Author: Patrick Killeen

Struggling advanced materials group Versarien is in talks over the sale of its business and assets, with its cash runway now expected to last only until the end of October.

The AIM-listed graphene specialist has been battling financial headwinds for months, having warned in early 2025 that without new funding it could fail to meet its liabilities by mid-May.

By July, it described itself as on a ‘fragile financial footing’, disclosing cash reserves of £650,000.

In August, the group moved to conserve cash by placing some subsidiaries, including Versarien Graphene Limited, into administration or voluntary liquidation, while continuing to explore equity funding options as asset disposals lagged.

The Gloucestershire-based firm has now said it has considered multiple offers and is progressing discussions around one specific bid it believes could deliver the best outcome for shareholders and creditors.

Depending on the structure of the deal, the board may opt for either a solvent liquidation or to leave the company as an AIM Rule 15 cash shell – effectively a listed company with no operations, which must secure a new acquisition within six months or risk being delisted.

Author: Patrick Killeen

Renewables tech specialist ONYX Insight has appointed Schneider Electric veteran Alexis Grenon as its new CEO.

Grenon spent almost 20 years at the Paris-based manufacturing giant, most recently as CEO of its Digital Grid division.

He has also held senior roles in energy efficiency software and services and began his career as a software engineer at fellow French tech titan Thales Air Systems.

He will now lead the Macquarie Capital-backed business, which provides condition-based monitoring solutions (CMS) for the global wind industry, helping operators predict faults and cut downtime using predictive analytics and sensor technology.

Author: Alexander Style, Americas general manager, Vinturas

Cyberattacks like this usually happen because supply chains are highly complex. With so many systems, partners, and intermediaries involved, a single weak point can expose the entire network where one compromised supplier creates ongoing risks for the entirety of the chain.

While most firms focus on system security and efficiency, data in transit – shipment timings, container numbers, cargo details – are often left exposed.

This gap leaves even well-defended manufacturers vulnerable to disruption, data breaches, regulatory fines, and reputational fallout.

Resilience must be built in from the outset, not bolted on after an incident. Embedding technologies such as private blockchain can help create secure, traceable data flows, audit trails and authentication across the supply chain.

More advanced tools can flag risks and enact reroutes to ensure production continues even if one supplier is compromised – reducing both exposure, and the cost of a total shutdown.

This approach not only helps identify vulnerabilities early but strengthens due diligence, lowering the risk of engaging with unvetted intermediaries or front companies that could create regulatory or security problems, as seen with the NVIDIA “aftermarket” deal.

Cyber threats are unlikely to disappear, but by tightening supply chain oversight, and adopting tools that support transparency, businesses like JLR and its suppliers can put themselves in a much stronger position to safeguard operations, partners and ultimately, their customers.

Author: Jonathan Symcox

Paul James, managing director of Red Rock, is celebrating another award win.

The firm, which provides communication solutions, featured as a One to Watch on our GM 125 Rising Stars of Business list earlier this year and is on GM Business Growth Hub’s second ASCEND Scale Up Programme.

Now Paul’s company has been crowned Business Services Company of the Year 2025 at the Downtown in Business #COMBA25 awards.

“Awards are clearly like buses. Nothing for ages and then 2 in quick succession!” he wrote on LinkedIn, citing a win at the Pride of Tameside Business Awards in June.

Electronic Arts has agreed to be acquired by a consortium led by PIF, Silver Lake and Affinity Partners in a landmark $55 billion (£40.9bn) all-cash buyout by an investor consortium, the largest of its kind in history.

EA shareholders will receive $210 per share, representing a 25% premium to its last unaffected price.

The transaction, expected to close in Q1 FY27, will see EA remain headquartered in Redwood City, California under the leadership of CEO Andrew Wilson.

Consortium members said the deal will accelerate the video game giant’s ability to innovate and expand globally, blending physical and digital experiences for fans.

Wilson praised the move as “a powerful recognition” of EA’s teams and IP, pledging to push the boundaries of entertainment, sports and technology with its new partners.

Tech-driven fulfilment provider fulfilmentcrowd has appointed former Totara chief commercial officer Toby Phelps as its new CRO.

Phelps will be responsible for delivering planned growth across all territories and leading the company’s commercial function, overseeing sales, account management and marketing.

He has previously held senior commercial leadership roles within a variety of high growth, tech scale ups, including Attest, Reputation, Uberall and Hitwise.

With fulfilment centres across the UK, EU, US and Australia, the Chorley-based firm looks to enable scaleable and efficient logistics solutions tailored to modern commerce.

