The signs of an economic recovery flagged up by the Bank of England are clearly visible in South-East Wales, says leading businesswoman Denise Lovering.

Figures released by the Society of Motor Manufacturers and Traders (SMMT) show sales of new vans and trucks across the UK - a key indicator of the UK’s economic well-being - rose by 9.8 per cent year-on-year in October. And Denise Lovering, of Bedwas-based Glenside Commercials, said dealers in South-East Wales are beginning to see sustained and significant growth in these markets.

“This time last year the industry was in a slump with sales of new vans and trucks across the UK collapsing as confidence in the economy reached a low point. It started to pick up in early 2013 and it has continued to grow steadily since then,” she said.

“Then last month - October - the industry hit a high point when UK commercial vehicle sales actually rose by 27.3 per cent.

£Obviously, those sales were planned and made before the Bank of England’s encouraging statement on the economy but this is really the result of an increase in confidence we’ve seen among our customers for some time.

“Our own experience at Glenside Commercials, where we’re the main distributor in South-East Wales for Iveco vans and trucks, reflects this. While we got through the slump a year ago quite comfortably we could see many customers were holding out, waiting for signs that their businesses were going in the right direction and that they could afford the significant investment that new vans or trucks represent.

“Since then we’ve seen their confidence grow and now we’re at the point where many manufacturers are having to pull out all the stops to increase production and keep up with demand for new commercial vehicles.

“And with Christmas just around the corner we expect a further demand for light goods vehicles in particular to deliver the ever-increasing volume of goods bought online, so these very welcome sales figures reported by the SMMT don’t look like a flash in the pan.

“Putting that into perspective, it’s important to stress that the economy is not out of the woods yet. There’s clearly much more progress to be made in certain areas before we can claim that. But the upturn in commercial motor sector, which does reflect confidence in the overall economy, has been sustained now for most of this year so I would say this is a very encouraging sign.”

Glenside Commercials Ltd was set up in Caerphilly in 1993 and offers an extensive range of services to commercial vehicle operators of all sizes, from owner-drivers to large fleet managers. In 2011 it had a turnover of £7.25m. In February 2013 the company was appointed as a Main Distributor for Iveco in South East Wales. It is also an appointed agent for Isuzu Truck UK Ltd in Croydon, South London.