The owner of one of Abergavenny's oldest businesses has been declared bankrupt this week, owing almost £7 million to various creditors.

Alex John Martin, of Tredilion Park, Llantilio Pertholey the third generation of his family to be at the helm of Martins Jewellers in Abergavenny, which he has run for 25 years, was declared bankrupt at Newport County Court at 11:04 on Tuesday, and was detained at the court until after a meeting with the official receiver.

The petition for Mr Martin to be declared bankrupt was originally put forward by one of his creditors, who was owed £10,000.

At the hearing representations from two other creditors were also heard.

Mr Martin initially asked, via insolvency practitioner, McAlister & Co, for an interim order to be enforced which would allow him to put together a Individual Voluntary Arrangement, in the hopes of forming an agreement to pay part of his debts.

However at the hearing on Tuesday, before District Judge A?J?P Weaver, Mr Martin was 'adjudged bankrupt' after his request was denied and his IVA bid deemed unacceptable by the barrister of one of his creditors.

The Judge also awarded costs to the three creditors present at the hearing.

A list submitted to the court recorded more than 90 creditors.

As a result of this bankruptcy, Mr Martin will have to hand over his finances and assets to a trustee, where they will be used to pay his debts.

He will also have his bank accounts frozen, and may be forced to sell the home which is jointly owned with his parents and is subject to a £3million mortgage with RBS.

He also owns a further investment property in Abergavenny, which is valued at £490,000 on the open market with secured borrowings of £420,000.

This property is currently occupied by a tenant.

With the bankruptcy restrictions in place, Mr Martin will also not be able to borrow more than £500 without telling the lender he is bankrupt, to act as a director of a company, to create, manage or promote a company without the court's permission, or to manage a business with a different name without telling people he does business with that he is bankrupt.