especially in terms of job creation and retention.”
Councillor Chris Dolphin, Flintshire County Council’s cabinet member for economy, environment and climate, welcomed the scheme’s success:
“With UK manufacturers investing around £38.8 billion into the economy each year, it’s great to see the ADAPTS programme preparing Flintshire businesses for future growth.
I believe this investment will boost local resilience and, in the long term, help attract and retain talent in the county.”
Business
Tenby town centre spa hotel could be completed in 18 months

APPROVED plans to change part of Tenby’s former town hall and market hall, and the nearby former TP Hughes department store to a spa hotel, restaurant and café could be completed in just 18 months despite concerns from local traders.
In an application recommended for conditional approval at the April 9 meeting of Pembrokeshire Coast National Park’s development management committee, Wil Crockford of Bassett Crockford Holdings Ltd sought permission for a change of use the former TP Hughes/ M&Co store and a part change of use of the council-owned market hall and former town hall to a spa hotel, restaurant and cafe/bar, with associated extensions and alterations at 12 High Street and Old Town Hall and Market Hall, Tenby.
The development for a new hotel extends across two buildings; the 20 hotel rooms will be located within the remaining upper floors of the existing M & Co buildings, and two new roof extensions in a mansard form to accommodate further hotel space.
The spa would be located at first floor level of the town hall aspect, and into the market’s first floor.
Further facilities in the form of a café will be linked to the hotel reception area at ground floor with additional toilet facilities and bicycle storage provided within the basement level. The proposed restaurant will be accommodated within the southern building.
The scheme was supported by Tenby Town Council, subject to conditions including the protection of existing market operations, and an agreed action plan for integration with potential refurbishment of the market, with Tenby Civic Society has raising concerns about the spa/fitness suite having an impact on the running of the market traders’ businesses.
Concerns have previously been raised about the impact on existing market traders during construction both in terms of noise and dust during works and a potential temporary market closure for construction work to be undertaken, with Cathy Butler speaking on their behalf at the April 9 meeting.
She said that while the market itself – believed to be the oldest in Wales – was flourishing despite the building being in need of renovation, there had been a lack of reassurance and feedback from the council, as landlords of the hall, as the proposed scheme progressed.
She stressed there was no objection to the neighbouring hotel but to the the potential impact on the market operations through the upstairs spa development.
“We’ve learned most of our news from the newspapers and we’re worried sick,” she told committee members, saying any impact on the market affected the “future of not just us but all our local suppliers as well”.
“Consider the small guy here; a spa is for the few, and the market for the many,” she added.
Agent Phil Davies told the committee there was no intention to disrupt the market, with the potential for putting that section of works on hold if there were any potential renovations to the hall through the council.
He said the whole scheme was expected to take 18 months to complete; the committee later hearing from local councillor Sam Skyrme-Blackhall that discussions were ongoing at council level with potential funding identified.
The application was given conditional delegated approval to senior park officers on completion of a S106 legal agreement to cover financial contributions.
A related listed building application was also granted delegated approval.
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