Author: Simon Knivett, VAT manager, HW Fisher

It is the smaller companies who are most likely to be adversely affected by a VAT rate increase, primarily those who fall below the currently VAT threshold and are not registered for VAT.

A rate increase means a higher cost to buy their stock or pay their rent as stockists and landlords would have to charge a higher rate of VAT on their own supplies and are unlikely to want to reduce their net margin to offset this rate increase for the benefit of their small business customers.

Any service sector which sells services subject to VAT could be affected. Whilst sellers of tangible goods can maintain their margins of a higher VAT rate as ultimately the VAT exclusive amount stays the same and any VAT incurred buying their stock should, in the most part, be recoverable.

Service providers whose expenses are made up of costs not subject to VAT, such as paying staff wages or expenses subject to a lower rate of VAT, will feel the increase far more.

Restaurants and caterers are high on the list of those who would suffer from an increase in VAT given that most food for human consumption is subject to 0% VAT whilst restaurant and catering services are taxed at 20%.

A higher rate of VAT, which restaurants and caterers would have to account for either through increasing their prices, making it more expensive for customers or by absorbing it into their already tight margins, in a time where it was forecast that 6,000 restaurants were expected to close between November 2024 and October 2025, would likely contribute to an even higher number of closures in the next 12 months.

Any sector which primarily deals in VAT-exempt services, such as insurance or healthcare, will take a hit from a rate increase as VAT incurred on costs of making VAT-exempt supplies is generally irrecoverable, meaning a higher cost for the healthcare provider which could lead to an increase in their prices, much the same as restaurateurs, charged to their customers.

Ultimately, across a range of sectors, in the short-term it is the final customer who is affected when the rate of VAT goes up.

 

Author: Patrick Killeen

The UK and Ireland business of fashion accessories chain Claire’s has been bought out of administration by WH Smith and Crafter’s Companion owner Modella Capital, saving around 1,000 jobs.

Interpath, who led the sales process, confirmed the sale of ‘substantially most of the company’s business and assets’ to London-based specialist retail boutique Modella, which will also see 156 Claire’s stores across the UK and Ireland transfer to the company.

Claire’s was placed into administration on 13th August 2025 after its parent company, Claire’s Holdings LLC, commenced Chapter 11 proceedings in the US.

Its chief executive Chris Cramer described the decision as a “difficult” one to take and said its 278 shops in the UK and 28 in Ireland would remain open “while we explore the best possible path forward”.

The firm recorded a pre-tax loss of £4m on falling sales of £137m for the year to 3rd February 2024.

145 stores are not included as part of the transaction but will remain open and will continue to trade while the joint administrators continue to assess options for them.

Cloud-based video editing and publishing software provider Blackbird plc has reported interim revenues of £577,000 for the first six months of 2025, down 17% year-on-year from £692,000.

Despite the revenue decline, operating costs fell 20% to £1.61 million, helping reduce its EBITDA loss to £1.15m from £1.41m a year earlier.

Net loss after tax remained broadly flat at £1.56m.

Cash reserves stood at £2.27m, down from £3.77m a year ago, with a July fundraising of £2.1m set to fund the product-market fit phase of its elevate.io product.

Vault Ventures PLC reported interim results for the six months to 30th June 2025, marking a period of significant repositioning into AI, blockchain and FinTech.

The company raised over £1.25 million during the period and a further £1.45m post-period, funding development of its first AI product, vSignal.ai, and building a digital asset treasury with holdings in Ethereum and Solana now worth £2.83m.

Strategic progress included a partnership with CreatdStudio to incubate 12 ventures, plus the acquisitions of System7 Ventures and Kingbridge Capital to expand in-house AI and blockchain capabilities.

While reporting a £237,000 interim loss, the firm strengthened its balance sheet, with net assets rising to £1.15m.

Alphawave Semi reported interim revenues of £76.7 million for H1 2025, up from £66.7m in the same period last year, despite global economic uncertainty and delays tied to its pending $2.4bn acquisition by Qualcomm.

The London-listed company, headquartered in Toronto, posted an adjusted EBITDA loss of £32m, up from £8.8m, impacted by longer project timelines, increased costs and one-off charges including impairments and acquisition-related expenses.

Bookings fell to £118.6m from £167.7m in H1 2024, though the company specialising in high-performance connectivity solutions for the semiconductor industry expects stronger revenue growth in the second half as customer ASIC tapeouts and IP conversions progress.

Aurrigo International has reported £3.5m in revenue for the first half of its financial year – a year-on-year loss of £400,000 – despite 41% growth in its autonomous division. 

Gross profit rose from £1.4m to £1.5m, with margins improving thanks to increased weighting toward higher-margin autonomous projects. 

