Business
Concerns over risk to public funds in TVR deal
TAXPAYERS could face a multi-million-pound bill after the Welsh Government spent more than £14m on a failed attempt to attract sports car manufacturer TVR to Wales.
Adrian Crompton, the auditor general for Wales, said the Welsh Government spent £4.75m buying the former Techboard factory in 2021 and £7.6m on refurbishment.
TVR received a £2m five-year loan and a £500,000 investment from the public purse, with the aim of creating 150 jobs and building 2,000 sports cars in Ebbw Vale by 2020.
But at the turn of 2024, the carmaker confirmed it no longer wants to lease the factory – or locate production in Wales – after announcing a new base in Hampshire.
Mr Crompton, who oversees the annual audit of some £24bn of public money, said selling the building for a market value of about £7.5m would net taxpayers a loss of £4.85m.
In a letter dated July 12, he told a Senedd committee that ministers have been trying to find an alternative tenant since November, with TVR paying a £322-a-month rent in that time.
Mr Crompton wrote that the 180,000 sq ft factory – which could generate an income of about £735,000 a year – has attracted some market interest but no formal offers.
Wales’ auditor general said Welsh Government officials’ advice was not to award a contract for the factory refurbishment in advance of a lease agreement with TVR
But he told the public accounts committee: “In August 2020, the minister wrote to TVR telling them the Welsh Government would progress refurbishment with or without them.”
Refurbishment of the factory, which was initially expected to cost £4.5m in 2017, was finally completed in July 2023 with the budget having ballooned to £7.6m.
Taxpayers could be on the hook for a botched investment in the company’s shares, the letter revealed, despite TVR being deemed a high-risk business at the time.
The Welsh Government bought 3.3% of the sports car manufacturer in 2016 but the public’s stake in the company has since more than halved to 1.6%.
TVR received a multi-million investment as part of a joint venture with Ensorcia, a lithium-mining business, which diluted the Welsh Government’s shareholding in 2021.
In May, ministers received external advice about the TVR stake – including a lower valuation than paid in 2016 – and secured an option to sell the shares back to the company.
Officials are now preparing ministerial advice for a decision on whether to sell the shares at a loss or retain the investment in the hope the price increases.
Mr Crompton said TVR breached loan requirements in September 2016 because it had not secured a promised £5.5m private-sector investment to start production.
He added that TVR negotiated extensions to the Welsh Government’s loan default requirement, which otherwise would have led to early repayment in full
In April 2022, TVR paid the Welsh Government £4.3m, covering the £2m loan and accrued interest, which released the company from a requirement to base itself in Wales.
Mr Crompton wrote: “The Welsh Government had to extend the loan repayment period but still achieved a return on investment when TVR eventually repaid it….
“Full repayment has now removed the conditions that were originally attached to the loan.”
In his briefing, the auditor general said he reviewed Welsh Government support for TVR after receiving correspondence that expressed concerns about the risk to public funds.
Mr Crompton pointed out that the public purse will have incurred further costs in terms of officials’ time over many years, external advice and professional fees.
Ministers’ attempts to woo TVR coincided with the failed £425m Circuit of Wales project.
The proposals for a motor racing circuit in Blaenau Gwent collapsed in 2017, with Ken Skates, then-economy minister, refusing to underwrite a £210m loan.
In 2020, Mr Skates wrote off nearly £15m related to loans for the Circuit of Wales after failing to claw back taxpayers’ money.
Business
Wolfscastle spa earns prestigious AA recognition
WOLFSCASTLE COUNTRY HOTEL and Spa in Pembrokeshire is celebrating national recognition after its luxury spa was included in the prestigious AA Recommended Spa Awards.
The accolade highlights the hotel’s commitment to delivering high-quality wellbeing experiences, exceptional service, and first-class facilities.
The AA Recommended Spa status is awarded to venues that provide an outstanding guest experience, combining professional expertise, premium treatments, and a relaxing environment. The recognition places Wolfscastle among a select group of leading spa destinations across the UK.

Hot stone massage in the Wolfscastle Country Hotel & Spa treatment room.
The spa, which has been open for nine years, has established itself as one of Pembrokeshire’s top wellness destinations, welcoming both hotel guests and day visitors seeking relaxation in a tranquil countryside setting.
Facilities include hydrotherapy experiences, thermal suites, and dedicated relaxation areas, alongside a wide range of luxury treatments designed to help guests unwind and recharge.
