Business

Dragons’ Den investor Touker Suleyman has emerged as one of the leading contenders to acquire the UK arm of Claire’s out of administration, with a proposal understood to preserve the Birmingham head office and a significant proportion of the store estate.

The bid is being weighed against rival interest from Modella Capital and Doug Putman, the Sunrise Records owner who rescued HMV in 2019.

Claire’s entered administration on 13 August 2025, placing 2,150 jobs and 306 stores (278 in the UK, 28 in Ireland) at risk. Interpath Advisory is keeping shops open while a buyer is sought, though online sales have been suspended during the process.

Modella Capital, which has tabled an offer for Claire’s UK according to Sky News, has been one of the most active retail investors of the past two years. It bought Hobbycraft from Bridgepoint in 2024 and this year acquired WH Smith’s UK high‑street business, now being rebranded TG Jones.

Modella also worked with fellow Dragon Sara Davies to rescue Crafter’s Companion in January via a pre‑pack deal handled by Interpath. In August, Maven Capital Partners became majority owner, with Davies increasing her stake after Modella exited.

The UK sale process is unfolding as Claire’s North American assets and intellectual property are set to transfer to Ames Watson under a deal announced on 20 August and now before the US and Canadian courts. Any UK transaction is therefore expected to require coordination with Ames Watson as IP owner.

Administrators at Interpath are running a competitive auction. Hilco Capital has re‑entered the frame after initially stepping back, adding to a crowded field of suitors.

The UK business recorded a pre‑tax loss of £4m on £137m of sales in the year to 3 February 2024. Globally, Claire’s operates in 17 countries with a store base previously cited at roughly 2,750. The group attributes its difficulties to intensified competition, shifting consumer spending and the migration away from pure bricks‑and‑mortar retail.

What happens next: Interpath is expected to prioritise bids that preserve the most jobs and stores while aligning with Ames Watson’s North American carve‑out. Any winning bidder would also need to negotiate the inherited lease liabilities across the UK and Ireland—an area likely to dictate how many shops ultimately survive.

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Touker Suleyman joins race to rescue Claire’s UK as Modella and HMV owner circle

The UK must do more to attract Chinese foreign direct investment (FDI) if it is to support business growth and maintain global competitiveness, according to leading audit and advisory firm Blick Rothenberg.

Partner Winnie Cao pointed to fresh data from China’s Ministry of Commerce showing that, by the end of 2024, Britain accounted for just 9 per cent of China’s existing investment in developed economies. This places the UK behind the European Union, the United States and Australia. She said the figures underlined the urgent need for Britain to align its policy and regulatory framework with China’s appetite for long-term investment.

Cao argued that the UK must focus on making its tax system more attractive to global investors, easing barriers in its visa regime, and ensuring its infrastructure is fit for purpose. She suggested that lowering corporation tax and extending the Foreign Income and Gains regime for expats from four to ten years would send a strong signal to international businesses. At the same time, she warned that rising salary thresholds in the visa system risk deterring global companies from setting up in Britain, while unreliable transport infrastructure continues to undermine confidence in the business environment.

Despite these challenges, Cao noted that relations between London and Beijing appear to be improving. The UK has been chosen as Guest Country of Honour at the 25th China International Fair for Investment and Trade (CIFIT) in Xiamen, which takes place from 8 to 11 September. Britain will use the event to showcase its strengths in high technology, healthcare and life sciences, financial and professional services, creative industries and clean energy.

The Government is also stepping up engagement at the highest levels. On 10 September, the new Business Secretary, Peter Kyle, will travel to Beijing for trade talks. His visit will coincide with the China International Fair for Trade in Services (CIFTIS), one of the largest global trade fairs of its kind, where the UK is expected to highlight its world-leading services sector.

Cao said it was time to reshape and transform the UK’s relationship with China into something “meaningful and beneficial” for people and businesses in both countries. Without decisive action on tax, visas and infrastructure, however, Britain risks falling further behind its rivals in the race to secure Chinese investment.

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UK must attract more Chinese investment to support growth

The UK is set to get its first-ever “super-university” as the Universities of Kent and Greenwich prepare to merge from autumn 2026.

