Business

AI and Web3 startup PoobahAI has raised $2 million in seed funding from FourTwoAlpha Ltd, the early Ethereum and Cosmos investor, in a move designed to make AI-powered blockchain creation accessible to anyone, regardless of technical expertise.

Based in Fort Worth, PoobahAI has built an artificial intelligence-driven, no-code platform that allows creators, entrepreneurs and businesses to launch decentralized Web3 applications, tokenized ecosystems and autonomous AI agents without writing a single line of code. The new capital will be used to accelerate the rollout of its flagship product, the MCP Server, and to support go-to-market expansion as the company works through a 4,000-strong global waitlist spanning North America, Europe and Asia.

The MCP Server, unveiled ahead of the funding announcement, is the first infrastructure layer designed to connect AI agents directly to blockchains. The technology allows for seamless multi-chain operations, transforming traditional static networks into dynamic, self-sustaining ecosystems capable of adapting and evolving in real time. By pairing this with PoobahAI’s intuitive platform, the company says builders can develop decentralized systems up to 60 per cent faster and at 90 per cent lower cost than traditional methods.

“Web3 holds the keys to a truly open internet, yet it’s trapped in a cage of code and complexity,” said Dr. Dana Love, President and Chairman of PoobahAI. “We’re blasting those doors wide open, arming builders with AI that doesn’t just automate — it innovates. Backed by FourTwoAlpha, we’re turbocharging this revolution and proving that the future of decentralized infrastructure can be as intuitive as drag-and-drop and as powerful as the blockchain itself.”

Founded by a team of AI and Web3 veterans, PoobahAI is part of a new generation of companies working to democratize the intersection of artificial intelligence and decentralized technology. The startup’s mission is to remove the complexity that has long hindered adoption, creating what it calls a “creator economy for Web3” — a space where individuals and organizations can build tokenized, autonomous systems as easily as they might design a website.

Investor FourTwoAlpha Ltd, based in the British Virgin Islands, said it views PoobahAI’s technology as the next logical step in the evolution of decentralized systems. The firm’s portfolio includes early investments in some of the world’s most transformative blockchain networks, and it believes PoobahAI’s AI-native approach could help unlock mainstream adoption of decentralized infrastructure.

The funding will also fuel PoobahAI’s efforts to expand its community of builders through university partnerships and global developer initiatives, as well as deepen its collaborations with major blockchain ecosystems. The company is already piloting its “chain-licensing” model with several leading Layer 1 networks, aiming to embed its AI infrastructure at the heart of the decentralized internet.

With additional AI tools entering public beta later this year, PoobahAI is positioning itself as a bridge between the AI and blockchain worlds — a convergence that many industry observers see as the next major frontier in tech innovation. “The next wave of progress will come from those who don’t just use AI or blockchain but combine them,” said Dr. Love. “PoobahAI is here to make that fusion simple, scalable and unstoppable.”

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PoobahAI raises $2M to mainstream AI-built blockchains

British businesses are wasting more than £13 billion a year in lost productivity as middle managers spend weeks dealing with avoidable, low-value work, according to new research by YouGov.

The findings — published in the fifth annual Feedback from the Field report by workplace operations platform SafetyCulture — reveal that middle managers lose an average of 7.3 weeks a year to unnecessary or repetitive tasks, including unproductive meetings, email overload, and correcting others’ mistakes.

The cost of that inefficiency is staggering: when managers’ wages are combined with the scale of the UK’s frontline workforce, the total wasted time amounts to £13.2 billion annually, the report estimates.

Of the five sectors surveyed, manufacturing is the hardest hit, with around £4 billion in wasted managers’ time every year. It is followed by retail (£3.3bn), construction (£2.4bn), transport and logistics (£1.9bn), and hospitality (£1.5bn).

Ronan Kirby, SafetyCulture’s Managing Director for EMEA, said the results highlight a chronic underuse of management talent across frontline industries: “Middle managers are the backbone of operational success, yet too often they’re held back by inefficiencies and admin overload. When equipped with the right tools and visibility, they can be the catalysts for real, sustainable improvement.

“The reality is they’re one of the most underused sources of insight in any business. They’re close enough to see where things break down and experienced enough to understand how those issues hit the bottom line.”

The study also exposes a disconnect between middle managers and senior leadership. Nearly nine in ten managers (88%) said they had ideas to improve their organisation, but fewer than half (43%) said their ideas were ever implemented.

