Connect with us
Advertisement
Advertisement

Business

Overdue invoices in Wales reach 21-month high, new R3 research shows

Published

on

THE NUMBER of overdue invoices on the books of Welsh businesses reached a 21-month high in January, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows that businesses in Wales had a total of 152,973 overdue invoices on their books last month. This was the highest number on record since April 2023’s figure of 153,837.

Overdue invoice numbers rose by 12.7% year-on-year from January 2024’s total of 135,773, and rose by 5.2% when compared to the previous month’s total of 145,366.

Bethan Evans, Chair of R3 in Wales, says: “The last couple of years have been incredibly challenging for Welsh businesses. While a decline in inflation levels in 2024 provided some relief by slowing the pace of rising costs, this was offset by a host of other mounting challenges.

“Ongoing supply chain disruptions throughout last year made it much harder for businesses to operate smoothly, while high and rising energy costs have continued to squeeze profit margins. These difficulties were further compounded by new pressures introduced in the Autumn Budget, with businesses now having to reassess their finances in the face of rising Employers’ National Insurance Contributions and an increase in the minimum wage.

“It’s clear from these statistics that many firms are now feeling the impact of these ongoing challenges, with businesses having to delay more and more payments.”

The total number of Welsh companies with overdue invoices on their books rose to 18,631 in January, the highest level since February 2023’s total of 18,648.

The number of companies with overdue invoices on their books rose by 6.4% year-on-year from January 2024’s total of 17,510.

Bethan, who is a partner at Menzies LLP continues: “Over the past couple of years, many businesses struggled to pay their bills on time, and as conditions have not improved enough, these debts have built up over time. This has placed immense pressure on Welsh businesses, with more and more now unable to meet their payment deadlines amidst ongoing financial challenges.

“If conditions don’t improve early this year, we could see more companies facing even greater pressures, with some turning to insolvency processes to address their financial issues.

“I would urge businesses in Wales to seek advice at the first signs of financial distress. Conversations around money can be extremely difficult, but by facing your problems early, you’ll have more time to think about your next steps and more potential options available to you for resolving your concerns.”

 

Business

Rail investment ‘could unlock 40,000 jobs and £11bn for Wales’ says new report

Published

on

RAILWAY stations across Wales could help unlock around 40,000 jobs and more than £11 billion for the economy by 2036, according to new research.

A report by Development Economics, published on Monday (Mar 23), highlights how rail infrastructure is acting as a major driver of growth, supporting housing, business development, and employment across the country.

The findings suggest that development within 800 metres of railway stations alone could generate more than 40,000 jobs and contribute £11.3 billion to the Welsh economy over the next decade.

Stations driving growth

The report identifies what it calls the “rail catalyst effect”, where stations attract investment and act as hubs for regeneration.

Recent examples across Wales and the South West show the impact of rail-linked development. Over the past five years, areas around nine stations, including Carmarthen, have delivered 3,500 new homes, 67,000 square metres of commercial space, and supported 4,500 jobs.

Proposed new stations, including Cardiff Parkway and Newport West, are expected to create around 900 permanent jobs and generate £64 million annually over the next ten years.

Economic case for investment

The report comes as Wales continues to face economic challenges, with inactivity rates standing at 25.6%, higher than the UK average of 21.6%.

Researchers say continued investment in rail infrastructure will be key to boosting regional economies and improving access to jobs and opportunities.

Mark Hopwood, Managing Director of Great Western Railway, said: “The findings of this report are clear. The railway, its stations, and the trains that serve them are powerful drivers of economic growth, community prosperity and regeneration.

“Across our network, development around the railway is delivering thousands of homes, new commercial space and thousands of jobs, generating hundreds of millions of pounds in economic value for the communities we serve.”

National impact

Across the wider Great Western Railway network, stations are projected to support 238,000 jobs and generate £14.25 billion in annual economic value by 2036.

Nationally, the report suggests railway stations could support more than one million permanent jobs and contribute £78.7 billion to local and regional economies.

Wider benefits

The report also highlights the social impact of rail, particularly for households without access to a car, estimated at around one in five in Wales.