The new institution, to be called the London and South East University Group, will be led by a single vice-chancellor and operate across all existing campuses. This includes Medway, where both universities already share facilities such as the library, as well as Kent’s Canterbury base and Greenwich’s campuses on the Thames and in Avery Hill, south-east London.

The move has been welcomed by the Office for Students (OfS), which regulates higher education in England. It said the merger could provide a template for other universities as they grapple with mounting economic pressures. With 40% of English universities now in financial deficit, the OfS suggested more institutions may follow suit to safeguard their futures.

Both universities stressed this was not a takeover, nor prompted by an immediate financial crisis. Instead, they argue the new model will make them more resilient and financially viable in the long run.

Professor Karen Cox Harrington of Greenwich said the two institutions had already worked together for 20 years in Medway and now wanted to go further: “This is about taking the best of both universities and asking what we want to offer our communities.”

Professor Catherine Randsley de Moura of Kent described it as a “trailblazing model”, insisting that both Kent and Greenwich would retain their names, identities, and campuses under the new structure.

For students, the merger will mean no immediate changes: applications will continue as normal to each university, and degrees will still be awarded in the name of Kent or Greenwich. Students enrolling this autumn have been reassured they will complete their chosen course as planned.

However, staff may feel anxious. Both universities have already faced job cuts in recent years: Greenwich confirmed in May it would reduce the equivalent of 15 full-time posts, while Kent has started phasing out some courses after posting a deficit in 2024. While leaders said there were no immediate plans for job losses, they acknowledged that savings would come through reducing senior roles.

The University and College Union (UCU) estimates around 5,000 higher education posts have already been lost across England in the last couple of years as institutions struggle to balance the books.

Mergers, once unusual, are becoming more common. Last year, City St George’s was created from two University of London colleges. But the Kent-Greenwich merger is on a far larger scale, involving two full-spectrum universities across a wide geographical area.

The merger comes at a turbulent time for UK higher education. Tuition fees rose to £9,535 this academic year, but their real value has eroded due to inflation and rising costs. International student numbers have also fallen short by 16% after the government introduced visa restrictions in 2024 limiting family dependents.

Universities UK chief executive Vivienne Stern called the merger “significant”, saying it reflected the urgent need for innovation: “The slow erosion of university finances must be stopped, and the government needs to step in with long-term solutions.”

Ministers are expected to set out proposals for university funding later this autumn, with reports that a 6% tax on international student income is being considered.

The Department for Education welcomed the merger, calling it an “innovative approach” to maintaining world-class teaching and research while protecting students.

A spokesperson for the OfS said: “In any merger, effective communication with students will be crucial. Current students will continue to study for the courses they signed up for, and should continue to expect excellent teaching and support.”

The creation of the London and South East University Group will be closely watched by other institutions considering whether collaboration—or even consolidation—could be the answer to the growing financial storm facing higher education in England.

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UK’s first ‘super-university’ to launch in 2026 as Kent and Greenwich merge

The separate tax controversies involving Premier League footballers and former deputy prime minister Angela Rayner should serve as a “wake-up call” about the importance of taking sound, professional advice, a senior tax expert has warned.

Steven Martin, senior tax manager at Hampshire-based accountancy and business advisory firm HWB, said the two cases – though very different in scope – highlight the serious financial, legal and reputational consequences of inadequate or incomplete guidance.

“While they differ, as one concerns Stamp Duty only and the other is about wider tax planning and investment strategy, they both underline why trusted, reliable guidance is more crucial than ever,” Martin said.

He added: “Missteps, even unintentional, can have serious consequences. Sound advice isn’t just about minimising tax; it’s about ensuring compliance, protecting assets and making informed, ethical decisions in an increasingly scrutinised financial environment.”

The so-called V11 case saw a group of former Premier League players lose fortunes after investing in tax-avoidance schemes dressed up as film funds and US property ventures. Many of the ventures collapsed, leaving players saddled with significant tax liabilities. Some were pushed into bankruptcy, while others faced lengthy legal battles with HMRC.

“These were persuasive, high-risk investments presented by advisors without the appropriate expertise,” Martin said. “The players relied on assurances without fully understanding the risks.”