More than a third (37%) blamed senior leadership for being “unreceptive” to suggestions from below. Many described company-wide improvement initiatives as “tick-box exercises” driven by people “who don’t understand how the work is done.”

By contrast, where managers’ ideas were adopted, the impact was significant: 57% reported more efficient operations and 46% saw cost reductions.

Kirby said the findings revealed a “two-way gap” between operational insight and executive decision-making.

“Managers’ ideas often struggle to gain traction, and leadership strategies don’t always reflect day-to-day challenges. The opportunity lies in closing that gap with systems and visibility that turn good ideas into lasting improvement.”

The report highlights examples of middle management-led innovation already paying dividends. Mowi Consumer Products UK, which operates the UK’s largest fish processing site with nearly 1,000 employees, cut its paper-based records by 90% and more than doubled its product and quality audits after introducing SafetyCulture technology.

Senior quality manager David Bett and then-production operator Anna Giusti spearheaded the project, which has since helped digitise operations across the site.

“The company is full of passionate people who invest their time and careers in improving processes, and we’re reaping the benefits of that,” Giusti said. “The digitisation programme has also enabled me to progress in my career to become a business data analyst.”

The report concludes that empowering managers to lead change is the key to improving operational efficiency across the UK’s frontline sectors.

“The most effective organisations empower everyone to contribute to change,” Kirby added. “With the right systems in place, managers can stop fighting the same fires every day and start driving the next opportunity forward.”

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UK businesses losing £13bn a year to wasted managers’ time – YouGov

Viral jacket potato brand SpudBros has come under fire after being accused of “bullying” a small business owner over a name dispute.

The Preston-based duo, Jacob and Harley Nelson, who became social media sensations for serving up gourmet potatoes from a tram and have since expanded to London and Liverpool, were accused of threatening legal action against a Portsmouth trader, Rumen Islam, owner of The Spud Father.

Islam, 27, opened his stand last month, offering his own take on the viral potato trend. But he says he has since been contacted by SpudBros’ legal team, who claim the name infringes their trademark.

“After months of graft — long days, late nights — we’ve now been threatened with legal action from SpudBros over the use of our name,” Islam wrote on social media. “We’ve poured our heart and soul into this. It’s gutting to think we might lose it because a bigger company wants to throw their weight around.”

The Portsmouth business owner told followers he will be changing the name after the dispute took a mental and emotional toll. “It’s been really hard,” he said in a TikTok video viewed thousands of times. “We’re a really small business — I’m born and bred in Pompey — and this was for the locals. It’s disheartening.”

Supporters online have flooded to defend Islam, accusing SpudBros of “corporate bullying” and calling for the brothers to drop the matter.

Comments on SpudBros’ recent TikTok posts include: “Stop bullying The Spud Father — there’s enough business for everyone.”
“Bit strange to go after a shop 260 miles away. Justice for Spud Father!”

The backlash led SpudBros to issue a public statement on Instagram, insisting they were not suing anyone.

“There are rumours we’ve sued a small business called The Spud Father. We are not suing anyone. Not now. Not ever,” wrote Jacob Nelson.

He said the company trademarked The Spudfather after launching a dish of the same name — in tribute to their father — which became their best-seller.

“As we grew, we developed merch, expanded franchises and had discussions with major retailers,” he said. “We trademarked the name in June, and it was approved before any other business applied for it. Our legal team simply responded to a notification from the Intellectual Property Office — it’s not a lawsuit.”

Nelson added that his family had received threats online since the story went viral, including towards his young daughter, and urged followers to stop the “hate”.

“We’d never want anyone to feel attacked. That’s not who we are,” he said. “We love small businesses — we were one. There’s room for everyone to succeed.”

Intellectual property lawyer Stephanie Davies, senior associate at Withers & Rogers, said the dispute highlights a common pitfall for startups.

“It’s often wrongly assumed that only big companies need to trademark their names,” Davies said. “Small businesses can build a following quickly, and if they don’t secure a registration early, they risk infringing on someone else’s rights — or losing their own brand identity.”

With a valid registration in place, she added, SpudBros may have a strong legal position, and The Spud Father could be forced to rebrand.

“Trademark searches should always be done before launch,” Davies said. “It’s far less painful than a rebrand once the business is up and running.”

The dispute marks the latest clash in the fast-growing world of viral potato vendors.

The Nelson brothers’ success has paralleled that of Ben Newman, better known as Spud Man, whose Tamworth-based jacket potato stall has 4.2 million TikTok followers and even drew the attention of Hollywood stars Ryan Reynolds and Hugh Jackman.

