Business

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Eric Davidov was born in Manhattan and raised on Staten Island, New York, in a family that valued hard work, discipline, and education.

His mother built a career in software engineering, while his father shifted from wholesale into real estate. This steady example of persistence shaped Eric’s own outlook from an early age.

Sport also played a major role in his youth. Eric competed in tennis and diving, but it was boxing that left the strongest mark. He trained hard, competed, and won as a novice. For him, the sport became a lesson in discipline and consistency.

After excelling at Tottenville High School’s Math & Science Institute, Eric pursued higher education at Stony Brook’s College of Business before transferring to Binghamton University. There, he completed both a BS in Business Administration and an MBA in Finance. Alongside academics, he was active in Alpha Kappa Psi, where he served as Fundraising Chair and Corporate Partnership Chair, exceeding goals and building lasting skills in teamwork and leadership.

His career includes service roles in hospitality, early data and research positions, and most recently, work as a Financial Recovery & Lien Analyst. He reviews bank statements, analyses receivables, and manages detailed client processes, combining accuracy with persistence.

Outside of work, Eric continues to focus on fitness, history, and travel. He believes that discipline and perspective are the foundations of resilience. His approach reflects a broader philosophy: success comes not from shortcuts, but from steady, daily effort.

An Interview with Eric Davidov: Discipline, Finance, and Growth

Can you tell us a bit about your early life and family?

I was born in Manhattan and grew up on Staten Island. My parents worked hard—my mom in software engineering and my dad in wholesale and later real estate. They were examples of discipline for me. I’m also close with my brother, Danny. Family was always central to how I saw the world.

When did you first start developing interests that shaped your career?

I was into cars and tech early on. I liked building things—projects, ideas, anything where you start with nothing and create something. At the same time, sport shaped me. I did tennis and diving, but boxing was the big one. Competing and training taught me discipline. That lesson—showing up daily—stayed with me.

What role did education play in your development?

At Tottenville High School, I was in the Math & Science Institute, which gave me a strong academic base. Later at Binghamton University, I earned a BS in Business Administration and then an MBA with a concentration in Finance. University wasn’t just about classes; I was part of Alpha Kappa Psi, where I led fundraising and corporate partnerships. We set a $1,000 fundraising goal and beat it by 50%. That taught me about teamwork and execution.

How did your early jobs prepare you for your current role?

Working in hospitality gave me patience and people skills. At the Richmond County Country Club, I learned to listen and adapt quickly. At We Got Lites, I worked on data entry and price research, which sharpened my eye for detail. Each role built part of the skill set I use now.

What is your focus in your current career?

I work as a Financial Recovery & Lien Analyst. My job is to review bank statements, analyze receivables, process liens and account freezes, and keep clients updated. It’s detail-driven work, but also about persistence. Sometimes the answer isn’t in the numbers alone—it’s in the communication you have with people.

You mentioned boxing before—do those lessons carry into your work?

Absolutely. In boxing, consistency and discipline is more important than talent. That mindset applies in finance too. Every case is like a puzzle, and you need to keep going until you find the missing piece.

Outside of work, how do you stay balanced?

Fitness is a big part of my life. I still train mainly in weightlifting. It keeps me sharp, disciplined, and in great shape. I also travel when I can. A recent trip across Europe—London, Munich, Salzburg, Paris, and Normandy—gave me perspective. Visiting Normandy and Dachau, for example, reminded me that history is about real people and sacrifice. That perspective helps me in everyday life.

How do you define leadership in your field?

For me, leadership isn’t about titles. It’s about showing up, learning, and improving, no matter the role. Whether it was leading fundraising at university or managing client updates today, the approach is the same: be steady, be clear, and take responsibility.

What do you hope to achieve moving forward?

I want to continue building in finance while focusing on efficiency and responsibility. My goal is growth, but always with discipline. I think if I keep showing up and learning, the rest will follow.

