Business

Susie Ma, the former Apprentice finalist who went on to build one of Britain’s biggest independent beauty brands, has rewarded herself with a £20 million payday after a stellar year for her Tropic Skincare business.

The 36-year-old entrepreneur, who bought back Lord Sugar’s 50 per cent stake in 2023, paid herself dividends totalling £18.2 million in 2024, with a further £2 million distributed in April this year.

The bumper payout followed a strong trading performance at Tropic, where pre-tax profits rose by more than 30 per cent to £8.7 million in 2024. Revenues also increased to £68 million from £62.3 million a year earlier, according to newly filed accounts.

Ma’s buyout of Lord Sugar marked one of the most successful outcomes from the BBC TV show. Sugar had initially invested £200,000 for half of the business after Ma appeared as a contestant in 2011. In April 2023, she struck a multimillion-pound deal to regain full control of the company, paying back the billionaire in stages. He resigned as a director shortly after the deal and later collected an £11 million dividend before fully exiting.

The move has allowed Ma to put her own stamp on Tropic’s future. “A cost saving review” improved gross margins last year, while inventories were cut by £1.2 million to £7.4 million. She also strengthened her senior management team to prepare for further expansion in 2025.

Founded in 2004 when Ma was just 15, Tropic began as a stall at Greenwich Market in London selling homemade body scrubs. Two decades on, it has grown into a £68 million turnover enterprise making nearly all its creams, lotions and serums in a purpose-built Croydon facility, where products are manufactured fresh daily.

The brand sells directly online and through more than 20,000 self-employed “ambassadors”, who each pay £198 for a starter kit of products. Ambassadors receive a commission of between 25 and 35 per cent on their sales, plus access to training and an online store.

The model has echoes of Avon’s door-to-door sales approach but is pitched firmly at the eco-conscious beauty market.

Tropic has also established itself as one of the UK’s most socially responsible beauty firms. The company pledges to donate 10 per cent of its profits to good causes, and in 2024 gave £615,000 to charities.

This included almost £300,000 for United World Schools, a charity providing education in some of the world’s poorest communities. The partnership has so far supported more than 160 schools overseas.

Ma, who was estimated to be worth £73 million in the 2024 Sunday Times Rich List, has described Tropic’s dual focus on profitability and purpose as central to its long-term success.

With full ownership now back in her hands and profits climbing, industry insiders expect her to push Tropic into new international markets while maintaining its reputation for fresh, sustainable, and ethically driven skincare.

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Susie Ma secures £20m payout as Tropic Skincare profits jump 30% after Lord Sugar exit

When ministers and tech executives hailed Microsoft’s £22 billion UK investment package, one project stood out from the dense jargon of “compute capacity” and “data infrastructure”: Stargate UK.

The name might sound like a science fiction franchise, but Stargate UK is in fact Britain’s most ambitious supercomputing initiative to date — a programme designed to provide the raw computing power needed to train the next generation of artificial intelligence (AI) models on British soil.

Stargate UK takes its name from Stargate, the $500 billion US project announced earlier this year by OpenAI and SoftBank. That American initiative aims to build an unprecedented network of AI data centres capable of hosting trillions of operations per second, fuelling the world’s most advanced generative AI.

Britain’s version is more modest in scale, but strategically vital. It is being positioned by the government as Europe’s largest AI supercomputer effort — a joint partnership between Nvidia, the US chipmaker behind the world’s most powerful AI processors; NScale, a British data-centre business; and OpenAI, the San Francisco-based creator of ChatGPT.

The government hopes that Stargate UK will secure Britain’s place as an “AI maker, not an AI taker”, ensuring British researchers, startups and industries have direct access to cutting-edge computing power rather than relying entirely on US or Chinese capacity.

AI models such as ChatGPT, Google Gemini or Anthropic’s Claude require astronomical amounts of computing power to train. This is provided by GPUs (graphics processing units), which can handle many calculations in parallel. Training a state-of-the-art model can take tens of thousands of GPUs running for months, consuming as much electricity as a small town.

Until now, Britain’s computing capacity has lagged behind. The government’s flagship Isambard-AI project, launched in 2023, was designed to run on around 5,500 GPUs. By comparison, Stargate UK is expected to scale up to 31,000 GPUs by 2026 — many of them Nvidia’s new Grace-Blackwell Ultra processors, among the most powerful AI chips in existence.