New rivals, including Spud Hut, Spud Life, and Spud Factory, have since popped up nationwide, each hoping to carve out a slice of the viral food trend.

For now, The Spud Father says it will continue trading — but under a new name.

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SpudBros blasted for ‘bullying’ small UK business in name dispute

The new home secretary Shabana Mahmood has admitted that the Home Office is “not yet fit for purpose” and has repeatedly failed to rise to the scale of multiple crises — from illegal migration to asylum accommodation and internal leadership churn.

In an interview with the BBC during a police operation in south London targeting illegal workers, Mahmood acknowledged deep-rooted problems in the department she inherited last month, including contract mismanagement, staff retention, and an overstretched enforcement system.

“The Home Office obviously deals with emergency and crises issues on a regular basis, and over a long period of time has been found not to be able to rise to the scale of the challenge,” Mahmood said. “We’ve got a range of problems — but I’m determined to deliver.”

Her comments come amid mounting pressure on the government to tackle both illegal working and the spiralling cost of asylum hotels, which a recent parliamentary report said had wasted “billions” of pounds.

Mahmood insisted that the government’s crackdown on illegal employment was beginning to show results, with 8,232 arrests made over the past year — a 63% increase on the previous 12 months.

“The enforcement of our rules has been lacking — it wasn’t good enough or strong enough under the last government,” she said. “The law hasn’t kept pace with the changes in the way people get work. The numbers are still not where I want them to be, but they’re moving in the right direction.”

Despite the improved figures, BBC cameras following enforcement officers in London found no illegal workers during two hours of spot checks — a reminder, critics say, of the scale of the enforcement challenge in sectors such as food delivery and logistics.

Ministers believe tougher workplace checks will reduce “pull factors” for people entering the UK illegally, particularly through small boat crossings.

The Home Office’s use of hotels to house asylum seekers has become one of its most politically and financially toxic issues. Mahmood described them as “a blight on our communities” and confirmed she intends to move some migrants into military sites in Inverness and East Sussex by the end of the year.

“We are working at pace to deliver new sites,” she said. “I hope to be within two new military sites by the end of the year. Discussions are well advanced in terms of planning for those moves.”

Pressed on whether the new accommodation plan would save taxpayers money, Mahmood would not commit — but said she was reviewing “all options” in existing hotel contracts, including possible break clauses next spring.

“I will need to look very carefully at the legal arrangements in those contracts,” she said, “and act in the best interests of our country and our taxpayers.”

Mahmood’s comments came just days after the mistaken release of Hadush Kebatu, an asylum seeker convicted of multiple sexual assaults, who was later deported to Ethiopia. The case has reignited anger over the Home Office’s handling of asylum accommodation and offender management.

Neil Hudson, Conservative MP for Epping Forest, said the community was “relieved” by Kebatu’s deportation but condemned the government’s decision to reopen the Bell Hotel — where Kebatu had been housed — as “incredibly frustrating”.

“The hotel needs to be closed — it’s the wrong place, near the forest and two schools,” he said.

The opposition has also faced renewed attacks over its immigration stance. Conservative leader Kemi Badenoch said Labour’s decision to scrap the Rwanda deportation scheme had “removed deterrence” and claimed that small boat crossings have risen 40% since the policy was dropped.

Mahmood did not directly respond to those figures but said enforcement reform and international cooperation — including a “one in, one out” arrangement with France — would be central to her migration strategy.

The home secretary’s frank admission that the department is “not yet fit for purpose” is the clearest signal yet that the new government intends to restructure the Home Office’s culture and systems. She confirmed she is working closely with Antonia Romeo, the department’s newly appointed permanent secretary, to tackle inefficiencies and stabilise senior leadership turnover.

Analysts say Mahmood’s challenge mirrors that faced by her predecessors: a department burdened by crisis management, political volatility, and a patchwork of overlapping responsibilities spanning immigration, policing, counter-terrorism and national security.

The question now is whether the new home secretary can succeed where others have stumbled — turning an embattled bureaucracy into a department capable of both strategic reform and operational delivery.

“This department has to be able to meet the moment,” Mahmood said. “I’m not under any illusions about how hard that will be — but we have to get this right.”

Read more:
Mahmood admits Home Office ‘not fit for purpose’ amid crises and staff exodus

Aston Martin has reported a dramatic escalation in losses as Donald Trump’s new tariffs on UK car imports and weakening demand from China batter the luxury carmaker’s finances.