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Q&A with Eric Davidov: Building a Path in Finance

Celebrity chef Rick Stein will close his Marlborough restaurant this weekend, the second outlet to shut in a week as his family-run hospitality empire battles mounting financial pressure.

The High Street site, which opened almost a decade ago, will serve its last meals on Sunday, October 5. The closure follows the permanent shutdown of Stein’s Coffee Shop in Padstow, Cornwall, where three staff were redeployed.

In a statement signed by Stein, his wife Jill and sons Ed, Jack and Charlie, the family said the Marlborough branch was “no longer viable” and thanked staff for their “passion, hard work and dedication”. Customers with gift cards will still be able to redeem them across the wider group.

The business, which spans restaurants, hotels, shops, a cookery school and an online retail arm, has been hit by falling sales and rising costs. Last year, group revenues declined 5.4 per cent to £30.4 million, while losses deepened. At the Seafood Restaurant in Padstow, Stein’s flagship, pre-tax losses widened to £459,000.

Stein has been vocal in blaming government tax policy for worsening the strain on hospitality. He has criticised Chancellor Rachel Reeves’s rise in employer national insurance contributions and other levies, arguing that they have added costs to an industry already squeezed by weak demand. “Because the economy is not looking too good, people aren’t going out as much, so the one thing you don’t want to do is impose a heavy tax on the sorts of industries that are actually producing stuff,” he said in a recent interview.

Stein’s dominance in Padstow — where he operates 13 venues — has transformed the town into a major tourist destination over the past five decades. His presence has been credited with driving visitor numbers and employment but has also sparked criticism. Locals argue that the “Padstein” brand has sent property prices soaring, squeezed independent traders and made the town heavily reliant on tourism. Average house prices in Padstow now top £750,000, above London levels, while the town’s 2,500 population often doubles in summer as holidaymakers and second-home owners flood in.

The closures highlight the wider fragility of Britain’s restaurant and leisure sector, which is contending with sluggish consumer spending and higher operating costs. Industry groups have warned that Labour’s planned reforms to business rates and further tax rises could accelerate closures unless relief measures are introduced.

For Stein, whose brand has become synonymous with Cornish seafood, the retrenchment underlines the challenge of keeping an extensive portfolio profitable in an unforgiving trading environment. The family said they had “loved being part of the Marlborough community” but insisted that difficult decisions were needed to secure the future of the wider group.

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Rick Stein shutters Marlborough restaurant as group struggles with losses

What began as isolated disputes over niche items is now reshaping how cakes, baked goods and sweet snacks are treated for tax purposes. The result is that products previously considered zero-rated are increasingly being reclassified as standard-rated confectionery, subject to 20% VAT.

The change centres on a single phrase in VAT legislation, which defines confectionery as: “Chocolates, sweets and biscuits; drained, glace or crystallised fruits; and any item of sweetened prepared food which is normally eaten with the fingers.”

HMRC and the courts are treating this final clause as decisive. If a product is sweetened and typically finger-eaten, it is now likely to be deemed confectionery.

That logic has already been applied to cases ranging from mega marshmallows to M&S’s viral Strawberry and Crème ‘sandwich’, raising industry-wide questions about how far the category could extend.

HMRC has gone beyond case-by-case challenges and is now issuing ‘One to Many’ letters to producers, wholesalers and retailers. These urge businesses to file error correction notices for potential underpayments dating back four years.

The language of the letters suggests HMRC assumes errors have already been made. Voluntary disclosure may soften penalties, but businesses risk significant retrospective liabilities if they fail to act.

What food businesses should do now

Experts advise companies to take a proactive stance:
• Track case law timelines – understanding when products were ruled taxable is key to assessing backdated exposure.
• Review past HMRC correspondence – previous clearance or reliance on HMRC behaviour may provide a defence.
• Audit product ranges broadly – don’t just review the items HMRC highlights; a full audit may reduce risk.
• Explore legal challenges – not all HMRC interpretations are unassailable, and viable counterarguments remain.