By contrast, the Angela Rayner case involved a much narrower issue – Stamp Duty Land Tax (SDLT). Following legal review, she was found liable for the higher, second-home rate of SDLT on her Hove property, resulting in an underpayment of around £40,000. The fallout from the case ultimately led to her resignation from government last week.

“This was a case of insufficient or inappropriate guidance on a specific area of tax law, particularly around trusts,” Martin said. “It illustrates how even a seemingly straightforward transaction can carry risks if advice lacks depth or understanding of the client’s full circumstances.”

While the two controversies differ in context, Martin said they both point to the same conclusion: “unqualified or incomplete advice in areas of complex tax or investments can be perilous.”

He stressed that individuals should always work with regulated, qualified professionals – and seek multiple perspectives when dealing with complex matters.

“Trusted advisors not only save money by ensuring correct decisions upfront, they also protect reputations,” Martin said. “Misplaced trust can mean the difference between a secure retirement and financial ruin.”

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Rayner and footballers’ tax troubles are a ‘wake-up call’, adviser warns

Five years after Britain’s departure from the European Union, the UK’s automotive sector continues to prove its global weight, generating £115 billion in imports and exports last year, according to the Society of Motor Manufacturers and Traders (SMMT).

The industry is on track to deliver more than £110 billion in trade for the third year running, despite grappling with new tariff barriers, customs costs, protectionism and geopolitical tensions. Yet the trade body warns that unresolved Brexit complications, combined with looming rules of origin requirements for electric vehicle (EV) batteries, could put this growth at risk.

While global trading patterns have shifted since 2020, the UK remains deeply intertwined with Europe. Last year, £68.4 billion in automotive trade flowed across the Channel, representing almost 60% of the UK sector’s total trade value. More than half of all UK-built cars are still exported to the EU, while the vast majority of new cars sold in Britain come from European factories.

EVs are increasingly driving this activity. Cross-border trade in electrified vehicles has surged by 424% since 2019, climbing from £4.6 billion pre-pandemic to nearly £24 billion in the 12 months to June 2025. Exports of UK-made hybrids and EVs to the EU now outweigh internal combustion engine (ICE) models by two-to-one, while EU shipments of electric cars to the UK – worth £17.6 billion – have overtaken ICE exports for the first time.

That growth, however, faces a cliff edge. Under the terms of the EU–UK Trade and Cooperation Agreement (TCA), tougher rules of origin for EV batteries are due to come into effect from January 2027.

The rules require higher levels of local production of batteries and their components – but the industry says supply chains are not yet ready. Despite recent gigafactory investments in Somerset and Sunderland, and new capacity planned across Europe, battery production is lagging far behind demand.

If the UK and EU fail to adapt the rules, electrified cars, buses and commercial vehicles could face tariffs of between 10% and 22% when traded across the Channel. That would make EVs uncompetitive compared with petrol and diesel vehicles, which continue to enjoy 0% tariffs – precisely when manufacturers are legally required to sell increasing volumes of zero-emission models.

The SMMT has urged the government to work immediately with Brussels to agree a clearer definition for cathode active materials (CAMs), a key battery component whose status under the rules remains uncertain.

It also wants ministers to consult with business and push to re-join the Pan-Euro Mediterranean (PEM) Convention on rules of origin, which would expand flexibility by opening up preferential trade with 14 other countries while easing pressure on the EU–UK system.

Mike Hawes, chief executive of the SMMT, said the UK must strengthen its trading relationships if it is to stay competitive: “Despite the most difficult environment in decades, UK Automotive remains a powerhouse of global trade. But the global trading environment is getting tougher; more competition, more protectionism and more geopolitical tension. Forging closer trading relationships, notably with the EU, and implementing industrial and trade strategies with automotive at their heart will enable us to grow our economy, create thousands of highly skilled jobs, and lead the charge toward net zero.”

Brexit is no longer the only challenge facing the sector, but it has fundamentally altered conditions. Customs requirements, regulatory divergence and uncertainty about future rules have added costs at a time when manufacturers must commit billions to electrification.

With less than 16 months until the 2027 deadline, the industry warns that without urgent political action, the UK risks undermining one of its largest trading industries – and with it, the country’s ability to meet its net-zero ambitions.