The company posted a £112 million pre-tax loss in the three months to September, compared with just £12 million during the same period last year — an increase of more than 800 per cent. Revenue plunged 27 per cent to £285.2 million, reflecting what the company described as “extremely subdued” trading conditions in key export markets.

Shares in the FTSE-listed automaker fell nearly 6 per cent on Wednesday as investors reacted to the latest in a series of profit warnings from the iconic British brand.

The company blamed the deepening impact of US import tariffs, introduced by President Trump earlier this year, for much of the financial pain. The White House imposed 10 per cent duties on UK-made vehicles, a move that has particularly hurt Aston Martin, which relies heavily on the US as a core luxury market.

The fallout from the US–China trade dispute has also weighed on global automotive demand. “This year has been marked by significant macroeconomic headwinds,” said Adrian Hallmark, Aston Martin’s recently appointed chief executive and former Bentley boss. “The sustained impact of US tariffs and weak demand in China have materially affected our performance.”

Rival manufacturers have issued similar warnings. Mercedes-Benz this week reported a 31 per cent decline in profits, blaming the “market environment in China” and ongoing “tariff policies” in the US.

The results are the latest setback for Aston Martin, which has faced repeated delays in launching new models as it battles to stabilise cashflow. Earlier this month, the company postponed deliveries of its Valhalla supercar, citing “production readiness adjustments.”

Adding to its difficulties, Aston Martin has warned of potential supply chain disruption linked to the major cyber attack on Jaguar Land Rover (JLR) in late August. The hack forced JLR to halt production for five weeks, creating knock-on effects for shared suppliers across the UK automotive sector.

Aston Martin said the cyber incident had led to “increased potential for supply chain pressures” and noted that UK car production overall had fallen to a 73-year low last month, according to the Society of Motor Manufacturers and Traders (SMMT).

Executive chairman Lawrence Stroll, who led the 2020 rescue of the 111-year-old carmaker, said this year had brought “several unexpected challenges” but insisted the company remained focused on cost discipline and long-term growth.

Capital expenditure has been cut to £254 million so far this year, down from £300 million in 2024, and is now forecast to reach £350 million by year-end — a significant reduction from the £400 million projected earlier in the year.

Aston Martin also confirmed it would trim its five-year investment plan from £2 billion to £1.7 billion, and continues to reduce borrowing costs, with financing charges falling to £65 million in 2025 from £77 million a year earlier.

Despite the turbulence, Stroll struck a defiant tone: “My confidence in the long-term prospects for this iconic British brand and my commitment to the company remain unwavering,” he said.

The steep losses underscore how vulnerable Britain’s prestige carmakers remain to global trade tensions and shifting demand patterns. Analysts said that while Aston Martin’s brand remains one of the strongest in the luxury automotive space, its balance sheet remains highly leveraged and exposed to geopolitical risk.

The company continues to invest in hybrid and electric vehicle development — essential to meeting global emissions regulations and long-term competitiveness — but analysts warn that recurring shocks to supply chains and global trade could delay its recovery.

Aston Martin’s next major test will come in early 2026, when it is due to launch its first fully electric sports model, seen as central to its turnaround strategy and future relevance in a fast-electrifying market.

Read more:
Aston Martin losses surge 800% as Trump tariffs and China slowdown hit luxury carmaker

Former chancellor Jeremy Hunt has hit back at suggestions that the Office for Budget Responsibility (OBR) and past Tory tax cuts are to blame for Labour’s worsening fiscal position, calling the claim “ridiculous” and accusing Chancellor Rachel Reeves of presiding over a self-inflicted economic squeeze.

The rebuke comes amid reports of mounting anger inside Downing Street after the OBR signalled it would downgrade productivity forecasts ahead of next month’s Budget — creating an estimated £27 billion shortfall and forcing Ms Reeves to consider a mix of tax rises or spending cuts to plug the gap.

The downgrade is expected to knock 0.3 percentage points off productivity growth assumptions, deepening the Chancellor’s headache as she prepares her first full Budget under strict fiscal rules.

Ms Reeves and Sir Keir Starmer are said to believe the downgrade reflects the long-term impact of Conservative policy failures dating back to the post-financial crisis era and Brexit. But Mr Hunt said the current crisis was one of Labour’s own making.

“It is ridiculous to blame the OBR and tax cuts that grew the economy when Labour’s tax rises actually shrunk it,” he told reporters. “Rather than trying to find someone to blame, they need to start getting a few decisions right.”