For many businesses, the issue is not just future liability but historic exposure. Margins across food production and retail are already squeezed by inflation, wages and regulation. Unexpected backdated VAT bills could be devastating for smaller producers and costly even for established players.

The expansion of the confectionery definition signals a fundamental shift in HMRC’s approach. The courts’ willingness to support that shift suggests that zero-rating sweet products will become increasingly rare.

The takeaway is clear: the days of relying on historic VAT treatments are over. Businesses that move quickly to review and adapt their VAT positions will be best placed to limit financial and reputational damage.

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HMRC has stepped up its campaign to expand the scope of ‘confectionery’ under VAT law – and the courts are backing them.

Healsgood AI, the healthtech behind Flexzo AI, has secured an additional £2.5 million in seed funding from Octopus Ventures, taking total investment in its NHS workforce management platform to £5 million over the past year.

The London-based company, which trades as Flexzo AI, is developing an artificial intelligence-driven system to help NHS Trusts and Integrated Care Boards (ICBs) cut their reliance on costly agency and bank staffing. Demand from NHS organisations has surged, prompting the fresh funding, which will support onboarding of new customers and further R&D.

This round builds on earlier backing from Fuel Ventures (£1.5m) and more than £1m from angel investors, reflecting growing confidence in Flexzo AI’s mission to modernise workforce management in the health service.

Tackling NHS staffing costs with AI

The NHS spends billions each year on temporary staff, with agency costs a persistent challenge for Trusts. Flexzo AI’s platform uses advanced AI infrastructure to enable hospitals to run their own staff banks, standardise pay rates, and optimise workforce planning.

By replacing traditional outsourcing models, Flexzo AI says its solution can deliver workforce management at a fraction of the cost, while improving transparency and conditions for frontline clinicians.

Jack Henderson, Founder and CEO of Healsgood AI, said: “The NHS has faced years of spiralling bank and agency costs. At Flexzo AI, we’re building the digital infrastructure that allows the NHS to own and manage its workforce sustainably. With Octopus Ventures, Fuel Ventures, and our angel investors behind us, we’re in a strong position to scale solutions that can save the NHS millions.”

Uthish Ranjan, Partner at Octopus Ventures, added: “Flexzo AI is addressing one of the NHS’s most urgent challenges — controlling staffing costs — with strong demand already coming from Trusts. We’re delighted to support the team as they build towards a more efficient, sustainable healthcare system.”

Shiv Patel, Partner at Fuel Ventures, said the company’s mix of “deep sector expertise and cutting-edge AI” positioned it to deliver “enormous value” to the health system.

With the NHS under financial pressure, Flexzo AI’s model aims to support both cost control and improved workforce sustainability. The company plans to expand its reach across Trusts nationwide, with longer-term ambitions to extend its technology into broader healthcare workforce and resource planning.

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Healsgood AI raises £2.5m to scale NHS cost-saving platform Flexzo AI, bringing seed funding to £5m

Women in England face a dramatic and long-lasting earnings hit after having children, with the average mother losing over £65,000 in pay by the time her first child turns five, according to sobering new data from the Office for National Statistics (ONS).

The analysis reveals a 42% fall in mothers’ average monthly earnings – equivalent to a loss of £1,051 per month – compared with income levels one year before childbirth. The ONS found that the “motherhood penalty” not only affects immediate earnings, but can extend across multiple children, costing mothers over £124,000 if they have three children.

The financial cost of caring

The figures are drawn from pay data between 2014 and 2022 and underscore what campaigners and policy experts have long warned: that becoming a mother in the UK still results in a substantial and persistent financial penalty.
• £65,618 lost on average by five years after first child
• £26,317 additional loss after a second child
• £32,456 further loss after a third child

That adds up to more than £124,000 in lost income for a mother of three – not accounting for pension gaps, savings loss or reduced promotion opportunities.