That leap would put the UK closer to global peers, offering a viable domestic platform for training advanced models in areas like finance, defence, life sciences and climate science, where sovereignty over sensitive data is critical.

The initiative is being structured around guaranteed demand. Microsoft has committed billions to Britain’s AI infrastructure and is partnering with NScale, while OpenAI is expected to be one of Stargate UK’s first anchor customers, potentially using up to 8,000 GPUs in early 2026 and scaling up sharply from there.

The idea is simple: by locking in customers in advance, the consortium makes it financially feasible to build data centres of this scale. Construction will be spread across multiple sites, with Cobalt Park in northeast England earmarked as a central hub. The area has been designated an AI Growth Zone, where planning approvals and energy connections are expected to be fast-tracked.

Why “sovereign compute” matters

AI has become not just an economic race, but a geopolitical one. Nations are vying to ensure they control at least some of the “compute” — the hardware and software capacity — needed to run large AI models. Without it, countries risk being locked into dependence on foreign suppliers, with sensitive data leaving national borders.

By hosting OpenAI’s most advanced systems in UK-based data centres, operating under British regulatory rules, the government hopes to guarantee that national security, defence and financial institutions can use these tools without compromising confidentiality.

David Hogan, Nvidia’s vice president of enterprise, summed it up: “The only thing that’s been missing in the UK is infrastructure. This will truly make Britain an AI maker, not an AI taker.”

The numbers underline the ambition. Microsoft has pledged £22 billion over four years, half of it for capital expansion. Nvidia is allocating 120,000 GPUs to the UK, its largest European deployment, with about half being the ultra-powerful Grace-Blackwell Ultra chips. CoreWeave, a US AI infrastructure firm, will also invest £1.5 billion to expand capacity in Britain.

Of these chips, about 60,000 are expected to go directly into the Stargate UK supercomputer. For context, that is more than ten times the capacity of Isambard-AI.

The potential payoff is significant: faster training of AI models, new breakthroughs in science, and thousands of high-skilled jobs in data-centre management, engineering and research.

The challenges ahead

Despite the fanfare, Stargate UK faces real hurdles.
• Energy demand: Data centres of this scale consume huge amounts of electricity. Google has already announced a partnership with Shell to stabilise clean energy supplies for its new UK centre, and Stargate UK will face similar scrutiny over its environmental footprint.
• Cost overruns: Building AI infrastructure is capital-intensive. Locking in customers like OpenAI helps, but delays or budget overruns could strain finances.
• Talent shortages: The UK will need more data scientists, engineers and technicians to run and maintain this infrastructure.
• Geopolitics: With President Trump pushing hard for US dominance in AI, Britain will need to balance partnership with Washington while ensuring domestic priorities are not sidelined.

The “Stargate” brand is symbolic. It references both the US project and the sense of entering a new era of computing, where AI is not just another software tool but an operating layer for the economy.

For ministers, the name conveys ambition: that Britain is not retreating from global competition, but stepping through its own “stargate” into a future powered by AI.

Stargate UK is not yet built, but if successful it will mark a turning point for Britain’s digital economy. It represents a bid to anchor world-class AI capacity on UK soil, reduce dependence on foreign compute, and keep Britain at the forefront of the next technological revolution.

As one government insider put it, “This is about sovereignty, science, and staying in the race.”

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What is Stargate UK? Britain’s new AI supercomputer project explained

Microsoft has unveiled its largest ever UK investment, committing £22 billion over the next four years to build Britain’s biggest artificial intelligence supercomputer and expand its data centre network.

The announcement, timed to coincide with President Trump’s state visit, dwarfs other Big Tech pledges and forms the centrepiece of £31 billion in new US-led tech investment.

Half of Microsoft’s spend will go towards capital expansion, while the other half will bolster its UK operations, which already employ 6,000 people.

Brad Smith, the company’s president and vice chair, described the move as both a “vote of confidence” in Britain and a bid to deepen US–UK economic ties. Two years ago, Smith had publicly criticised Britain’s business climate after the competition watchdog temporarily blocked Microsoft’s Activision takeover. “The climate in London today is so much more hospitable to investment than it was a few years ago,” he told reporters, adding: “We’re focused on British pounds, not empty tech promises.”

