New research from the Economic Intelligence Wales is calling for a new support regime for owners seeking to exit their businesses

A lack of ownership succession planning could be putting indigenous firms and thousands of jobs at risk, claims a new report.

Research from Economic Intelligence Wales – based at Cardiff Business School – is calling for a national support offer to help SME owners plan earlier, access practical guidance and prepare for ownership transition before it becomes urgent.

The report, entitled Small Business Ownership Succession Planning Strategies, has been penned by Mark Lang, Max Munday, Annette Roberts, and Neil Roche.

Its findings reflect a wider challenge facing businesses across Wales and the UK. A 2025 study by Hymans Robertson Personal Wealth showed that only 34% of family business owners in the UK have a formal succession plan in place, while analysis by ExitRadar, based on 2025 data, found that more than 800,000 UK companies have directors aged over 60 with no succession plan.

The same study estimates that more than 90% of small businesses brought to market never complete a sale.

The Welsh picture is equally concerning. Previous research referenced in the report found that just 16% of Welsh SMEs had considered succession planning in the longer term, while 47% of family-owned Welsh SMEs had no formal succession plan in place.

The report concludes that succession planning remains significantly underdeveloped the Welsh SME sector. The key recommendation of the report says a single, visible and accessible national support system would help business owners understand their options, access specialist advice and finance, and begin planning much earlier.

Adam Price, Cabinet Minister for Enterprise, Connectivity and Energy, said: “This research highlights the importance of helping business owners plan for the future and ensuring they can access the right support at the right time. Too often, succession planning is seen as something to consider later, when in reality early planning can be critical to securing jobs, investment and long-term business success.

“We want to create a simpler and more visible business support system that helps enterprises at every stage of their journey. That includes providing clearer pathways to advice, finance and specialist support for business owners considering succession, management buyouts, employee ownership or other transition options.

“By bringing support together and making it easier to navigate, we can help more Welsh businesses remain locally rooted, safeguard quality jobs and continue contributing to the growth and prosperity of communities across Wales.”

Prof Munday said “Too many business owners, busy with the day-to-day challenges of running their businesses, risk leaving succession planning until the last minute putting years of their hard work and their critical economic value at risk.

“The evidence is stark. Hundreds of thousands of businesses across the UK are approaching a critical ownership transition without a formal plan in place. Many owners assume they will simply sell when the time comes, but the reality is that most businesses brought to market never complete a sale.

“This report demonstrates the importance of ensuring that business owners have access to the advice, support and funding they need to plan for the future.”

Giles Thorley, chief executive of the Development Bank of Wales, said: “Wales has thousands of successful locally owned businesses that are central to jobs, supply chains and communities, but too many are approaching ownership transition without a clear plan.

“Successful transitions do not happen by accident. They require early planning, good advice and access to appropriate finance. Unless support is simple to find and easy to navigate, otherwise strong businesses can struggle to realise their value or secure their future.

“Since 2017, we have funded 379 succession deals with £157m, supporting management buyouts, employee ownership trusts and other succession routes that help businesses remain strong, independent and embedded within their communities.

“We have seen first-hand how succession funding can protect jobs, preserve local ownership and create the platform for future growth. A single, visible national support offer, backed by practical guidance and targeted awareness, would help more Welsh SME owners plan earlier and give viable businesses the best chance of remaining rooted in Wales for the long term.”

Economic Intelligence Wales is a collaboration between Cardiff Business School, Bangor Business School, the Enterprise Research Centre, the Office for National Statistics and the Development Bank of Wales. The partnership provides independent insight into the opportunities and challenges facing the Welsh economy.

The new hub will support meeting growing demand for its alternative dispute resolution service

The Motor Ombudsman has opened a new hub in Liverpool as the independent body approaches a decade of serving the automotive sector.

Complementing its existing headquarters in London, the move into a facility on Mann Island, next to the River Mersey, will allow the body to meet growing demand from motorists and businesses using its alternative dispute resolution (ADR) service.

In the first five months of 2026 alone, The Motor Ombudsman received 23,499 unique consumer cases – a 22% rise compared with the same period in 2025.

The first phase of recruitment at the hub will see the creation of 17 new jobs, taking the ombusdman’s total headcount to nearly 90.

The new staff will be working alongside colleagues in Westminster within two teams of the body’s dispute resolution department to further drive down the time needed to review cases and deliver decisions.

These are case administration, which gathers evidence from consumers and businesses involved in disputes, and adjudication, which reviews the evidence and issues decisions.