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UK automotive sector drives £115bn trade five years after Brexit

Cefinn, the womenswear brand founded by Samantha Cameron, is to be wound down after years of losses, bringing an end to a label once worn by the Princess of Wales and Queen Camilla.

Launched in 2017 as “an urban uniform for busy women”, Cefinn never turned a profit and has struggled in recent years with wholesale upheaval, fragile consumer confidence and post-Brexit tariffs. The collapse of key stockist Matches—put into administration by Frasers Group last year—dealt a further blow, forcing Cefinn to pivot more heavily to direct-to-consumer sales.

In a statement, Cameron, 54, said closing the brand was a “very hard decision”, despite “recently strong trading figures”, citing “turbulence in the fashion wholesale sector, ongoing cost pressures and international trading restrictions”. She added: “I have found it increasingly difficult to be certain that Cefinn can achieve the level of growth needed to reach a stable and profitable position.”

Cefinn’s two London stores on King’s Road and Elizabeth Street will remain open in the short term to sell autumn and winter collections, and are expected to close before spring. The company’s 24 employees are set to receive redundancy packages and paid notice.

Sales fell 5% to £4.2m in the year to October, while pre-tax losses narrowed only marginally to £354,000 from £357,000. The brand—named after the initials of the Camerons’ children (Ivan, Elwen, Florence and Nancy)—produced around 30 collections and was worn by celebrities including Gillian Anderson, Gabby Logan and Holly Willoughby. A former creative director at Smythson, Cameron had positioned Cefinn as a designer label offering luxury-level cut and quality at mid-market prices, expanding into more casualwear during the pandemic.

Cameron has previously said Brexit made survival “challenging and difficult”, pointing to trading friction and costs on international sales. Reports suggest she was owed more than £100,000 following the Matches administration. Cefinn had earlier received a significant cash injection from Conservative donor Lord Brownlow in 2018; it is understood Cameron chose not to seek further outside investment.

“Our amazing customers have made every year rewarding; their styling of Cefinn, loyalty and lovely feedback has been a constant source of inspiration,” she said.

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Samantha Cameron to wind down Cefinn after years of losses

Businesses that cut back on their offices during the pandemic are now scrambling to find larger premises as the return-to-office trend gathers pace – but prime space is in short supply.

After years of assuming hybrid working would permanently shrink their need for desks, bosses are increasingly bringing staff back more regularly. The result is a surge in demand for bigger, modern offices that has caught many firms short.

One national consulting executive admitted he had misjudged the future of working life: “In lockdown I had to look into a crystal ball and predict our future ways of working and got it wrong.”

Stephen Inglis, chief executive of Regional Reit, which owns office blocks across the UK outside London, said even corporate giants have found themselves squeezed. Deloitte, the Big Four accountancy firm, was among those to cut too far, he suggested.

“They probably downsized too much, as did some of the banks, and they have some of the biggest office requirements in the market just now,” Inglis said. “Most businesses want to be in the very best space. But we’ve run out. There is little to no ‘prime’ space available in regional cities.”

The shortage is partly a consequence of a pandemic-era freeze in construction, when developers were reluctant to speculate on the future of the office market. Combined with today’s “flight to quality” – where companies prioritise newer, eco-friendly buildings to attract staff back in – supply has been outstripped.

As a result, firms are increasingly settling for refurbished secondary offices. “We’re spending more money refurbishing our portfolio,” Inglis said. “Even some of the buildings we identified for sale, we’ve had approaches from tenants. That tells me the strength of the market.”

The shift underscores how the narrative around working from home has changed. Once hailed as the new normal, homeworking has been gradually scaled back by employers seeking collaboration, culture and productivity gains. But for companies that banked on smaller footprints, the race for bigger offices may now prove costly – especially as prime space becomes scarcer and rents rise.

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Firms that downsized after Covid now struggle to find office space

Europe’s youngest consumers are spearheading a growing shift towards refurbished smartphones, according to a new study that highlights changing attitudes to sustainable technology.