Microsoft will partner with British data centre operator NScale to build the new supercomputer, which will run on 23,000 of Nvidia’s latest AI chips. Microsoft has guaranteed to purchase capacity, ensuring financial security for the venture.

At the same time, Nvidia confirmed it will allocate 120,000 of its GPUs to the UK – its largest European deployment to date – with half being the ultra-powerful Grace-Blackwell Ultra series. The GPUs will be distributed through US firm CoreWeave and NScale, with CoreWeave itself investing £1.5 billion in new UK capacity.

The hardware will underpin Stargate UK, a government-backed initiative designed to train next-generation AI models on British soil. The project mirrors the $500 billion US “Stargate” programme led by OpenAI and SoftBank. The UK version is a three-way partnership between Nvidia, NScale and OpenAI, which will use up to 31,000 GPUs by 2026 to run its top-tier models under UK data rules.

David Hogan, vice president of enterprise at Nvidia, said: “We have the right conditions for rapid AI growth and innovation in the UK. The only thing that’s been missing is infrastructure. This will truly make the UK an AI maker, not an AI taker.”

Google also revealed an extra £5 billion of UK investment, including support for its London-based DeepMind unit, while Salesforce pledged £1.4 billion and BlackRock £500 million for data centres.

Campaigners, however, have warned against allowing US companies to dominate Britain’s digital future. In a joint letter, 46 civil society and industry groups urged Prime Minister Sir Keir Starmer to defend copyright law, competition rules, and sovereign data sets. “The UK must not allow its digital future to be dictated by a small coterie of US Big Tech firms,” they said.

Despite the warnings, ministers are expected to hail the package as proof of Britain’s global appeal for technology investment and as a foundation for economic growth powered by AI.

Read more:
Microsoft commits £22bn to UK supercomputer as Big Tech unveils £31bn investment blitz

Lynn Forester de Rothschild is preparing to sell her 20 per cent interest in The Economist, paving the way for the most significant change in the 182-year-old publication’s ownership since 2015.

The British-American financier, 71, has appointed investment bank Lazard to oversee the process, which remains at an early stage. The stake, made up of voting shares, could fetch as much as £400 million based on current valuations of the premium media group.

It would be the first major shake-up since Pearson sold most of its 50 per cent holding a decade ago. That move allowed Italy’s Agnelli family, through its Exor investment firm, to emerge as the magazine’s single largest shareholder, with a 43.4 per cent stake.

Forester de Rothschild, who married the late financier Sir Evelyn de Rothschild in 2000, inherited and built upon his holdings. Together they created EL Rothschild, a family office with investments spanning public companies, private firms and real estate.

Industry insiders suggest that likely buyers this time are high-net-worth individuals or family offices, as The Economist is typically viewed as a trophy asset with long-term value, rather than a vehicle for quick financial returns.

The Economist Group, which owns the weekly magazine, website, podcasts, the Economist Intelligence Unit and Economist Impact events business, employs 1,540 staff across 26 countries.

Last year, the group reported revenues of £369 million, up 3 per cent on the year before, with operating profits of £48.1 million. Subscriptions rose 3 per cent to 1.25 million, including an 8 per cent increase in digital-only customers.

The magazine’s reputation for independence and influence in global business and political circles means it attracts a loyal subscriber base and premium advertisers.

The sale will need to navigate The Economist’s unusual share structure, which is designed to preserve its editorial independence. Its equity is split into ordinary shares, “A” special shares, “B” special shares and trust shares.

The trust shares are held by independent trustees, whose mandate is to safeguard editorial freedom and approve significant corporate decisions.

Exor owns all of the “B” shares, giving it influence over board appointments, while there are more than 100 holders of “A” shares. Forester de Rothschild controls about 26.7 per cent of the total issued capital, including “A” and ordinary shares.

Critically, the rules prevent any one shareholder — or group acting in concert — from holding more than 50 per cent of the voting rights. That means her stake cannot simply be transferred to Exor or another single strategic player without trustee approval.

Forester de Rothschild has a long business pedigree, having founded US telecoms company FirstMark Communications in the late 1990s and served on the board of Estée Lauder. She has also played a prominent role in transatlantic philanthropy, including the Economist Educational Foundation.

Her decision to explore a sale is seen as part of a wider strategic review by EL Rothschild and The Eranda Foundation, which also owns shares in The Economist.