The hub will also play a key role in forging new relationships and supporting closer engagement with existing code-accredited garages, dealerships, vehicle manufacturers and warranty providers, while increasing the Motor Ombudsman visibility in the north west and beyond.

Bill Fennell, chief ombudsman and managing director of the Motor Ombudsman, said: “The opening of a hub in Liverpool is a significant and exciting step forward for The Motor Ombudsman, and marks another important milestone in our continued growth.

“As demand for our ADR service continues to rise, expanding our presence beyond London gives us access to a wider pool of talent, supports the creation of new local jobs in Merseyside, and strengthens the capacity and expertise we need to support consumers and businesses across the automotive sector.”

Japan’s three largest automakers are losing ground rapidly in China, the world’s largest auto market, as homegrown electric vehicle manufacturers accelerate past them and reshape the competitive landscape that Japanese brands once dominated.

Sharp declines across the board

Toyota, Nissan and Honda all posted double-digit sales declines in China during the first half of 2026, according to Japan’s Kyodo News and China’s state-run Global Times. Toyota’s sales totaled 694,700 vehicles, down 17.1% from the same period a year earlier. Nissan’s sales fell 15% to 237,000 vehicles. Honda suffered the steepest decline, with sales plunging 34.7% to 205,800 vehicles, extending a streak of year-over-year monthly declines that has now stretched 29 consecutive months through June.

Honda’s struggles have been particularly acute at the brand level. Its joint venture GAC Honda saw sales fall 46% year-over-year, while Dongfeng Honda’s sales dropped 22%. In June alone, Honda’s retail sales in China plunged 44.5% year-over-year. The severity of the decline has prompted structural changes within the company: GAC Honda’s Huangpu plant in Guangzhou, which has produced models including the ZR-V and Fit, is scheduled to end production this June, while Dongfeng Honda’s Wuhan plant is expected to close in 2027. Honda’s overall sales volume in China has collapsed from roughly 1.66 million vehicles in 2020 to approximately 650,000 today.

A steep decline in Japanese market share

The combined slump reflects a broader, multiyear erosion of Japanese automakers’ position in China. According to the China Association of Automobile Manufacturers, Japanese brands’ collective market share in China fell steadily from 24% in 2020 to the single-digit range last year, a five-year collapse that industry analysts describe as a generational shift in the market rather than a temporary downturn.

Falling behind on electrification

Analysts and industry observers point to Japanese automakers’ slow transition to electric and plug-in hybrid vehicles as the central driver of their declining fortunes in China. Cui Dongshu, secretary-general of the China Passenger Car Association, offered a blunt assessment of the shift to the Global Times. “Japanese companies relied too heavily on conventional hybrid vehicles and failed to respond properly to changing demand for plug-in hybrids,” Cui said, adding that Japanese brands have also lagged in new model development, China-specific product strategies, and smart vehicle features aimed at attracting younger buyers.

That assessment echoes concerns raised in a 2025 report by global consulting firm Roland Berger, which found that Japan’s broader auto industry had failed to keep pace with the global shift toward electrification even as other major markets accelerated their transition. The slower pivot has left Japanese brands increasingly reliant on gasoline and conventional hybrid vehicles at a moment when Chinese consumers have rapidly shifted toward pure electric and plug-in hybrid alternatives.

Chinese brands capture the momentum

While Japanese automakers have struggled, Chinese homegrown manufacturers have moved aggressively to capture market share through electric and smart vehicle offerings. According to the China Passenger Car Association, BYD led China’s passenger car market with a 13.2% share as of April, followed by Geely and Changan. Newer electric vehicle makers, including Leapmotor and Xiaomi, have also gained visibility in the market, adding further competitive pressure on established automakers, both foreign and domestic.

China’s broader new energy vehicle market has continued expanding rapidly even as the overall auto market has softened. The China Association of Automobile Manufacturers reported that the country produced 7.438 million new energy vehicles and sold 7.446 million in the first half of 2026, both figures surpassing 7 million and marking increases of 6.7% and 7.3%, respectively, from a year earlier. New energy vehicles accounted for 49.6% of total new car sales during the period, with the technology’s penetration rate reaching 58.5% as of June, up roughly 13 percentage points from a year earlier. Separate industry tracking had shown that penetration briefly surpassed 60% for the first time in April, underscoring how quickly the shift away from conventional gasoline vehicles has taken hold.

