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Pembrokeshire businesses benefit as Development Bank reaches £1bn milestone

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MORE than 1,399 firms across Mid and West Wales have received over £460 million to help them start up and scale up, as the Development Bank of Wales confirms it has now passed a landmark £1 billion in investment since its creation in 2017.

Supported by the Welsh Government, the Development Bank says £323.4 million has been invested directly into Mid and West Wales businesses, unlocking a further £143.2 million in private sector co-finance. The bank’s total investment programme has supported 51,089 jobs and generated £5.8 billion in economic value across Wales.

Since 2017, a total of 4,699 companies throughout Wales have benefited from 5,184 investments. This includes £89 million for 292 innovative tech ventures and £275 million for Welsh property developers, helping to build 2,302 new homes.

Pembrokeshire is among the counties that have seen direct, tangible benefits. Rum producer Barti received a £200,000 investment from the Development Bank and a £27,000 loan from the Pembrokeshire Lottery to expand production. The funding was provided through the £500 million Wales Flexible Investment Fund.

Narberth-based Wild Lakes used a £40,700 Green Business Loan to move to solar power via the Welsh Government-backed scheme, helping the business reduce its carbon footprint.

Barti Director Jonathan Williams said: “This is the golden quarter for our industry, so it was important that we had the working capital required to purchase the stock needed to fulfil the increasing demand from Tesco and Co-op customers. We are also excited to be developing new products as well as exploring export opportunities for our product range.”

Mark Harris, co-founder at Wild Lakes, said: “As an outdoor business in one of Wales’ most impressive natural environments, our environmental impact is at the forefront of everything we do. The support we had from the Development Bank meant we were able to switch from older forms of power to new, cleaner energy, and gives us the infrastructure we need to make similar improvements in future.”

Welsh Government Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “If companies are to grow, it’s vital they can access finance. Since we set up the Development Bank in 2017, it has acted as a social impact investor, making sure its investments support our priorities, from encouraging entrepreneurship to building a greener economy. Reaching the £1 billion milestone makes me proud of the Bank’s role in driving economic development.”

First Minister Eluned Morgan said the milestone demonstrated the strength of Welsh businesses. She added: “Wales is a great place to set up a business or invest in projects and this is part of the message I shall be sharing with delegates from across the globe at the Wales International Summit in December.”

Since its establishment, the bank has provided £428 million in growth funding to 3,675 businesses and supported Welsh entrepreneurship with £61 million for 787 start-ups. There have also been 341 succession deals worth £138 million, helping to keep long-standing businesses in Wales. Thirty successful exits have generated a further £31 million.

Chair of the Development Bank, Hon. Group Captain Sally Bridgeland FIA, said: “Our investments have supported thousands of businesses at every stage of their growth journey. These results demonstrate the power of sustainable capital to deliver long-term economic value, bringing ambitions to life and delivering benefits for people and communities across Wales.”

Chief Executive Giles Thorley added: “This achievement is a testament to the hard work and ambition of the businesses and entrepreneurs we’ve supported and to the dedication of my colleagues. By leveraging £636 million in private co-investment and deploying recyclable funds, we’re building a legacy of growth and resilience for future generations.”

Investment breakdown

• 5,184 investments across 4,699 businesses
• Average deal size: £190,000
• Funding mix: £564m in debt; £138m in equity; £298m in property

 

Business

Haverfordwest Halifax bank nail bar scheme refused

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A CALL to convert a Pembrokeshire town centre former bank to a nail bar has been refused by county planners.

Huw Tuyen Nguyen, through agent Hayston Developments & Planning Ltd, sought permission for a change of use of the former Halifax bank at Grade-II-listed 10 Victoria Place, in Haverfordwest’s conservation area, to a nail bar, along with a related listed building consent.

Halifax closed its Haverfordwest branch back in 2024, leaving it with no more branches in the county.

A supporting statement accompanying the nail bar application at the three-storey building said: “The previous use of the building, a bank operated by the Halifax, ceased a few years ago and remains vacant making no contribution to the vitality or viability of the town centre.

“This application seeks to put the ground floor to an alternative commercial/retail use and which together with some internal and external alterations, also seeks to convert the upper two floors into a single high-quality flat. The upper floors have largely been under-utilised in the past. As such, the proposal would make a positive contribution to the town centre.”

It went on to say of the change of use to a nail bar: “This part of the application would allow the relocation and expansion of a professional service facility to serve Haverfordwest and the surrounding areas. This forms the basis of aspirations to grow the business, both in the immediate short term, and in the future as the business continues to grow.

“The applicant has explained that the current business is a nail salon which has been trading for some 15 years but under a different management. The applicant has had the business since January 2022.

“The business hours would be 9 am to 6 pm Monday to Saturday but closed on Sundays and which would employ 2/3 people.”

The application was refused on the grounds “the proposed external alterations, by virtue of the chosen materials, finish and detailing, represent poor design that fails to respect the historic character of the listed building and the wider terrace”.

The refusal went on to say: “The works do not respond appropriately to the building’s significance and would result in a harmful intervention that undermines its special architectural and historic interest.

“Furthermore, the proposal fails to satisfy the statutory duty to preserve or enhance the character and appearance of the Haverfordwest Conservation Area, and to pay special regard to the desirability of preserving the listed building and its features of architectural and historic interest.”