With more than 1.6 billion passenger journeys made each year across the UK rail network, the study says improved connectivity is helping people access work, education, and services more easily.

 

Continue Reading

Business

205-unit storage site at Pembrokeshire farm submitted to planners

Published

on

A CALL to allow a Pembrokeshire farm to keep a storage facility for more than 200 caravans, boats, cars and farm machines as a form of diversification has been submitted to county planners.

In an application to Pembrokeshire County Council, Mr & Mrs Davies, through agent A.D Architectural Design Consultants Ltd, seek retrospective permission for a farm diversification scheme to accommodate the storage of caravans, boats, cars and farm machinery in four of eight agricultural sheds and on hard-standing concrete courtyards at Froghall Farm, Spittal.

The works were completed back in 2019.

A supporting statement accompanying the application said: “At present, four of the eight shed structures on the site form part of the caravan and boat storage scheme, with additional touring caravans stored externally on the concrete courtyards.”

It said the storage provision was split as follows: Shed 1 – farm workshop, and 30 caravans, motorhomes, boats & cars; shed 2 – 16 caravans; shed 3 – 28 caravans, motorhomes, boats & cars – 28; shed 8 – cubicle shed, 11 units of farm machines, motorhomes & caravans; courtyard storage of 120 touring caravans, for an overall storage of 205 units.

The statement added: “It would take place in an accessible location, would incorporate sustainable transport and accessibility principles and would not result in a detrimental impact on highway safety or in traffic exceeding the capacity of the highway network; access road is a no-through road with no increase in traffic due to the nature of development.

“There won’t be a constant stream/flow of traffic as the site’s used for storage. Our client offers a towing service to sites in and around Pembrokeshire, which is used by 45 per cent of their customers, who are unable or prefer not to tow themselves. This gives our client control over the flow of traffic.”

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

 

Continue Reading

Business

Wolfscastle spa earns prestigious AA recognition

Published

on

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.

Grace, Levi and Bethan, full-time spa therapists at the award-winning Wolfscastle Spa.
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.

 

Continue Reading

Business27 minutes ago

Rail investment ‘could unlock 40,000 jobs and £11bn for Wales’ says new report

RAILWAY stations across Wales could help unlock around 40,000 jobs and more than £11 billion for the economy by 2036,...

Local Government59 minutes ago

Milford Haven set for £200m investment with schools, leisure centre and rail upgrade

Council outlines major plans for town with backing from Welsh Government MILFORD HAVEN is set for a major transformation with...

Community19 hours ago

Broad Haven volunteers secure ‘national asset’ status for nature reserve

A SMALL stretch of woodland and former opencast coal mine has been transformed into a nationally recognised biodiversity site, in...

Entertainment2 days ago

Tenby steams up in spectacular style as crowds flock to festival

Colourful parade, towering creations and Victorian flair bring town centre to life TENBY was transformed into a vibrant Victorian fantasy...

Crime3 days ago

Publican jailed for six years for supplying cocaine and cannabis

Milford Haven man sentenced at Swansea Crown Court following drug dealing operation A MILFORD HAVEN publican has been jailed for...

Local Government3 days ago

Poverty summit highlights support efforts across Pembrokeshire

A SUMMIT bringing together key organisations from across Pembrokeshire has highlighted both the scale of local poverty and the work...

Education4 days ago

Milford Haven school plans unveiled but funding not yet secured

PLANS for a new £100 million school in Milford Haven have been unveiled, but the project has not yet secured...

News4 days ago

Council unveils plans for new state-of-the-art secondary school in Milford Haven

PEMBROKESHIRE COUNTY COUNCIL has revealed plans for a new state-of-the-art school in Milford Haven, promising modern, inspiring learning spaces for...

Health4 days ago

NHS waiting list falls — but cancer delays and diagnostic backlog worsen

Record progress claimed by Welsh Government as critics warn key targets are still being missed THE NHS in Wales has...

Crime5 days ago

Rapist jailed after ‘abhorrent’ attacks on woman and children

Haverfordwest man told police “women won’t have sex without force” A HAVERFORDWEST man who raped a woman and a young...

Popular This Week