With Lazard appointed, the search for potential buyers is now under way. Any deal could reshape the balance of power at one of the world’s most influential business titles.

An Economist Group spokesperson said: “EL Rothschild and The Eranda Foundation are long-term investors, as well as generous supporters of the Economist Educational Foundation. They regularly conduct strategic assessments of their portfolio and evaluate potential opportunities. They are working constructively with the company on the eventual outcome.”
Neither Lazard nor EL Rothschild offered further comment.

If completed, the transaction would not only represent a rare chance to buy into one of the world’s most recognisable media brands but also signal the end of Lynn Forester de Rothschild’s two-decade stewardship of one of Britain’s most closely-guarded journalistic institutions.

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Forester de Rothschild to sell £400m stake in The Economist in biggest ownership shake-up in a decade

Challenges are not just obstacles; they are opportunities waiting to be unlocked. Businesses are under pressure to adapt to shifting markets, evolving customer needs and emerging technologies.

Those that succeed often do so by leveraging smart platforms designed to streamline processes, enhance decision-making and drive innovation.

From Problems to Possibilities

Every challenge presents a chance to think differently. Rising operational costs, for example, can push organisations to explore smarter ways of working. Increasing competition can motivate businesses to refine customer engagement strategies. By reframing these hurdles as possibilities, companies can build resilience and remain ahead of the curve. Smart platforms act as the enablers, turning uncertainty into a structured, data-driven opportunity.

The Power of Connected Platforms

Smart platforms unify processes across different areas of a business. They gather data from multiple sources, transforming fragmented information into actionable insights. This allows teams to make decisions faster, identify new opportunities and reduce inefficiencies. From fleet management and fuel solutions to payment processing and workforce connectivity, these platforms bridge the gap between daily operations and long-term strategy.

Driving Efficiency and Reducing Complexity

One of the greatest challenges many organisations face is complexity. As businesses grow, systems become fragmented, with multiple tools and providers handling different functions. Smart platforms simplify this by consolidating services into one place. This not only reduces administrative burden but also provides greater transparency. The result is a leaner, more efficient operation that frees up resources to focus on growth and innovation.

Adapting to Customer Expectations

Modern customers demand speed, convenience and personalisation. Businesses that fail to meet these expectations risk losing their competitive edge. Smart platforms help companies adapt by offering real-time data, streamlined processes and tailored solutions. Whether it’s responding quickly to service requests, providing accurate delivery updates or ensuring seamless transactions, platforms enable businesses to meet expectations consistently and build lasting loyalty.

Harnessing Data for Better Decision-Making

Data is often described as the new currency, but without the right tools, it’s just numbers. Smart platforms harness this data and transform it into meaningful insights. By analysing trends, tracking performance and highlighting inefficiencies, businesses gain the clarity needed to make informed decisions. This data-driven approach reduces risks and opens up avenues for proactive strategies rather than reactive responses.

Unlocking Scalability and Growth

Scaling a business requires flexibility and foresight. Smart platforms are designed to grow alongside an organisation, providing the agility needed to expand into new markets, launch new services or manage larger operations. Instead of being constrained by outdated systems, businesses can use integrated platforms to adapt quickly, ensuring that growth is sustainable and well-supported.

Turning Innovation into Everyday Practice

Innovation doesn’t always mean reinventing the wheel. It’s often about finding smarter ways to use existing resources. Platforms empower businesses to innovate daily by automating tasks, improving communication and streamlining operations. This creates a culture where innovation is not a one-off project but an ongoing practice that drives continuous improvement.

A Trusted Partner in Smart Solutions

Organisations that embrace connected, intelligent solutions often turn to experienced providers who understand the complexities of modern business. Companies like radius.com are at the forefront of delivering platforms that help businesses turn challenges into opportunities. By providing integrated tools that support efficiency, scalability and innovation, such providers empower businesses to thrive in an increasingly competitive world.

Investing for the Future

Every challenge faced by a business has the potential to spark growth and transformation. With the support of smart platforms, obstacles become stepping stones towards greater efficiency, stronger customer relationships and lasting innovation. By investing in solutions that integrate systems, harness data, and enable scalability, organisations can transform uncertainty into opportunity and position themselves for long-term success.

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Turning Challenges into Opportunities with Smart Platforms

French deeptech specialist Cailabs has raised €57 million in fresh funding to accelerate its industrial expansion and cement its position as a global leader in laser communications.