Broader market weakness compounds the pressure

The struggles facing Japanese automakers have also coincided with broader softness across China’s overall passenger vehicle market. According to Reuters, China’s domestic passenger vehicle sales fell 23.4% year-over-year to 1.62 million units in June, marking the ninth consecutive month of year-over-year decline for the broader market. Rising oil prices tied to tensions in the Middle East have further dampened demand for gasoline-powered vehicles specifically, compounding the challenges already facing Japanese brands that remain more dependent on conventional powertrains than many of their competitors.

German luxury brands face similar headwinds

Japanese automakers are not alone in facing steep declines in China. German luxury manufacturers have also reported significant year-over-year drops, with Mercedes-Benz falling 28%, BMW down 20.4%, and Volkswagen decreasing 25.9% during the same period. The combined sales of Mercedes-Benz, BMW and Audi were only slightly higher than Volkswagen’s China sales alone during the same period a year earlier, according to industry data, illustrating how broadly the shift toward domestic EV brands has squeezed established international automakers across price segments, not just in the mainstream market where Japanese brands have traditionally competed.

A difficult road back

Industry analysts widely agree that reclaiming lost ground in China will not come easily for Japanese automakers. Cui said Chinese homegrown brands have already established a firm position in the electric and smart car markets, making it unlikely that Japanese companies will recover their previous market standing in the near term. Toyota has shown some signs of adaptation, with localized electric vehicle sales in China surging 88% in April, suggesting the company may have more success than its rivals in adjusting its strategy, even as its overall China sales volumes have continued to decline.

With China’s new energy vehicle penetration continuing to climb and domestic brands showing no signs of ceding the ground they’ve gained, Japanese automakers face a critical period in determining whether they can meaningfully accelerate their own electrification strategies or risk further erosion of their once-dominant position in the world’s largest auto market. How quickly Toyota, Nissan and Honda can bring competitive electric and plug-in hybrid models specifically tailored to Chinese consumer preferences is likely to shape their trajectory in the market for years to come.

A total off 66 employees were made redundant when the business collapsed into administration

A 53-year-old West Midlands engineering firm has ceased trading despite “many efforts to keep the company buoyant”, with 66 people losing their jobs.

Cradley Heath-based Mechatherm entered administration last week just days after the company announced the death of its chief executive.

Helen Wheeler-Jones, Timothy Andrew Higgins and Edward Williams of PwC were appointed joint administrators on Friday (July 24).

In a statement on LinkedIn the company wrote: “After over 50 years of operations, it is with sadness that we have to announce that Mechatherm will cease trading today, our doors will close for one last time.

“Despite many efforts to keep the company buoyant, a suitable solution has not be found and Mechatherm now finds itself now undertaking a process of administration.

“Over the years Mechatherm has been involved many prestigious and successful projects worldwide, involving many clients and suppliers who have been part of Mechatherm’s journey and evolution as a company. We thank you all for your attention, collaboration and your consideration, it is with great fondness that our team will reflect on the experiences and opportunities that you have presented to us.”

Mechatherm was an engineering business, specialising in the design, manufacture and installation of industrial furnaces and aluminium casthouse equipment, and employed 70 people.

According to PwC the directors had been hoping to sell all or part of the business following a period of “significant financial strain” arising from contract losses, increasing creditor pressure and constrained liquidity, but received “no viable offers”.

Ms Wheeler-Jones, joint administrator and director at PwC, said: “We know how difficult and unsettling this news will be for those affected and are providing them with appropriate support. We are working closely with the Redundancy Payments Service to ensure employees can access their statutory entitlements as soon as possible.”

The news comes just days after Mechatherm announced the death of its chief executive, Mark Allen.

In a separate statement on LinkedIn last week, the business wrote: “Mark dedicated so much of his career to Mechatherm International, leading with passion, integrity, and an unwavering commitment to both our customers and the Mechatherm staff. His knowledge, determination, and sense of humour made a lasting impact on everyone who had the privilege of working with him.

“Mark was more than a leader – he was a mentor, colleague, and friend to many. He will be greatly missed, but his legacy will continue to inspire us. His saying ask for forgiveness not permission, meant we always knew he had our backs no matter what. Our thoughts are with Mark’s family and loved ones at this incredibly difficult time.“Rest in peace, Mark, we all love and miss you.”

A 45-year-old Bronx man with a criminal history stretching back more than two decades has been charged with murder in the fatal shooting of a 12-year-old boy, the son of a retired New York Police Department officer, who was struck by gunfire while riding his bike near a Bronx bodega Saturday.

