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Welsh business confidence plummets in August

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BUSINESS confidence in Wales took a significant hit in August, dropping by 27 points to a mere 35%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. This marks a sharp decline in sentiment among Welsh businesses compared to previous months.

The survey revealed that companies in Wales are feeling less optimistic about their own business prospects, with confidence falling by 19 points to 43%. This downturn in self-assurance is compounded by a stark drop in optimism about the broader economy, which plunged by 34 points to 28%. The combined effect of these factors has resulted in an overall confidence reading of 35%, a steep decline from July’s figure of 62%.

Looking towards the future, Welsh businesses have pinpointed key areas for potential growth over the next six months. Top priorities include evolving their offerings, such as launching new products or services (39%), adopting new technologies (39%), and investing in their workforce through training and development (36%).

The Business Barometer, which canvasses 1,200 businesses across the UK on a monthly basis, serves as an early indicator of economic trends both regionally and nationally.

Across the UK, overall business confidence remained steady in August, holding at 50%, the same level as in July. Confidence in the UK economy saw a slight improvement, inching up by two points to 47%. However, this was offset by a marginal decline in firms’ confidence in their own trading prospects, which dipped by two points to 54%. Despite this slight decrease, confidence levels remain above the long-term average.

The North East emerged as the most confident region in the UK, boasting a 65% confidence level, closely followed by Scotland at 64%.

Sector-specific data painted a mixed picture, with some industries experiencing gains while others saw declines. The construction sector experienced a robust increase in output expectations, rising by 14 points to 58%, reflecting strong growth prospects. Conversely, the manufacturing sector saw a slight decrease, with trading prospects dropping by two points to 58%, bringing it in line with the construction sector. Meanwhile, the Retail and Services sectors experienced declines, with confidence levels falling to 53%, down by 7 and 3 points respectively.

Sam Noble, Regional Director for Wales at Lloyds Bank Commercial Banking, commented: “Despite the recent dip in confidence, Welsh businesses remain determined to pursue growth. Whether it’s through launching new services or investing in their teams, these companies are actively seeking new opportunities. As they navigate these challenges, we are committed to supporting them with our insights, tools, and on-the-ground expertise.”

Hann-Ju Ho, Senior Economist at Lloyds Bank Commercial Banking, added: “August’s business confidence figures remain strong, with the overall UK confidence level staying at 50%, well above the long-term average of 29%. This sustained confidence, which has been above the average for the past 15 months, is supported by encouraging GDP data from the first half of the year. The survey results suggest that this solid economic performance is likely to continue into the second half of the year.

“However, there are some cautionary signs, such as the increase in wage growth expectations this month. Although this uptick has not reversed the downward trend seen so far in 2024, it is something to watch closely. Overall, the economy appears stable, and businesses are reflecting this sentiment in their outlook.”

Business

Pembrokeshire Great Wedlock deer park up for sale for £4m

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A PEMBROKESHIRE deer farm park attraction, which has expanded with several developments recently approved by councillors despite repeated officer recommendations of refusal, is now on the market for a cool £4m.

Great Wedlock Farm and Deer Park, at Gumfreston, some three miles from Tenby, is being marketed through estate agents Fox Grant with a guide price of £4m.

“Great Wedlock Farm and Deer Park were established in 2020 by the current owner, has invested well to create a viable business situated an easy drive from Tenby or Saundersfoot, meaning that it is an established tourist destination in the summer months for families,” it says.

Among the assets it lists:

  • An Established and Popular Tourist Attraction. Set in 173 Acres.
  • 5 Bedroom Farmhouse, 3 Bedrooms En Suite.
  • Deer Barn: Café, Shop and Buggy Park
  • Cinema Barn: Cinema, Tractor Maze & Soft Play.
  • Stone Barn: Golf Putting with second part for restoration.
  • The Makers Market Barn with Trader Stalls, store & toilets.
  • Planning permission for 15 holiday homes.
  • Agricultural barn, Further outbuilding and workshop.
  • Deer Fencing all round.
  • 2 miles fenced walk, parking for 200 cars
  • Outside Playground with some 28 pieces including gym equipment.
  • Planning for Event Centre.
  • Outside seating for 100.
  • Amazing views across the Bristol Channel.
  • Perfect for wind turbines, subject to planning permission.
  • Monopolistic Trading Position

Since the June 2022 approval of the deer park attraction itself, there have been further applications by Mr and Mrs Evans of Great Wedlock, both repeatedly recommended for refusal by officers, and both ultimately approved by full council after being repeatedly backed by the planning committee.

In December 2023, a change of use of a former agricultural barn to a trading barn for up to 35 traders selling local produce and crafts was approved by approved by 43 votes to one, against officer concerns including the potential for negative impacts on the existing provision of local shops in nearby rural settlements.

In May of this year, plans for 15 disability-friendly holiday lodges, a scheme the applicants had previously priced at some £2.3m to develop, were approved.