Bethan, Spa Manager at Wolfscastle Country Hotel & Spa, said: “We’re absolutely delighted to be recognised by the AA as a Recommended Spa. The team here work really hard to make sure every guest feels relaxed, welcomed and properly looked after from the moment they arrive.
“To receive this recognition is very special for us and reflects the care and effort our therapists put into every treatment.”
The award further strengthens the hotel’s reputation as one of West Wales’ leading hospitality destinations, offering award-winning dining, boutique accommodation, and premium wellness experiences.
Guests can enjoy spa days, overnight breaks, and tailored treatments throughout the year.
For more information or to book, visit www.wolfscastle.com.
The hotel is also marking a significant milestone this year, with owner Andrew Stirling celebrating 50 years at the helm.
Business
Pembroke South Quay boat shed expansion plans submitted
A PADDLEBOARDING and canoeing company’s call for an extension to a boat shed at Pembroke’s South Quay, below its historic castle, has been submitted to county planners.
In an application to Pembrokeshire County Council, G Booth of Paddle West CIC, through agent James Dwyer Associates, seeks permission for an extension to the stone-built boathouse, adjacent to the cliff on South Quay fronting the Mill Pond, Pembroke.
A supporting statement says: “It is intended to erect a single storey ‘lean-to’ building, or ‘shed’ for the storage of boats, such as canoes and kayaks, and related equipment, on a vacant space adjacent to the existing stone-built boathouse.”
It adds: “The boathouse and the intended adjacent boat storage shed is located, as is to be expected, in close proximity to water, the Mill Pond. The Mill Pond is the main area of activity for Paddle West, a Community Interest Company, providing boating activities, kayaking, canoeing and paddle boarding, frequently for young people and families.”
It goes on to say: “It is intended that the structure would be lightweight, erected on the exiting hard standing. The ‘shed’ would be used for the storage of boats and related equipment.”
With regard to the historic setting, it adds: “Although the stone-built boathouse appears not to be listed, it is recognised that the walls above are listed and together they are a piece.
“Accordingly, through form and external materials proposed, timber cladding and profile sheet roofing, the aim is to ensure that the structure would be subservient and muted and not detract or compete with the visual aesthetic of the boathouse or historic walls. In effect the addition would blend into the background.”
The application will be considered by county planners at a later date.
The boathouse is sited near to the new Henry Tudor Centre in South Quay, which is due to open in Spring 2027.
The centre, expected to receive around 30,000 visitors a year, will tell the story of Henry Tudor, son of Pembroke, his Welsh ancestry and his impact on our national story, Welsh culture and our wider British heritage.
The restored derelict South Quay buildings will also house a new library and community café, and a healthcare, social services and supported employment facility in the adjoining premises.
Business
Pembrokeshire hospitality rates relief scheme backed
A WELSH Government-funded scheme to provide rates relief for hospitality businesses has been backed by senior Pembrokeshire councillors.
A report for members of Pembrokeshire County Council’s Cabinet at their March meeting said: “Welsh Government has introduced the Food and Drink Hospitality Rates Relief, this relief is aimed at eligible businesses in Wales in the food and drink hospitality sector for example, pubs, restaurants, cafes, bars and live music venues.
“The aim of the relief is to support eligible businesses to manage continued cost pressures. The relief will apply to all eligible occupied properties by offering a discount of 15 per cent on non-domestic rate bills for the period April 1 to March 31, 2027. The relief is capped at £110,000 per business across Wales.
“As this is a temporary measure, Welsh Government is providing the relief by reimbursing local authorities that use their discretionary relief powers under Section 47 of the Local Government Finance Act 1988.”
It concluded: “The food and drink hospitality rates relief 2026-27 requires the local authority to adopt a discretionary scheme [as outlined] and in accordance with the criteria and conditions specified in the guidance issued by Welsh Government.
“It is proposed that Cabinet resolve to adopt [the scheme] which can be applied to administer the relief. Welsh Government will reimburse local authorities for the relief provided in line with their guidance via a grant under section 31 of the Local Government Act 2003.”
Members backed the recommendation.
All eligible businesses must apply for this relief by the March 31, 2027, and an application form will be available on the council’s website from the April 1.
The maximum cash value of the rates relief allowed, across all properties in Wales occupied by the same business should not exceed £110,000. Businesses claiming the relief must declare that the amount being claimed does not exceed those limits.
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