The financing round, announced in Rennes today, was led by the European Investment Bank (EIB), which contributed €37 million, alongside €20 million from investors including Definvest and Fonds Innovation Defense (the French Armed Forces ministry and Bpifrance), NewSpace Capital, the European Innovation Council Fund, Starquest Capital, and CAIVE (Crédit Agricole Ille-et-Vilaine Expansion).

Jean-François Morizur, co-founder and CEO of Cailabs, said the deal was a “significant milestone” that would allow the company to strengthen supply chains, ramp up production and accelerate its international strategy.

“This funding round reflects our solid fundamentals and the confidence investors have in our strategic vision. It enables us to scale up industrial capabilities and prepare for the next stage of growth.”

Cailabs, founded in 2013, designs and manufactures advanced photonic solutions across sectors including space, telecoms, defence and industry. It has emerged as one of Europe’s most advanced players in optical ground stations (OGS), with more than 10 already under contract.

The new financing will allow the company to produce up to 50 OGS per year by 2027, supported by a new industrial platform capable of assembling and validating up to five stations in parallel.

The firm is also investing in its product portfolio, including turnkey 100+Gbps laser communication solutions, transportable OGS, and expanded orbit options, as well as expanding its footprint overseas. It recently opened a larger US office, announced with the Governor of Virginia, after securing major overseas contracts.

Cailabs’ technology has drawn interest not only for its commercial potential but also for its strategic importance to Europe.

Ambroise Fayolle, Vice-President at the EIB, said: “Space technologies are increasingly important for civilian use as well as for security and defence. As the bank of the EU, the EIB supports Cailabs’ investments in manufacturing capabilities and R&D of its laser communication technologies. The project is fully aligned with our TechEU strategic priorities.”

Other backers underlined the sovereignty implications of optical communications. Nicolas Berdou, Director of Investments at Fonds Innovation Defense, described Cailabs’ solutions as “of strategic importance for France’s sovereignty in defence and space”.

Daniel Biedermann, Partner at NewSpace Capital, added that the shift to optical communications was creating “significant growth in the space sector, with an ever-increasing impact for mission-critical applications and daily life”.

Cailabs has become one of the first companies capable of harnessing atmospheric turbulence compensation to enable fast, reliable, and low-latency data links between space and terrestrial networks.

The new funding, executives said, will not only scale this technology globally but also allow the company to reinforce its leadership in deeptech at a time when Europe is stepping up investment in space and defence technologies.

Svetoslava Georgieva, Chair of the EIC Fund Board, said: “Supporting disruptive innovators like Cailabs is essential to strengthening Europe’s competitiveness in deeptech.”

Starquest Capital’s Arnaud Delattre added: “Cailabs has cracked the US market and outperformed local industry leaders. Continuing to support such a unique deeptech company was a no-brainer decision.”

Read more:
Cailabs secures €57m to accelerate industrial scale-up and global growth

Britain’s entrepreneurial spirit remains strong, with 84 new companies launched every hour in the first half of 2025, according to fresh analysis from SME lender iwoca.

The annual Business Hotspots report, which draws on Companies House data, found that more than 363,000 businesses were registered between January and June 2025. However, this marked a 21% fall compared with the same period in 2024 — the first nationwide decline since iwoca began its index in 2021.

The drop follows reforms to Companies House rules in spring 2024, which increased registration requirements and fees to help tackle fraud and tax evasion. Persistently low SME confidence has also weighed on start-up activity.

Wales was the worst-hit region, with new registrations down 39% year-on-year. Cardiff experienced the sharpest fall of any local authority, halving from 15,679 in H1 2024 to 7,485 this year. By contrast, Somerset bucked the trend with a 167% increase in registrations, rising from 603 to 1,612.

The South West weathered the slowdown best, with just a 9% fall, while most regions saw double-digit declines. Overall, 201 local authorities recorded fewer new firms, with only three registering an increase.

London retained its crown as the UK’s entrepreneurial hub, with 1,307 new businesses created per 100,000 residents — the highest in the country for the fifth year running. That dominance came despite a 25% fall in the raw number of registrations, from 152,439 in H1 2024 to 114,905 this year.

The North West climbed to second place with 570 businesses per 100,000 people, outperforming the national average with only a 10% decline in total registrations. The West Midlands followed with 532 per 100,000, while Wales dropped to fourth place and Scotland slid to the bottom of the table with 328 per 100,000.