As chancellor, Mr Hunt cut National Insurance contributions twice ahead of last year’s election at a cost of £20 billion. Ms Reeves has since imposed a £25 billion increase in employers’ National Insurance, part of a broader fiscal tightening that economists say has pushed the UK tax burden to a record high.

The Chancellor has been left with only £9.9 billion of headroom against her fiscal targets — the smallest margin in more than a decade, and well below the £20–30 billion cushions maintained by previous governments.

Economists now estimate that Ms Reeves faces a £35 billion black hole in her upcoming Budget, limiting her ability to deliver on spending commitments without further tax hikes.

She insisted the OBR’s projections reflected “past productivity numbers” rather than any deterioration under Labour, noting that UK productivity had been “very poor” since 2008 and had worsened after Brexit.

However, Helen Miller, deputy director of the Institute for Fiscal Studies (IFS), said the government’s predicament was largely self-inflicted.

“Having the very, very small headroom Rachel Reeves has given herself does lead to instability, because completely run-of-the-mill forecast changes can knock you off course,” Miller told peers on the House of Lords Economic Affairs Committee.

“Speculation and uncertainty around upcoming tax increases are directly damaging, because firms don’t invest when they’re not sure what’s going to happen.”

She added that by sticking with the tight fiscal rules introduced by Mr Hunt, Ms Reeves had left herself with “no margin for error.”

The Confederation of British Industry (CBI) has also warned that uncertainty surrounding the Budget is weighing heavily on corporate confidence.

“Uncertainty around the upcoming Budget is weighing heavily on sentiment, with many firms keeping key decisions on hold until more clarity is forthcoming,” said Alpesh Paleja, the CBI’s deputy chief economist.

“Cost pressures remain strong, with last year’s tax rises adding to the drag. The private sector cannot bear the brunt of further tax increases for a second Budget in a row.”

Business taxes are already at their highest level in 25 years, and several industry groups have urged the Treasury to prioritise stability over new fiscal tightening.

Former chancellor Lord Lamont echoed those concerns, warning that speculation over “headroom” and tax changes had become “terribly, terribly destabilising.”

“The swings that you get in public finance are absolutely ginormous,” he told peers. “We seem to have ended up with a situation that is very unstable.”

The Treasury declined to comment ahead of the OBR’s full forecast, due to be published on November 26, but insisted that fiscal decisions would be taken “in the national interest.”

With borrowing costs still elevated and business sentiment fragile, next month’s Budget represents a defining test of Rachel Reeves’ credibility as Britain’s first female Chancellor.

The combination of a weak productivity outlook, constrained fiscal headroom and tax fatigue across both households and firms has left the government with little room to manoeuvre.

While Ms Reeves insists her approach will deliver “stability after chaos”, critics argue the policy mix risks stifling growth at a time when business investment remains anaemic and inflationary pressures persist.

As one City economist put it this week: “The problem isn’t the OBR. It’s arithmetic.”

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‘Ridiculous’ to blame OBR for Budget mess, says Hunt

OpenAI, the maker of ChatGPT, has completed a sweeping corporate overhaul that values the company at $500 billion, paving the way for it to become a fully fledged for-profit enterprise and one of the world’s most valuable technology companies.

The Silicon Valley group, founded as a non-profit research lab in 2015, has agreed a new structure with its long-time partner and investor Microsoft, allowing it to raise fresh capital while maintaining a non-profit parent body. Under the new arrangement, the OpenAI Foundation will hold equity in the for-profit arm, while Microsoft will retain a 27 per cent stake, now worth about $135 billion.

Announced on Tuesday, the restructuring represents one of the most dramatic transformations in the short history of artificial intelligence — a shift from idealistic research collective to commercial powerhouse. It also cements Microsoft’s central role in the global AI race, extending its access to OpenAI’s technology until 2032, even in the event that OpenAI achieves artificial general intelligence (AGI) — the point at which a system can match the cognitive abilities of a highly educated human.

The deal further binds OpenAI to Microsoft’s vast Azure cloud computing network, with OpenAI agreeing to purchase $250 billion worth of Azure services over the next several years. However, Microsoft will lose its previous right of first refusal on OpenAI’s future cloud contracts — a sign that the AI company is seeking greater flexibility as it expands.