“It’s not a gentle decline – it’s a financial freefall,” said Rachel Grocott, CEO of the maternity rights charity Pregnant Then Screwed. “Mothers are punished for caring, sidelined at work, and expected to absorb the cost.”

The earnings gap stems from reduced hours, career breaks, and the high cost and inflexibility of childcare. While the government introduced Shared Parental Leave (SPL) in 2014, uptake remains low, with cultural and financial barriers still discouraging many fathers from taking extended leave.

Joeli Brearley, founder of return-to-work consultancy Growth Spurt, said the data was “catastrophic for women’s quality of life”.

“Money is freedom, and stripping women of that freedom because they became mothers is nothing short of scandalous.”

The current UK parental leave system offers just six weeks at 90% of pay for mothers, followed by up to 33 weeks at a flat rate of £187.18 per week – often far below the cost of living. Fathers are entitled to only two weeks at the same low rate.

Experts are calling for a complete overhaul of the UK’s parental leave and childcare systems.

“Addressing the motherhood penalty requires bringing parental leave policies into the 21st century,” said Alice Martin, lecturer at Lancaster University. “We need to accommodate parenthood alongside work – not in spite of it.”

Martin acknowledged the government’s recent pledges to improve flexible working and expand subsidised childcare, but said “there’s still a long way to go”.

In September 2025, the government began rolling out 30 hours of free childcare per week for working parents earning up to £100,000 per year, for children aged nine months and over. But sector leaders say that nurseries are struggling to meet demand due to staff shortages and underfunding.

A survey by the Early Years Alliance found that 94% of nurseries expect to increase fees for non-eligible families this year, further compounding the financial burden on working parents.

The motherhood penalty is not just a women’s issue, experts argue, but an economic one. With UK labour shortages and productivity under pressure, failing to retain and promote working mothers means businesses and the economy are missing out on experienced talent.

“We can’t talk about growth and innovation without tackling the systemic barriers that force women out of work or into low-paid roles after childbirth,” said Brearley.

As the ONS figures make clear, for many women, having children still comes with a six-figure career price tag – one that UK society has yet to reconcile with its claims of equality.

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‘Motherhood penalty’ costs women over £65,000 by time first child turns five, ONS finds

Baroness Michelle Mone has launched a blistering attack on Conservative leader Kemi Badenoch, accusing her of “inflammatory language”, “reckless public statements”, and misrepresenting both the facts and legal context surrounding the PPE Medpro case.

In a two-page letter seen by Business Matters, the peer directly confronts Badenoch’s remarks made on BBC Radio, in which she called for Baroness Mone to resign from the House of Lords and said the authorities should “throw the book at her for every single bit of wrongdoing that has taken place”.

Baroness Mone responds: “So I’m going to ask you the question — what is it exactly that I have done WRONG? Do you know? If so, please enlighten me.”

The letter, dated 3 October, follows the £122 million High Court ruling against PPE Medpro, the company linked to Baroness Mone and her husband, Doug Barrowman, for breach of contract over the supply of sterile surgical gowns during the pandemic.

Baroness Mone criticises Badenoch for commenting publicly on what she describes as a live criminal investigation, warning it could amount to contempt of court.

“You are commenting on a live criminal investigation that could prejudice the outcome of any trial… you are reportable to the Attorney General,” she wrote.

She insists that the National Crime Agency (NCA) investigation is not about PPE Medpro’s contracts, but rather relates to allegations that she concealed her involvement — allegations she firmly denies.

“After 4 years and 5 months of investigating a relatively simple matter, the NCA have never arrested or charged my husband or me,” Mone states.
“I have never received a penny from PPE Medpro… this is a trust set up by my husband for the benefit of all our kids. I have no entitlement to this money whatsoever”.

Mone’s letter goes further, calling out what she describes as the hypocrisy of political attacks by Conservative figures, while many of their own colleagues also played roles in VIP-lane PPE referrals.