Operationally, the Coventry-based manufacturing firm launched its largest autonomous aviation vehicle, Auto Cargo, in partnership with UPS, and secured a three-year deal with Swissport, alongside approvals for Auto-DollyTug and Auto-Sim across a network of 60+ airports.

The founder of cybersecurity giant Mimecast has invested £3 million in Glasgow-based global recruitment technology platform Willo.

Peter Bauer’s latest backing makes up the largest single investment round in Willo’s history and comes as the company accelerates development of tools designed to help employers automatically verify candidate credentials, amid a surge in AI-generated job applications.

The funding will support the firm’s expansion in North America, where the company already generates over 50% of its revenues, and fast-track the launch of Willo Verified Profiles, a new credential verification feature designed to help employers cut through AI-generated noise in the hiring process.

AI-driven data platform GoodFit has raised a £9.7 million Series A led by Notion Capital, with participation from Salica Investments, Inovia Capital, Robin Capital, Common Magic and Andrena Ventures.

Founded in 2020 by Aleksander Bury and Paddle co-founder Harrison Rose, the London-based firm looks to equip commercial leaders with the data required to execute world-class go-to-market strategies in the age of automation and AI.

The Series A marks the company’s first outside funding, which will be used to expand its access to a far broader range of companies and accelerate the development of its capabilities.

Author: Patrick Killeen

Evri Group has unveiled a £36 million investment plan to strengthen its parcel network in preparation for the upcoming Black Friday surge.

The move comes as the company finalises its merger with DHL eCommerce UK, which is expected to close soon after regulators cleared the deal at the start of the month.

The German multinational company DHL Group will take a minority stake in private equity-backed Evri, with the merged business set to deliver 1 billion parcels and 1bn business letters annually.

To handle the seasonal rush, the Leeds-based firm anticipates employing over 30,000 couriers this Christmas, alongside 70 additional operational roles to help manage demand.

Author: Patrick Killeen

The controversial founder and former ‘chief wizard’ of Builder.ai is reportedly preparing to launch a new AI venture, according to inside sources.

Sachin Dev Duggal left his position as CEO at the once-unicorn in March and, just two months later, the firm went into bankruptcy amid a raft of evidence that found its Natasha ‘neural network’ was actually 700 Indian coders.

Since leaving the former unicorn, Duggal has spoken with investors about a fresh business idea, people familiar with the talks said.

One source noted that the venture will be named SecondBrain.

Author: Patrick Killeen

Oxford University spinout OXCCU has raised £20.75 million in an oversubscribed Series B funding round to accelerate the commercialisation of its one-step process to turn waste carbon into sustainable aviation fuel (SAF).

New investors include Orlen VC, Safran Corporate Ventures, International Airlines Group (IAG), Hostplus and TCVC, alongside continued support from Clean Energy Ventures, IP Group, Aramco Ventures, Eni Next, Braavos Capital and the University of Oxford.

The fresh capital will also enable the firm to expand operations and scale up its technology following the launch of its OX1 demonstration plant at London Oxford Airport in 2024.

A second facility, OX2, is under construction and is due to be operational in 2026.

Author: Patrick Killeen

The government has agreed to support Jaguar Land Rover (JLR) with a £1.5 billion loan after the company was recently hit by a widely-reported cyber attack.

The guarantee, announced by recently-appointed Business Secretary Peter Kyle, is expected to give certainty to the manufacturing giant’s supply chain.

It comes after the company had to shut down its UK operations due to the incident, which occurred at the end of last month, with production reportedly not set to restart until at least October 1st.

The loan from a commercial bank, backed by the Export Development Guarantee (EDG) provided by export credit agency UK Export Finance, will be paid back over five years and will bolster JLR’s cash reserves.

The personal data of some Harrods customers may have been taken in an IT systems breach.

The luxury department store, based in Knightsbridge, said names and contact details of its online customers were taken after a third-party provider’s system was compromised.

“We have informed affected customers that the impacted personal data is limited to basic personal identifiers including name and contact details but does not include account passwords or payment details,” it stated.

“The third party has confirmed this is an isolated incident which has been contained, and we are working closely with them to ensure that all appropriate actions are being taken. We have notified all relevant authorities.”

Pharmaceuticals giant GSK plc, listed in London and New York, has appointed Luke Miels as CEO designate. He will assume full responsibilities as CEO and join the board on 1^st January 2026.

Miels joined GSK in 2017 and is currently chief commercial officer, with worldwide responsibility for medicines and vaccines. He has previously worked at senior levels in the US, Europe and Asia at AstraZeneca, Roche and Sanofi-Aventis.

He will succeed Dame Emma Walmsley, who is said to have transformed the business during her nine years at the helm.