Microsoft shares rose 2 per cent to $542.07 following the announcement, giving the company a $4.046 trillion market value and cementing its position alongside Nvidia in the exclusive $4 trillion club. Apple, valued at $3.997 trillion, is close behind.

“The scale of the Azure commitment underscores Microsoft’s continued dominance in AI infrastructure,” said Raimo Lenschow, analyst at Barclays. “The deal also sets the stage for long-term collaboration between the two firms, in our view.”

Since launching ChatGPT in 2022, OpenAI has transformed from a niche research project into a global phenomenon, with more than 800 million weekly active users and partnerships spanning finance, healthcare, education and media.

Its chatbot — capable of generating human-like text and code — sparked the current AI boom, driving massive investment across Silicon Valley and on Wall Street. But while its influence has soared, OpenAI’s financial model has remained a challenge.

The company continues to operate at a loss as it prioritises rapid model development and global deployment over near-term profitability. Analysts at HSBC forecast losses of $23.5 billion in 2025, rising to $60 billion by 2027, underscoring the cost of maintaining its cutting-edge research.

Under the new structure, OpenAI can pursue large-scale funding more freely and could eventually prepare for a public listing — a move insiders describe as “inevitable” once its governance model stabilises.

In a statement, Bret Taylor, OpenAI’s chairman, said: “OpenAI has completed its recapitalisation, simplifying its corporate structure. The nonprofit remains in control of the for-profit, and now has a direct path to major resources before AGI arrives.”

Gil Luria, head of technology research at DA Davidson, said the deal resolves a long-standing tension between OpenAI’s research mission and commercial ambitions. “This restructuring settles the ownership rights of its technology vis-à-vis Microsoft,” he said. “It provides clarity on OpenAI’s investment path, thus facilitating future fundraising.”

The shake-up comes amid an AI investment frenzy that has redefined global market dynamics. Tech giants Microsoft, Nvidia and Apple have each surpassed the $4 trillion mark in recent months, buoyed by optimism about AI’s transformative potential.

The momentum is also spilling into other sectors. PayPal announced on Tuesday that it had struck a partnership with OpenAI allowing ChatGPT users to buy products directly through its payment platform. The news lifted PayPal’s shares nearly 4 per cent to $73.02, and the company also declared its first-ever dividend — a sign of renewed investor confidence in the digital economy.

For OpenAI, however, the transformation marks a new era. The company that once promised to keep artificial intelligence “safe and accessible for all” is now one of the world’s most valuable private enterprises — a position that brings both opportunity and scrutiny.

As AI becomes the defining industry of the 21st century, the new OpenAI–Microsoft arrangement cements their dominance at the centre of it. What began as a research project in a San Francisco loft is now reshaping global markets, geopolitics, and the future of work itself.

Read more:
ChatGPT firm hits $500bn valuation in landmark profit shake-up

Three of Ireland’s best-known businessmen — JP McManus, John Magnier and Dermot Desmond — have sold Barchester Healthcare, the UK’s largest private care home operator, to US real estate giant Welltower in a landmark £5.2 billion deal.

The transaction represents one of the largest healthcare acquisitions in British history and underscores the growing appeal of the UK’s social care market to overseas investors. Welltower, the world’s biggest real estate investment trust (REIT) specialising in healthcare assets, confirmed it will retain Barchester’s existing management team but that the three billionaire shareholders will exit the business entirely.

Barchester operates 223 nursing homes and hospitals across the UK, providing 14,500 beds and employing over 16,000 staff. Founded in 1992 by Mike Parsons, the company has grown into one of Britain’s largest private care operators, with a strong footprint in London and the South East.

McManus, 74, and Magnier, 77 – renowned for their success in global horse racing – along with 75-year-old Celtic FC shareholder Desmond, have held their stake in Barchester for more than two decades through their Jersey-based investment vehicle, Grove Limited.

The trio, who also co-own the Sandy Lane Hotel in Barbados, nearly sold the group in 2019 to Australian infrastructure investor Macquarie for £2.5 billion, but that deal collapsed amid Brexit uncertainty.

Their long-awaited exit now comes at a far higher valuation — more than double the 2019 offer — as rising care fees and growing demand from an ageing population fuel investor appetite for healthcare real estate.

Confirming the deal, Dr Pete Calveley, Barchester’s chief executive, said the sale would strengthen the company’s ability to expand and innovate.

“Through our strategic partnership with Welltower and their significant and ongoing investment into their operating platform, we expect to continue to meaningfully enhance the lives of thousands of older adults by delivering not only exceptional care but also fostering environments rich in social and cognitive engagement,” he said.