The research – Refurbished over New: A Second Chance for Smartphones – was published by the Vodafone Institute and conducted by Kantar, with scientific support from the Wuppertal Institute. It surveyed more than 5,200 people across Germany, France, Spain, Sweden and the UK.

The results show that while two-thirds of Europeans are now aware of refurbished offers, only 30 per cent have ever purchased a device. Yet that figure is expected to rise sharply: four in ten respondents said their next smartphone would be refurbished. Once consumers make the switch, loyalty appears strong, with 81 per cent of previous buyers saying they plan to buy refurbished again.

Young consumers are the most enthusiastic. Some 37 per cent of Generation Z have already bought a refurbished smartphone, compared with just 18 per cent of Baby Boomers. The study also revealed notable differences across countries. In France, 38 per cent of respondents reported having purchased refurbished devices, compared with just 25 per cent in Germany. Willingness to buy in future also varied by more than ten percentage points between countries.

The survey suggests younger people are also far more likely to repair their devices. One in three Gen Z respondents said they had already repaired their current smartphone, compared with just 8 per cent of Baby Boomers. Repair rates also varied by country: 27 per cent of Spanish users had repaired their device, against just 14 per cent in Germany.

However, despite a clear appetite for sustainability, many phones remain unused. A majority of respondents – 51 per cent – said they kept their old smartphone as a backup or left it unused after buying a new one. Only 8 per cent recycled or traded in their old devices.

The findings come as governments across Europe debate how best to promote sustainable consumption. The study found widespread public backing for initiatives such as a legal “right to repair,” repair bonuses, product passports and reduced VAT on sustainable products.

The Vodafone Institute said the results reflect a shift in consumer culture, particularly among younger generations who are embracing second-hand technology as both an affordable and environmentally conscious choice.

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Gen Z drives surge in refurbished smartphone sales across Europe

Companies that received government support through Rishi Sunak’s pandemic-era Future Fund were more likely to collapse than peers who did not take state money, according to a new audit that raises fresh questions about the scheme’s value.

A review by RSM UK Consulting found that Future Fund-backed firms were more likely to have gone into liquidation, suffered sharper falls in employment, and showed no outperformance on key financial measures such as turnover or valuation compared with non-funded peers.

The findings will intensify scrutiny of the £1.14 billion scheme, set up in May 2020 to provide lifelines to loss-making, technology-focused start-ups that could not access other Covid finance programmes. Under the initiative, 1,193 companies received state-backed loans, which had to be matched by private investors. The loans were later converted into equity stakes, leaving the government with one of Europe’s largest and most eclectic venture portfolios.

At its launch, Sunak – then chancellor – hailed the scheme as a tool to “transform UK industry” and “strengthen our position as a science superpower”. Yet by June this year, 340 of the companies had gone bust, including three linked to Sunak’s wife Akshata Murty. There is no suggestion of wrongdoing by Sunak, who played no role in selecting recipients.

The RSM report said “slightly more” of the comparable businesses outside the fund remained active, “suggesting marginally stronger resilience outside the fund”. While liquidation rates were higher among portfolio companies, RSM noted that exits — such as sales to other firms — were also more common among Future Fund-backed companies, and a handful of “outlier” firms are growing at exceptional speed, offering some hope of long-term taxpayer returns.

Employment trends were more troubling. Portfolio businesses “experienced sharper employment declines than counterfactuals”, with researchers suggesting that many recipients may have prioritised scaling their businesses over job creation.

The audit also revealed that many of the supported firms fell outside the programme’s intended remit, including Bolton Wanderers FC and the, Business Champion Award winning, events company Killing Kittens, run by Emma Sayle (pictured).

Keith Morgan, then chief executive of the British Business Bank, which administered the scheme, had warned ministers in 2020 that taxpayer funds risked being wasted on “the second tier of companies”, since the strongest start-ups would attract private funding without state help. His warnings were overruled.

By last year, RSM found little difference between portfolio and non-portfolio companies on overall financial metrics such as valuations, turnover, or fundraising. Many of the expected long-term impacts — from sustained growth to innovation spillovers — will take “several more years to fully materialise”, the report concluded.