She namechecks senior Conservatives including Michael Gove, Matt Hancock, Lord Agnew, Lord Feldman, and Lord Chadlington, stating that they too referred suppliers for contracts during the pandemic.

“So, Kemi, my role was exactly the same as all other Conservative MPs and Peers… If I have done wrong, then so have all the others in the VIP lane. In which case, you should be calling for them to resign as well”.

Mone: “I have no desire to return to the Lords as a Conservative peer”

Baroness Mone also corrects claims that she was removed from the Conservative Party whip, stating that she voluntarily took a leave of absence, which automatically led to losing the whip.

“Stop playing silly little games that you somehow removed the whip from me. I removed it myself,” she wrote.

She concludes the letter by making it clear that even if she is cleared, she has no desire to return as a Conservative peer.

“You’ll be pleased to hear that once I do clear my name, I have no wish to return to the Lords as a Conservative Peer — that’s assuming there still is a Conservative Party before the next General Election”.

This is the latest escalation in a political and legal saga that has gripped Westminster. Last week, Business Matters reported on Baroness Mone’s explosive letter to the Prime Minister, following Chancellor Rachel Reeves’ fringe event remark that the government had a “vendetta” against her — comments which Mone says have endangered her safety.

The High Court ruled on 2 October that PPE Medpro breached its contractual obligations to provide gowns sterilised through a validated process, ordering the company to repay £121,999,219 by 15 October.

Barrowman and Mone maintain that they were scapegoated by the government to distract from its wider £10 billion PPE overspend, and that the case was politically motivated from the outset.

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Mone hits back at Kemi Badenoch in scathing letter: “what exactly have I done wrong?”

Donald Trump’s cryptocurrency portfolio posted a rare rebound in Q3 2025, climbing 36.6% in value to $3.1 million, according to new analysis from Finbold.

On-chain data tracked by Arkham Intelligence shows the former US president’s holdings rose from $2.27 million on July 1 to $3.10 million by September 30 – a paper gain of around $823,000.

The recovery comes after a brutal start to the year, when Trump’s wallet value collapsed 80.7% in Q1 (from $10.16 million to $1.96 million). By the end of H1, the portfolio had stabilised near $2.2 million, but overall it remains 69.5% below January levels, underscoring the volatility of Trump-linked crypto assets.

What drove the rebound?

Finbold’s report cites two main drivers behind the uptick:
• Unsolicited airdrops from meme-token projects, keen to associate themselves with Trump’s brand.
• Trump-themed token frenzies, where retail promotions drive short-lived spikes in on-chain valuations.

“Much of the value reflects inflows rather than traditional investment activity,” said Diana Paluteder, co-author of the report. “It’s more a snapshot of speculative flows than evidence of an active trading strategy.”

Off-chain moves and NFT royalties

Arkham has linked the wallet to Trump via past financial disclosures and royalties from his NFT collections. However, large Coinbase-linked withdrawals suggest that funds are frequently moved or converted off-chain, leaving little to no balance behind after major inflows.

WLFI’s explosive growth

Beyond Trump’s personal holdings, his influence extends to World Liberty Financial (WLFI), a DeFi project billed as a “patriotic alternative” to Wall Street. WLFI’s reported asset value skyrocketed from $179.3m to $10.81bn in Q3 – a staggering 5,931% increase. Analysts attribute this to aggressive token issuance, thin liquidity, and politically driven enthusiasm.

While eye-catching, such figures raise sustainability questions. WLFI’s surge illustrates how Trump’s brand continues to fuel speculative narratives across crypto markets, even as risks of volatility remain high.

Read more:
Trump’s crypto wallet rebounds 36% in Q3, but remains 70% down in 2025

More than £100 billion in overdue invoices were logged by UK companies in the first nine months of 2025, as late payment practices hit record levels and small businesses bear the brunt.