A chaotic scene captured on video

Police responded to reports of multiple people shot outside Wanda Deli Grocery at 104 Elliot Place in the Mount Eden section of the Bronx shortly before 5 p.m. Saturday. Surveillance footage released by the NYPD showed a group of men engaged in a physical altercation on the street near the intersection of Walton Avenue and Elliot Place, just before one of them pulled out a gun and opened fire. The video showed a 12-year-old boy, later identified as Jacob Freytes, standing near his bicycle on the sidewalk directly beside the confrontation when the shooting began. Additional footage showed Freytes running into the bodega, holding his chest, before collapsing inside near a deli worker and a customer.

Freytes was struck in the shoulder and rushed to NYC Health and Hospitals/Lincoln, where he was pronounced dead. Two other men, ages 25 and 34, were also struck by gunfire during the shooting; the 25-year-old was hit in the buttocks and the 34-year-old in the foot. Both are expected to survive, and both were listed in stable condition after being treated.

A father who was out of state

Freytes was the son of a retired NYPD officer. According to family members, his father, an NYPD sergeant, was traveling in Connecticut at the time of the shooting. A relative described Freytes as a well-liked, respectful child within the neighborhood. “He was a good kid,” the relative said. “He’s gonna be missed.”

Suspect arrested outside his home

NYPD Commissioner Jessica Tisch announced Sunday morning that detectives had arrested William Ferrer, 45, of the Bronx, taking him into custody outside his home. Ferrer faces charges of second-degree murder, first-degree manslaughter, second-degree attempted murder, first- and second-degree assault, and second-degree criminal possession of a weapon, according to the NYPD; some reporting has cited additional counts of attempted murder and assault beyond the initial charges announced. Attorney information for Ferrer was not immediately available.

Announcing the arrest, Tisch emphasized the senselessness of the shooting. “No arrest can ever ease the pain of this unimaginable loss,” Tisch said, adding that the department would continue working to seek justice for Freytes. Police said investigators believe the shooting may be connected to gang activity, though the underlying dispute between the individuals in the confrontation had not been fully detailed publicly as of Sunday.

A lengthy record predating the shooting

According to law enforcement sources cited by the New York Post, Ferrer has had multiple prior encounters with law enforcement dating back to 1999, with a record that reportedly includes past arrests on allegations of drug possession, driving while intoxicated, possession of stolen property, menacing and criminal contempt. It remains unclear how many of those prior arrests resulted in convictions.

A community in mourning

Fernando Mateo, a spokesman for the United Bodegas of America, addressed the shooting during a Sunday press conference outside the bodega, describing Freytes’ death as a devastating reminder of the continued toll gun violence takes on New York City. Bronx Borough President Vanessa Gibson also spoke out following the shooting, describing the incident as an unimaginable pain for the community in a video statement shared on social media.

New York City’s Office of the Public Advocate also issued a statement mourning Freytes’ death. “Nothing could be more tragic: An innocent child on his bike,” the office wrote, adding that ensuring children’s safety remains a collective responsibility and calling for the urgent implementation of strategies proven to make communities safer.

An investigation that remains active

According to police, the men involved in the initial altercation fled the scene before patrol officers arrived, and investigators have continued reviewing surveillance footage and interviewing witnesses in the aftermath of the shooting. The NYPD said the broader investigation into the circumstances surrounding the confrontation remains ongoing even after Ferrer’s arrest, as detectives work to establish a fuller account of what led to the altercation turning violent.

Part of a broader pattern of stray-bullet violence involving children

Freytes’ death adds to a string of recent shootings in New York City in which children have been struck by gunfire not directed at them specifically. Earlier this month, an 8-year-old boy was shot in the thigh in the Bronx’s Mott Haven neighborhood while getting off a school bus, an incident that similarly prompted charges against a suspect on counts including attempted murder and reckless endangerment. Such cases have repeatedly drawn public attention to the risks posed to bystanders, including children, when gunfire erupts during unrelated disputes in residential and commercial areas of the city.

What comes next

Ferrer is expected to be arraigned on the charges against him in the coming days, with the case likely to proceed through the Bronx court system as prosecutors build their case using the surveillance footage, witness accounts and physical evidence gathered at the scene. The NYPD has said its investigation into the shooting remains active, and it remains unclear whether additional individuals involved in the initial altercation may face charges as the case continues to develop. For Freytes’ family and the broader Mount Eden community, the shooting has renewed calls from local officials and advocacy groups for continued efforts to address gun violence affecting bystanders, particularly children, across the city.