The British Business Bank defended the scheme, highlighting survey evidence that seven in ten portfolio companies would have shut down without it. Marilena Ioannidou, the bank’s senior director for the Future Fund, said the study showed the programme “delivered on its objectives”, adding that it “played a vital stabilising role, mobilising private capital and maintaining investor confidence during the pandemic, particularly in high-growth sectors”.

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Companies backed by Sunak’s Future Fund more likely to have failed, report finds

Bruce Allen Craig is a fourth-generation Texan whose career spans more than four decades across real estate and entertainment.

Known for his vision and adaptability, he has built a reputation as a leader who can see opportunity where others see risk.

Craig began his career in real estate, developing both residential and commercial properties. Through market cycles of boom and bust, he learned the value of patience and resilience. “Real estate teaches you to plan, adjust, and wait for the right moment,” he has said. Over time, his projects became known not just for their structures, but for creating communities with lasting value.

A decade ago, Craig shifted his focus to entertainment, founding and leading Big Easy Entertainment. As Chief Executive and President, he now oversees a family of companies that includes restaurants, bars, a music business, television and radio programmes, and a technology venture. His leadership style combines hands-on oversight with a clear vision for growth and culture. “Every restaurant we open, every show we produce — I want to know what makes it work,” he notes.

Beyond business, Craig is deeply committed to charitable causes in Texas, including partnerships with organisations like the Centre for Child Protection. For him, success is measured not only by growth but by impact. “If you’re not making your community better, what’s the point?” he says.

Craig’s story is one of adaptability, resilience, and leadership — qualities that continue to shape his work and inspire those around him.

In Conversation with Bruce Allen Craig: From Real Estate to Entertainment

Q: Bruce, you’ve had a long career in business. Where did it all begin?

A: I started in real estate. It felt like the natural choice at the time. Texas was growing fast, and I wanted to be part of shaping that. My focus was on both residential and commercial developments. I didn’t just see properties — I saw opportunities to build communities.

Q: What was the most important lesson you learnt during those years?

A: Patience. Real estate doesn’t move at the pace you want it to. You plan, you invest, and then you wait. Sometimes you wait years. That process taught me to stay calm through cycles of boom and bust.

Q: After decades in property, what led you to make the shift to entertainment?

A: About ten years ago, I felt it was time to reinvent myself. Entertainment and hospitality weren’t as far from real estate as people might think. Both are about creating spaces where people come together. Restaurants, bars, music venues — they’re communities in their own way.

Q: Tell us about Big Easy Entertainment.

A: It’s a family of companies I lead today. We’ve got restaurants, bars, a music arm, television and radio programmes, and even a technology company. I like to describe it as an ecosystem. Each business has its own flavour, but they share a culture of connection and service.

Q: How involved are you in day-to-day operations?

A: I try to keep my hands on the pulse. I don’t micromanage, but I want to understand what makes each part work. When we open a new restaurant or produce a new show, I’m curious about the details. That curiosity keeps me sharp.

Q: You’ve spoken about resilience. Can you share an example?

A: When markets shifted in real estate, there were moments when projects stalled. You can’t freeze in those moments. You adapt or you get left behind. That mindset carried over into entertainment. The industry can change overnight. You have to stay flexible.

Q: Community involvement seems important to you. Where does that come from?

A: I’m a fourth-generation Texan. Texas has given me everything. Giving back feels natural. Recently, I partnered with the Centre for Child Protection for their Dancing with the Stars event. I filmed inside their “kids closet” — surrounded by clothes, shoes, and essentials for children who have survived abuse. Standing there, I thought: every item on these shelves represents dignity for a child. That makes you want to do more.

Q: What message would you give to others about supporting their communities?

A: You don’t need to be a CEO to make a difference. Support local businesses. Volunteer. Donate clothes. Every small act adds up. Communities thrive when people choose to take part.

Q: Looking back, how do you see your journey?

A: It’s been about reinvention. From real estate to entertainment, the industries may look different, but the heart of it is the same: building spaces where people can connect. And always staying adaptable.

Q: And looking forward?

A: Growth, of course. But also legacy. The businesses will keep evolving, but I hope the work shows that success means more than profit. It’s about what you leave behind.

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Bruce Allen Craig: From Real Estate Foundations to Entertainment Success