Analysis of government filings by the campaign group Good Business Pays shows that a record number of large firms admitted paying more than half their invoices late this year. On average, suppliers were left waiting more than 50 days for payment, while 127 firms reported taking more than 80 days, up sharply from 85 earlier this year.

In total, £109.2 billion in invoices were paid late between January and September, according to the study of 5,000 company reports under the UK’s Payment Practices and Performance Regulations. The government estimates late payments affect 1.5 million SMEs, holding back investment and job creation.

High-profile offenders

Among the companies named were BMW, Baxters and Hyperoptic:
• Baxters reportedly failed to pay 90% of invoices within agreed terms.
• Hyperoptic declared an average payment time of 158 days, though later said its filing was in error.
• BMW UK was cited as delaying nearly £2.3bn in payments, but said the figures reflected internal transactions, not supplier invoices.

Terry Corby, chief executive of Good Business Pays, said the situation was now “worse than at any point” since the campaign began monitoring in 2023.

“We must now see real accountability and real consequences for poor payment practices.”

While Coca-Cola Europacific Partners previously drew criticism for 110-day payment times, it has since introduced exceptions to pay small businesses faster — a model Corby said others should follow.

Despite a legal requirement for large companies and LLPs to publish their payment performance since 2017, compliance is patchy. The Department for Business and Trade estimates that only 50–60% of firms that should file reports actually do so.

Small business commissioner Emma Jones admitted her office lacks the power to fine persistent offenders, and is unlikely to gain enforcement capability until 2028.

The government has branded late payments a “scourge” on the economy, estimating they cost nearly £11bn annually and force 38 small businesses to close every day due to cashflow crises. New procurement rules introduced this week mandate government contractors to pay suppliers within 45 days — but business groups say much tougher action is needed to protect SMEs.

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UK firms hit record levels of late invoice payments, leaving SMEs £109bn out of pocket

Tesco chief executive Ken Murphy has delivered a blunt warning to the Chancellor, urging Rachel Reeves not to impose fresh tax burdens on Britain’s retailers in next month’s autumn budget.

Speaking after a year in which Reeves’s maiden budget raised employers’ national insurance contributions and the minimum wage — measures that added more than £7bn in costs across the sector — Murphy said the industry was “doing its best” to absorb the pressure but insisted: “Enough is enough. Don’t make it harder for the industry to deliver great value for customers.”

Tesco alone expects its employment bill to rise by £1bn over the next four years because of the changes. Murphy called instead for “pro-growth, pro-jobs” policies and repeated demands for large retailers to be excluded from the higher band of business rates under government reforms.

The government has scheduled its budget for 26 November, unusually late in the retail calendar. Industry leaders warn the timing could dampen consumer confidence just as Black Friday and Christmas shopping begin.

Murphy said households were “worried about what lies ahead”, pointing to falling consumer sentiment driven by fears of higher taxes.

Other large retailers echoed the concern. The boss of a nationwide clothing chain said the delay was already “negatively affecting consumer confidence”, while another warned that holding the budget just two days before Black Friday risks shoppers pulling back, even amid heavy discounting.

Clive Black of broker Shore Capital said many executives felt the government treated business “as a money tree”, despite “waste and productivity collapse” in the public sector. The British Retail Consortium added that late changes created uncertainty, making it harder for companies to plan investment in jobs and stores.

The Treasury defended the timing, saying it fell within the normal range and that the Office for Budget Responsibility requires at least ten weeks to prepare its forecast. A spokesperson pointed to new trade deals with the EU, US and India, alongside reforms to business rates and a corporation tax cap, as evidence of pro-business measures.

For retailers, however, the looming budget raises the prospect of higher costs colliding with a critical sales period, testing both margins and consumer appetite at the most important time of the year.

Read more:
Tesco boss warns Rachel Reeves: ‘Enough is enough’ on tax rises as budget delay rattles retailers