At the local level, Camden once again topped iwoca’s list, recording 7,031 new businesses per 100,000 residents. Westminster came second (5,084 per 100,000) and Islington third (4,749). Cardiff was the only non-London authority in the top 10, placing sixth, while Manchester ranked 13th overall with 1,168 per 100,000.

Despite the overall slowdown, iwoca’s CEO and co-founder Christoph Rieche insisted that the figures highlighted Britain’s enduring entrepreneurial resilience.

“Start-ups are the fresh organisms in our economic ecosystem, driving innovation, efficiency and future prosperity,” Rieche said. “While new business registrations fell in 2025 due to stricter Companies House rules, it’s encouraging to see over 363,000 new firms still launched in the first half of the year. This clearly shows that Britain’s entrepreneurial spirit remains incredibly strong. We wish all these founders every success.”

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84 new businesses launched every hour in Britain during H1 2025 despite slowdown

When Gyve Safavi and Mark Rushmore first met on a speedboat in the south of France — with advertising tycoon Sir Martin Sorrell also on board — few could have predicted that the chance encounter would spark a £24 million sustainable toothbrush business.

Their brand, Suri, now boasts celebrity fans including Sir Jony Ive and the Kardashians, and is stocked by Gwyneth Paltrow’s Goop in the US. But behind the glamour lies an unlikely product: an eco-friendly electric toothbrush designed to end the problem of sink-side “gunk”.

“No one likes that gunk,” says Safavi, 42, pointing to the wall-mountable magnet that keeps Suri brushes elevated and clean.

Both men started their careers at Procter & Gamble, working on global consumer brands like Oral-B and Gillette. Years later, Safavi was at WPP and Rushmore running his own events business when the idea of a sustainable health and beauty product began to take shape.

By 2020, with the pandemic derailing Safavi’s travel plans and Rushmore free after selling his first company, the pair reconnected in a London park. Safavi shared a detailed business plan for a toothbrush made from corn starch, castor oil and aluminium — designed to be repaired or recycled, stripped of unnecessary gimmicks like Bluetooth, and priced for everyday use.

Rushmore recalls: “That night I opened the file and it was the most detailed, comprehensive research, with so much thinking behind everything. I could see there really was something that, if we combined our skills, we could take further.”

The pair spent lockdown cold-calling 24 manufacturers across Asia. Most laughed at their vision. “Efficiency and innovation for a factory means making what you already make, faster and cheaper — not taking a risk with two guys who’ve never built hardware,” Safavi says.

Eventually, one factory in China agreed, and they raised £800,000 from angel investors and venture capital firm Salica to fund their first 5,000 brushes. Early prototypes were clunky, but with consumer testing, design tweaks and sheer persistence, Suri began to take shape.

By May 2022, their first run sold out in three days. A second run sold out in two weeks. Instagram ads, glowing press reviews and a £200,000 advertising prize from the Earth Ad Fund amplified demand.

Suri now employs 37 people and has raised further funding rounds — £2 million in 2023 and £6 million in 2024, with backers including JamJar, the venture fund founded by the Innocent smoothies team. Safavi and Rushmore remain the largest shareholders.

But success has not been without challenges. A logistics error early on left 3,000 US orders stranded because couriers refused to ship items containing batteries. “For 72 hours, that really felt existential,” Rushmore admits. “If everyone had demanded refunds, we would have been finished.” Instead, they emailed each customer personally, and most stuck by them.

Key selling points include a long battery life, a quiet motor, and the much-marketed wall-mount magnet. Customers are also encouraged to return brushes for repair or recycling. Safavi says their philosophy is simple: “Focus on what people actually use, and cut the rest.”

Their efforts have been recognised by industry figures, not least design icon Sir Jony Ive, who texted his approval of the brush late one night. “We were giggling like two little kids,” Safavi recalls.

Both founders acknowledge the personal toll of start-up life, crediting their wives as “unsung heroes” who shouldered the family load while they worked 18-hour days without salary.

From a chance meeting on a boat to a fast-growing brand disrupting Oral-B and Philips, Suri’s story shows how two friends tackled the overlooked pain points of toothbrush design and turned them into a multimillion-pound business.