 

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£1m loan for Haverfordwest Wilko redevelopment backed

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A CALL for Pembrokeshire’s council to pursue a £1m loan to help fund the redevelopment of the ‘blight’ derelict former Wilko store in Haverfordwest as part of wider redevelopment of the county town has been backed.

A report for members of the March 16 meeting of Pembrokeshire County Council’s Cabinet, recommended for approval by Leader Cllr Jon Harvey, said: “The proposed project seeks to repurpose and redevelop the former Wilko building located on [2-6] Old Bridge, Haverfordwest, a large and prominently positioned commercial unit.

“The project will enable the revitalisation of one of Haverfordwest’s most strategically positioned commercial units located immediately adjacent to the new Haverfordwest Public Transport Interchange, on the main pedestrian route from the Interchange to the town centre.

“Pembrokeshire County Council, under Cabinet decision November 30, 2020, agreed the acquisition of Riverside Shopping Centre in Haverfordwest which includes the 2–6 Old Bridge and the Perrots Road Car Park.

“At the time of acquisition, the building was leased by Wilko, with this occupation ceasing when Wilko went into administration and the Haverfordwest store closed in September 2023.”

It added: “The building was in poor repair when returned from the outgoing tenant with limited ability to seek dilapidation costs as the tenant had gone into administration. The deteriorating roof and outdated internal configuration render it unsuitable for modern retail, commercial, or community use without significant investment.”

It went on to say: “The building’s current dereliction contributes to a blight at a key town access point. Funding would directly address these structural issues, unlocking the property’s potential and generating broader regeneration benefits for the town. High street anchor tenants attract significant footfall, with evidence showing that the majority of visitors subsequently engage with other shops.

“The preferred strategy is to secure such a tenant, creating a strong draw to the town centre and complementing surrounding uses. Even if a high street anchor is not achievable, there is credible interest in alternative commercial or community uses.”

It said an initial scoping stage “has identified a budget of circa £1.6m to undertake the required redevelopment works,” adding that the empty unit is currently costing the authority £125,000 a year annum in Business Rates, insurance and maintenance, along with a lost rental income of £150,000.

It said the council’s approved capital programme currently has £656,000 for the Riverside Phase 1/Eastern Quayside, and it was proposed that these funds are utilised, alongside an additional £1m funding source for 2-6 Old Bridge.

Cabinet Member for Young Persons, Community, Wellbeing and Future Generations Cllr Marc Tierney said: “The regeneration case on this particular property is really strong; if we don’t do anything the risk is we’re just holding on to another vacant property in Haverfordwest.”

Cabinet Member for Housing Cllr Michelle Bateman said the proposal was part of “a bigger picture” of regeneration in the town, with Cabinet member for finance Cllr Alistair Cameron pointing out the loan, if approved, would be “interest-free” to the council.

Council Leader Cllr Jon Harvey (Image: Pembropkeshire County Council webcast)

Cllr Harvey said: “I think we just have to do this, if we don’t we won’t get a major retailer in; this will really increase the retail offer in Haverfordwest , we’re spending a lot of money in Haverfordwest – grant-aided – and the town centre is in quite a reasonable situation.

“It’s really positive; in two-to-three-to-five years Haverfordwest will be a more vibrant place than it is today.”

Members backed a recommendation to submit a call for £1m from Town Centre Loan funding for the works, adding that to the current capital programme allocation, totalling £1.656m.

If the funding call is not successful, a future Cabinet meeting will hear alternative recommendations.

 

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Business

Oil firm praised for putting customers first during price surge

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A PEMBROKESHIRE heating oil supplier has been praised by a local customer after choosing to honour its original prices despite a sharp rise in fuel costs.

Sarah Maling contacted The Herald after receiving a delivery from J E Lawrence & Son Ltd, saying the company had prioritised fairness to customers during a period of intense demand.

The customer had ordered around 800 litres of heating oil on March 2 after her tank began running low. However, due to extremely high demand, the company was unable to deliver until Friday (Mar 13). Despite heating oil prices increasing rapidly since the order was placed, the firm honoured the original quoted price and delivered 500 litres instead, ensuring more households could receive some oil.

Sarah said the delivery driver arrived at her home at around 11:30am after already completing 27 deliveries that day.

She said: “Prices have gone insane since I ordered yet they stuck with the quoted price and delivered 500 litres and explained why in the letter.

“This is putting the customer before profit and making sure everyone who needs oil will hopefully get oil at a more affordable price.

“I just wanted it acknowledged that not all delivery companies are out to make a profit but care about their customers – the people of Pembrokeshire.”

The letter included with the delivery explained that distributors across the sector had cancelled existing orders as prices surged last week.

However, the company said it had chosen not to cancel earlier orders and instead decided to limit deliveries so that more customers would receive some fuel.

The letter stated: “We have experienced huge volumes of orders and deliveries are now taking two to three weeks.

“Most distributors cancelled existing orders when prices increased rapidly last week, and those customers had to go to the back of a very long queue with another supplier.

“We have chosen not to do that and your original price has been honoured.”

The company added that limiting deliveries was the only way to ensure all customers could receive oil during the current supply pressures.

It apologised for the inconvenience caused but said the situation was being driven by “a very uncertain climate which is outside our control”.

 

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