Author: Scott Dylan

In the first half of 2024, UK university spinouts have raised £1bn, signalling a potential comeback in funding.Investment in UK spinouts has been declining since 2021, when it peaked at £2.73bn.Despite the decline, funding remains above pre-pandemic levels, averaging 423 deals annually from 2020 to 2023.Parkwalk, the leading investor, highlights the government’s swift action to maintain momentum in spinout funding.The 2035 extension to the Enterprise Investment Scheme is set to boost further investment in British spinouts.In a significant development for UK university spinouts, £1bn has been raised in the first half of 2024 alone. This represents a promising rebound for…

Harland & Wolff, the historic shipyard in Belfast, is on the brink of administration. This development puts a £1.6 billion contract with the Royal Navy at serious risk.The shipyard’s financial crisis has sparked fears of significant job losses and potential disruption to the UK’s defence capabilities. With a looming cash shortfall, the future of this iconic shipyard hangs in the balance.Harland & Wolff’s Financial CrisisThe troubled shipyard is expected to file for administration as early as Monday. This impending crisis could invalidate Harland & Wolff’s contract to assemble Fleet Solid Support (FSS) ships, which are essential for supporting Britain’s aircraft…

Rebecca Kane Burton, appointed CEO of a £365 million venue in April, faced the challenge of recovering from a tumultuous start that included her predecessor’s sudden resignation.Through strategic leadership, she navigated significant setbacks and successfully turned around the venue’s public image, earning her a significant promotion.A Challenging BeginningRebecca Kane Burton, who was appointed CEO of the £365 million arena near Manchester City’s Etihad Stadium in April, took over following her predecessor Gary Roden’s resignation. The resignation came amidst significant setbacks and delays, which drew national attention.Roden’s departure was precipitated by the high-profile cancellation of comedian Peter Kay’s opening gigs. This…

Hotel Chocolat has announced a strategic leadership change as UK managing director Lysa Hardy is promoted to CEO.The leadership transition follows Hotel Chocolat’s acquisition by confectionery giant Mars, valued at £534 million.Lysa Hardy succeeds co-founder Angus Thirlwell, who will assume the role of president of Hotel Chocolat.Under Hardy’s leadership, the retailer doubled its UK business and introduced the Velvetiser Hot Chocolate category.The company plans to expand its store portfolio with 20 new locations, enhancing its Velvetiser Café format.Hotel Chocolat has announced a significant leadership change as Lysa Hardy, its former UK managing director and group marketing officer, steps into the…

A County Durham-based technology firm has been awarded a significant £2 million contract by the Ministry of Defence (MOD).The competitive tender process has highlighted the firm’s expertise in radiation detection technology, positioning it as a key partner in national defence.Securing a Key Defence ContractRadiation detection specialist based in County Durham, has secured a £2 million contract with the Ministry of Defence (MOD). The competitive tender process saw the firm secure the deal, marking a significant milestone in its ongoing partnership with the MOD. The contract includes the supply of specialised radiation detection equipment, reinforcing the company’s position in the defence…

The United States intends to eliminate a tax loophole benefiting low-value imports, with potential implications for global retailers.The loophole allows these goods to enter the US duty-free if they are priced below the $800 threshold, affecting companies like Shein.Shein’s Chairman Donald Tang asserts that the closure will not harm Shein’s competitive stance in the market.Tang emphasizes that Shein’s advantage primarily stems from its on-demand business model and extensive product range, not tax benefits.Political concerns over forced labour in supply chains are being raised, particularly in the UK, due to Shein’s imminent stock listing.The United States has proposed measures to close…

Hovis has enhanced its manufacturing process by adopting AI technology through a partnership with IntelliAM AI.IntelliAM AI’s solutions will be integrated across three major Hovis facilities in the UK.The agreement involves a significant investment, with service and project orders exceeding £100,000 over twelve months.IntelliAM AI specialises in AI-powered software to optimise manufacturing processes.This partnership marks IntelliAM AI’s second major deal in recent months.Hovis, one of the leading bakers in Britain, has entered into a significant agreement with IntelliAM AI to incorporate artificial intelligence into its bread manufacturing process. This strategic move aims to bolster the reliability and efficiency of Hovis’s…

The removal of tax-free shopping for tourists has led to significant financial losses for West End retailers, according to recent research.International visitors to London increased by 3% in the first half of 2024, yet there was a 12% decrease in spending in the West End compared to 2019.The abolition of VAT-free shopping is identified as a major factor negatively impacting related sectors such as hospitality and cultural tourism.Tax-free refunds in European destinations grew by 36%, highlighting a shift in tourist spending towards the Continent.The call for legislative change coincides with the upcoming Budget, offering a potential opportunity to restore the…

London’s West End has seen a stark decline in sales, projected to reach a £220 million loss in unrealised revenue. This drop is attributed to the removal of tax-free shopping for tourists, creating significant challenges for the retail sector.Despite a growth in international visitors, the retail industry in London’s prime shopping districts is grappling with severe financial setbacks. The elimination of tax-free shopping is placing UK retailers at a disadvantage compared to their European counterparts.West End retailers are bracing for an even larger financial hit this year compared to the £400 million loss experienced in 2023. The elimination of tax-free…

The OECD has warned that the UK must take significant action to stabilise its public finances. The warning comes ahead of the Chancellor’s upcoming budget announcement.Facing rising health, pension, and climate change costs, the OECD has called for an overhaul of the UK’s fiscal regime. Key recommendations include scrapping stamp duty and modifying the pension triple lock.OECD’s Dire WarningThe OECD has issued a stark warning that the UK must undertake significant fiscal reforms to stabilise its public finances. This announcement comes as the country grapples with mounting spending pressures driven by rising health, pension, and climate change costs.Mounting Fiscal PressuresThe…