As part of a weekly series, BusinessCloud is highlighting updates from some of the companies featured in our Founder 250 list.
The UK-wide list celebrates 250 of the country’s best founder-led and founder-influenced businesses.
RSM UK is the headline sponsor of Founder 250, alongside law firm CG, property specialist OBI and investor Mercia Ventures.
1. Merwave and Rheal shine at North East awards
Merwave and Rheal were among the big winners at the inaugural Scaleup North East Alumni Awards 2026.
Delivered by RTC North, the awards celebrated the businesses and individuals making a real impact on the North East’s thriving scaleup community.
Inspired by her own experiences, Abigail Reid founded Merwave in 2021 alongside her husband Tom, with a mission to transform the world of wavy haircare.
Merwave picked up the Rising Star Award
After picking up the Rising Star Award, Reid said: “I bloody love being a Geordie lass.”
Charlotte Ali came up with the idea for Rheal in 2017 after struggling with her health following a coeliac disease diagnosis.
The business has generated more than £50m in sales over the last three years and was crowned Outstanding Scaleup at the awards.
2. Glory for MAGIC AI and FYLD at Allstars Awards
MAGIC AI and FYLD were among the biggest winners at the GP Bullhound 2026 Allstars Awards.
Now in its 24th year, Allstars celebrates Europe’s leading technology founders and the investors backing them.
FYLD, which announced a £32m Series B funding round in February, walked away with the High Growth Company of the Year award.
Varun Bhanot, founder of MAGIC AI, which was named Sports Tech Company of the Year
Shelley Copsey, who co-founded the business in 2020 with Karl Simons OBE, said: “They say the winners show what’s possible when ambition meets execution, across investing, building, and scaling. And I’ll add, yesss, the FYLD team knows a lot about that.”
MAGIC AI, which closed an £8m Series B funding round in September to accelerate its US expansion, was named Sports Tech Company of the Year.
Varun Bhanot, founder of MAGIC AI, the business behind the MAGIC AI Mirror, said: “It was the first time we’d ever been nominated, in any category.”
3. THG’s share price continues recovery
The recovery in THG’s share price has continued following the publication of its latest quarterly results.
Last week, the Manchester-headquartered eCommerce group’s share price jumped by 30 per cent following the results.
The momentum continued this week, with shares closing at 39.70p on October 23 – their highest level since January 2026.
The company’s market capitalisation now stands at approximately £651m.
The strong performance of Myprotein and falling whey prices – a key ingredient in its products – have been partly credited with the recovery in THG’s share price.
4. Lucky Egg crowned fastest-growing founder-led firm
Lucky Egg has been crowned the UK’s fastest-growing founder-led business at the UK Fast Growth Index Awards.
Founded by Marcus Ereira and Luke Shelley, Lucky Egg makes party games, with hits including Grab The Mic and Sorry, What?
Lucky Egg was crowned the UK’s fastest-growing founder-led business at the UK Fast Growth Index Awards
The latest accolade caps a stellar year for the London-based startup, which topped the FEBE Growth 100 and was ranked the UK’s second-fastest-growing company in The Sunday Times 100.
Ereira said: “We’ve done it without raising a penny from investors, built through organic content and selling our games in 30 countries.”
5. Quantexa wins multi-million-pound Insolvency Service contract
Quantexa, the global data, analytics and AI software company pioneering decision intelligence, has secured a multi-million-pound, three-year contract with the Insolvency Service.
The partnership will provide the government agency’s investigators with a trusted, sovereign data and AI platform to investigate financial wrongdoing, protect taxpayers and strengthen confidence in the UK economy.
It follows a £175m, 10-year partnership awarded to Quantexa by HM Revenue and Customs in May 2026 to modernise its data infrastructure and enable the use of sovereign, governed AI on a national scale.
Founded by Vishal Marria, Quantexa operates across a range of sectors, including banking, insurance and government.
6. Government must back risk-takers, warns Castore boss
Castore co-founder Tom Beahon has urged the Government to back Britain’s risk-takers by creating the incentives and environment they need to succeed.
Beahon co-founded the Manchester-based sportswear brand with his brother Phil in 2016 and has helped transform it into a global name.
The entrepreneur warned that the UK risks falling further behind its international competitors unless changes are made – starting with Chancellor John Healey’s Budget on October 28.
He said: “As someone who makes decisions every day on hiring, investment, expansion and exporting, it is clear to me that our collective ambition as a country is waning and unless something changes with our approach to business and wealth creation we will continue to fall further behind.”