Barchester’s most recent results underscore its robust performance. In the year to December 2023, revenues rose 14 per cent to £871 million, while pre-tax profits climbed 23 per cent to £39 million.

Chairman John Coleman, former head of House of Fraser, has overseen the group’s steady expansion and its reputation for operational stability — a key factor in attracting Welltower’s bid.

The acquisition cements Welltower’s status as the largest international investor in Britain’s elderly care sector. Earlier this month, the US firm completed a separate £1.2 billion purchase of care homes from HC-One, bringing its total UK investment to £6.4 billion.

Welltower chief executive Shankh Mitra said the company plans to grow that figure further: “We are excited to expand our presence in the UK and continue to partner with the highest quality operators. Our commitment is long-term — we expect to increase our UK investment to $12 billion over the next five to ten years.”

The deal follows a record £3.1 billion in UK care home transactions last year, driven largely by US institutional investors. Analysts point to the sector’s resilience and strong rental growth, which contrast with weaker demand in office and retail property markets.

According to Cushman & Wakefield, average weekly care home fees rose 8.5 per cent in 2024, providing stable income potential for investors amid broader economic uncertainty.

Lord Stockwood, minister for investment, welcomed the transaction, saying: “High-quality care for our ageing population is one of the most important challenges the government faces. I’m glad to see a long-term and highly respected investor like Welltower continuing to bring their expertise, commitment and technology to the UK.”

Welltower’s expansion marks a pivotal shift in ownership of the UK’s elderly care infrastructure from domestic operators to global capital. For investors, the attraction lies in predictable rental yields, demographic demand and the sector’s essential-service status.

For Barchester, now entering a new chapter under US ownership, the focus will be on scaling its operations and investing in technology-led care models. The deal also signals the accelerating financialisation of Britain’s care industry — where long-term returns, not just compassion, are increasingly shaping who owns the future of care.

Read more:
Irish racing tycoons sell Barchester Healthcare to US giant Welltower for £5.2bn

Entrepreneurs with ambitions to build the next big dating platform are being offered a fast-track route from concept to creation, thanks to a new incubator programme launched by dating industry pioneer Nicky Wake.

The initiative promises to help founders transform their dating app ideas into live products in as little as three months, providing an end-to-end framework covering audience strategy, app development, funding, marketing and launch.

Wake, who has more than two decades of experience as an entrepreneur and is recognised as one of the UK’s most prominent voices in the dating and events industries, describes the incubator as a “clear, cost-effective pathway for founders to enter a fast-growing market with expert guidance and proven technology.”

Under the model, entrepreneurs retain full ownership of their brand while receiving hands-on consultancy, technical expertise and ongoing post-launch support.

The launch follows Wake’s acquisition of M14 Industries, a white-label dating platform that has powered numerous specialist dating communities. Wake has used the platform since 2022 to run her own ventures — including Soberlove, Chapter 2 Dating, and Widows Fire — all of which target specific communities and life stages.

Now, she is opening up access to the same platform and expertise for a new generation of founders.

“This is a simple, cost-effective solution for budding entrepreneurs or community leaders who want to monetise their audiences,” Wake said. “Instead of starting from scratch with a developer, they gain access to a tried-and-tested model, plus the benefit of my lived experience in building three successful dating tech start-ups.”

Wake emphasised that the incubator differs from generic tech accelerators because it is industry-specific — designed for founders entering the competitive and rapidly evolving dating sector.

“I believe the future of dating isn’t in trying to compete with giants like Bumble or Hinge,” she added. “It’s in creating niche apps that serve defined communities — spaces where people can connect based on shared experiences, lifestyles and values.”

The dating app industry, estimated to be worth more than £6.5 billion globally, has seen a marked shift towards niche and community-driven platforms. Apps targeting specific audiences — from sober singles and professionals to hobbyists and over-50s — have shown faster growth and stronger retention than generalist platforms, according to industry analysts.

Wake’s incubator aims to harness that momentum by lowering barriers to entry for entrepreneurs who may have an engaged audience or a strong idea but lack the technical infrastructure or funding expertise to launch.

“Launching a dating app shouldn’t be out of reach,” Wake said. “This incubator makes it achievable, accessible and genuinely exciting — opening the door to a new wave of niche dating apps that help people connect in more meaningful ways.”