At the time local member Cllr Rhys Jordan said the material considerations of “ethically right and economically sound” sustainable tourism and the disability-friendly lodges outweighed officers’ reasons for refusal, which included it was outside of an identified settlement boundary in a countryside location, and was considered to have an adverse impact on visual amenity.

Fox Grant says of the site now up for sale: “The organic pastureland is grazed by the deer, which consist of three breeds: Red Deer, White Red Deer and Fallow Deer, during the summer months, there is the option for tourist to go on Deer Safaris in the buggies, after paying the entrance fee.”

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Business

A Haverfordwest landmark: Mike’s Bikes celebrates thirty-six years

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Family-run shop marks milestone after three generations keep wheels turning

LIFEBOAT crews, farmers, schoolchildren, club cyclists and thousands of local families have all passed through the doors of Mike’s Bikes in Prendergast. Now the much-loved shop is celebrating its thirty-sixth birthday, marking more than three decades as one of Haverfordwest’s most recognisable independent businesses.

The distinctive blue-fronted building has become a local landmark for anyone travelling through Prendergast. But behind it is a story rooted in family, hard work and a passion for cycling that has carried the business through changing times.

The shop began as the dream of founder Mike, who took early retirement from the water board in the late 1980s to follow his lifelong love of bikes. He found what the family still describe as “the perfect location” in Prendergast, opening the doors for the first time on November 16, 1988.

As demand grew, Mike brought in his close friend Mark as a partner, expanding into the entire lower floor of the building. The pair quickly built a strong reputation for honest advice, repairs done properly, and an old-fashioned customer service that kept people coming back.

Mike retired in 2000, with Mark taking over as sole owner. Under his leadership, the business went from strength to strength, surviving the recession, competition from big retail chains, and the shift towards online sales.

In 2008 the next generation stepped in when Mark’s son Shaun joined as a trainee mechanic. Originally intending to stay only while searching for a carpentry job, he quickly found he “absolutely loved” the work and decided to remain. Shaun is now a director, working alongside his father to steer the business into its fourth decade.

Today Mike’s Bikes is one of the best-known cycling shops in the county, stocking everything from children’s first bikes to high-end road and mountain models, as well as offering servicing and repairs. For many Pembrokeshire families, it’s the first stop whenever a tyre bursts, a bike is outgrown, or a child needs their first two wheels.

The shop thanked its customers in a message posted ahead of the anniversary, saying: “We would like to say a massive thank you to each and every one of you that has supported us over the years. Here’s to another 36 years.”

With three generations connected to the business and countless memories tied to the shopfront on Prendergast, Mike’s Bikes remains a rare example of a true independent business still thriving in Haverfordwest — powered not by trends, but by loyalty, community and a deep love of cycling.

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Business

Twr y Felin Hotel unveils new bespoke couple’s spa

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TWR Y FELIN Felin Hotel, Wales’ first contemporary art hotel, has announced the opening of its new bespoke couple’s spa – an exclusive sanctuary designed to restore balance, renew the senses, and bring calming wellbeing to both body and mind.

The new private spa space combines modern wellness design with gentle natural elements, offering a serene environment for couples or small groups seeking deep relaxation. Centred on the therapeutic power of water, the spa provides a cocoon of tranquillity and indulgence just moments from the heart of St Davids.

Guests can unwind in the deep whirlpool bath, enjoy the circulation-boosting benefits of the infrared sauna, or cleanse and detoxify in the steam shower. The space also includes heated loungers and a private terrace, complemented by soft lighting and soothing music – creating an ideal backdrop for an hour or more of restorative escape.

One-hour spa sessions

Perfect for guests seeking a shorter break from the everyday, the spa offers one-hour sessions:

  • Monday – Thursday: £50 per person
  • Friday – Sunday: £60 per person

One-hour sessions can be booked online. Longer visits can be arranged directly with the hotel and are subject to availability.

Guests can also extend their wellness journey with a wide menu of treatments, including aromatherapy massage, therapeutic body massage, Indian head massage, body exfoliation rituals, and Twr y Felin’s signature Encapsulate treatment.

“Our vision was to create a space where guests can slow down, breathe, and indulge in a restorative experience that leaves them feeling renewed,” said Emma Bowen, General Manager. “The spa complements our philosophy of creating exceptional experiences inspired by art, culture, and the surrounding Pembrokeshire landscape.”

Booking information

The spa is open daily, with one-hour sessions available to book online. Packages and extended stays must be booked directly with the hotel’s reception team. Please note that the spa is an adults-only environment and is not suitable for pregnant guests.

For information, bookings, and full terms and conditions, visit:
https://twryfelinhotel.com/treatments/

About Twr y Felin Hotel

Located in Britain’s smallest city, St Davids, Twr y Felin Hotel is Wales’ first contemporary art hotel. The award-winning retreat offers luxurious accommodation, fine dining at Blas Restaurant, and a unique collection of specially commissioned artworks inspired by the dramatic Pembrokeshire coast.

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