AN ABERGAVENNY businessman has been declared bankrupt and is said to owe several millions to various creditors.

Alex John Martin, of Tredillion Park, Llantilio Pertholey, ran Martins Jewellers for 25 years. The jewellery store, on Cibi Walk, was established in 1928 and Mr Martin was the third generation of his family to own it.

The Insolvency Service confirmed that he was declared bankrupt at a hearing in Newport County Court on Tuesday after a petition was put forward by a petitioning creditor, who was owed £10,000.

Mr Martin will now have to hand over his finances and assets to a trustee, where they will used to pay his debts.

The Insolvency Service will hold a meeting with Mr Martin to identify why the business failed and to identify his creditors.

The Argus contacted the shop but it is understood to have closed yesterday. Mr Martin was unavailable to comment when contacted.