A serial entrepreneur, Wake has more than 20 years’ experience in media, live events and online communities. She is the founder of multiple dating and networking platforms and is widely recognised as a leading figure in the UK dating tech space. Her ventures have received national media attention for promoting inclusivity, community and emotional wellbeing in modern dating.

With the new incubator, Wake hopes to “democratise” access to the dating app industry — helping creators, community leaders and digital entrepreneurs turn their ideas into commercially viable platforms that serve people’s real-world needs.

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Steven Bartlett, the entrepreneur and Diary of a CEO host, has revealed his business empire has been valued at $425 million (£320 million) following a major eight-figure investment — a deal that cements his position as one of the richest entrepreneurs ever to appear on Dragons’ Den.

The 33-year-old investor, who joined the BBC show in 2022, announced the new valuation through a press statement this week. The deal sees venture capital firms Slow Ventures and Apeiron Investment acquire a minority stake in his umbrella company Steven.com, which now houses Bartlett’s rapidly expanding portfolio, including Flight Story, Flight Cast, Flight Fund, and online shopping platform Stan Store.

Bartlett said the capital injection will help him “build the Disney of the creator economy”, positioning his ventures at the centre of the multi-billion-dollar influencer and creator marketplace.

“For the last century, companies like Disney demonstrated the power of intellectual property,” Bartlett said. “In today’s world, creators are the new franchises — and with my team, we’re building the modern version of that model.”

Despite the investment, Bartlett said he still retains more than 90% ownership of Steven.com.

The valuation marks another major milestone for Bartlett, who has evolved from startup founder to multimedia mogul. His media and technology portfolio now spans content production, venture investment, and e-commerce infrastructure for digital creators.

Steven.com integrates all of his ventures, including:
• Flight Story – a marketing and communications agency powering The Diary of a CEO and Davina McCall’s Begin Again podcast.
• Flight Cast – a creative production division.
• Flight Fund – Bartlett’s venture capital arm investing in tech and consumer brands.
• Stan Store – an e-commerce platform competing with Shopify and Linktree.

Bartlett claims the investment is the largest ever made in a European company specialising in social media creators.

Born in Botswana to a Nigerian mother and English father, Bartlett grew up in Plymouth and dropped out of university at 18 before launching his first business.

He co-founded Social Chain in 2014 with Dominic McGregor, building it into one of Europe’s fastest-growing social media agencies. However, the company attracted criticism for plagiarising social media content and overstating valuations.

In his biography, Bartlett claimed to have taken Social Chain public at a valuation of $600 million, though the firm’s 2019 merger with German retailer Lumaland placed its true value closer to $186 million. The company later reached $620 million after Bartlett’s exit and was eventually sold for just £7.7 million.

Bartlett left Social Chain in 2020, later establishing Flight Story and the Diary of a CEO podcast — both now key drivers of his wealth and influence.

While Bartlett’s business success has been widely celebrated, his ventures have not been without controversy.

A BBC investigation in late 2024 found that his Diary of a CEO podcast had featured guests promoting unverified health claims, including that a keto diet could treat cancer and COVID-19 was “biologically engineered”, without challenge from Bartlett. Critics accused him of giving a platform to harmful misinformation.

In 2022, Bartlett also faced backlash for investing in Ear Seeds — a product pitched on Dragons’ Den that claimed to help cure ME/chronic fatigue syndrome. Following complaints, the BBC added a disclaimer clarifying that the treatment was not medically verified.

He was later admonished by the Advertising Standards Authority (ASA) in 2024 for failing to disclose his financial interests while promoting Huel and Zoe on social media.

Despite the controversies, Bartlett’s influence continues to grow. His Diary of a CEO podcast — featuring guests including Richard Branson, Simon Cowell, and Boris Johnson — won Best International Podcast at the iHeart Radio Podcast Awards earlier this year.

With his latest valuation, Bartlett joins the upper echelon of UK entrepreneurs under 35. Industry observers say his empire demonstrates both the economic power and volatility of the creator economy, where brand, authenticity, and influence are the new assets of value.

“Steven Bartlett is the embodiment of the modern business model,” said Dr. Harriet Mason, professor of media entrepreneurship at the University of Leeds. “He’s part content creator, part venture capitalist — a hybrid we’ll see far more of in the next decade.”

For Bartlett, however, the focus remains clear: scaling Steven.com into a global creative media ecosystem.

“Creators are the studios of the future,” he said. “Our goal is to empower them — and build something enduring around their stories.”

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Steven Bartlett’s fortune soars as new $425m valuation cements his status among richest Dragons