Read more:
Suri founders banish toothbrush “gunk” with sustainable design and build £24m brand

Tottenham-based e-commerce brand Vanquish Fitness has secured a £1 million trade loan from NatWest, guaranteed by UK Export Finance (UKEF), in a move designed to accelerate its growth and expand its reach in international markets.

Founded in 2014, Vanquish has carved out a niche in the competitive athleisure and gym wear market, supplying high-quality active streetwear to a global customer base. With strong sales in the UK and the US, the brand now aims to scale further, using the new financing to invest in products, strengthen supply chains, and explore opportunities in North America.

The flexible trade loan facility gives the business the ability to draw down funds as required, ensuring timely payments to international suppliers, safeguarding stock levels, and reducing the risks of delays or shortages — challenges that have hampered many e-commerce brands in recent years.

Co-founder and CEO Oliver Maloney said the partnership marked a turning point for the business.

“This funding from NatWest is a game-changer for us. It allows us to manage our cash flow more effectively, ensuring timely payments to our suppliers and preventing any disruptions in our supply chain. With this support, we’re well-positioned to continue our growth trajectory and explore new market opportunities as well as building on our success in the US.”

The deal is part of NatWest’s wider strategy to boost trade finance for small and medium-sized enterprises (SMEs), offering working capital support to help businesses expand into new markets.

Ayaz Sadiq, Relationship Director at NatWest, said: “By leveraging our trade finance solutions and specialist expertise, we are able to support businesses like Vanquish Fitness who want to take the next step in levelling up their business and achieving growth in new areas.”

Ellie Morrison, Trade Finance Manager at NatWest, added that the loan demonstrated the bank’s ongoing commitment to the SME sector.

“This funding provides the necessary working capital to help the business overcome cash flow challenges and achieve its growth ambitions, something which exemplifies our commitment to supporting SMEs and fostering economic growth.”

The involvement of UK Export Finance underscores the government’s efforts to back British brands with global potential.

Keisha Silvera, Export Finance Manager at UKEF, said: “We’re pleased to support Vanquish Fitness in partnership with NatWest. They’re a business that’s ready to build on their strong domestic foundation and scale up in key export markets like the US.

By providing the guarantee to NatWest’s trade loan, we’re helping Vanquish Fitness maintain reliable supply chains whilst they pursue their growth ambitions in the competitive global athleisure market. This shows exactly what UKEF is here for: to help British businesses overcome financing barriers and compete successfully on the world stage.”

With demand for athleisure continuing to rise globally, the funding positions Vanquish to capitalise on both new product development and international expansion, supporting its ambition to become a leading British brand in the global activewear market.

Read more:
Vanquish Fitness secures £1m NatWest funding to fuel global growth

Britain’s labour market showed fresh signs of cooling in August as payroll employment fell again and the pace of wage growth slowed, according to official figures.

The Office for National Statistics (ONS) said the number of people on payrolls dropped by 8,000 to 30.3 million in August, following a revised fall of 6,000 in July. Over the past 12 months, payrolls have contracted by 127,000.

The unemployment rate held steady at 4.7% in the three months to July, in line with forecasts, but the latest data underlines a slowdown in hiring as demand for workers continues to weaken. Vacancies fell by 10,000 to 728,000, extending a run of 38 consecutive months of declining job openings.

Pay growth also softened. Average weekly earnings excluding bonuses grew by 4.8%, down from 5%, while pay including bonuses rose 4.7%. Economists and the Bank of England track wage data closely as a key driver of inflation.

The figures come ahead of the Bank of England’s latest policy meeting this week. Rates are expected to remain unchanged at 4% after being cut in August — the fifth reduction in a year. Market pricing suggests they could stay on hold for the rest of 2025, with policymakers signalling they are prioritising the fight against inflation despite evidence of a cooling jobs market.

Inflation data due on Wednesday is forecast to show annual price growth of between 3.8% and 3.9% in August, nearly double the Bank’s 2% target.

Liz McKeown, ONS director of economic statistics, said: “The labour market continues to cool, with the number of people on payroll falling again, while firms also told us there were fewer jobs in the latest period.”

The combination of weaker hiring, falling vacancies and moderating pay growth will add to concerns that the post-pandemic jobs boom has definitively run its course, with sectors from retail to construction reporting sharp slowdowns in demand for workers.

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UK labour market cools: jobs and pay growth slow, says ONS