Listed investor Kelso has increased its stake in The Works.

It has increased its stake in the specialist retailer of books and crafting equipment from 6.6% to 7%.

Kelso now holds 4,375,900 shares in The Works purchased at an average price of 33.2p. As at 20 February 2026, The Works had a market capitalisation of c.£22.6m.

Kelso believes that The Works is one of the most undervalued companies on the UK stock market. Through its portfolio of 500 stores, the company generated revenue of £277m in the year to April 2025, with EBITDA pre-IFRS 16 of £9.5m, a 58% year-on-year increase.

For the year to April 2026, EBITDA is expected to grow by a further 15% to £11.0m, in line with company guidance. At the April 2025 year end, The Works reported net cash of £4.1m, and market expectations are that it will increase to at least £5.0m by the end of the current financial year, following significant investment in its store roll-out programme.

Despite this continued improvement in performance, driven by strong operational management, The Works is currently trading on an EV/EBITDA multiple of just 1.65x and a revenue multiple of 0.05x, based on the April 2026 forecast net cash position and current-year EBITDA guidance.

Kelso has written to the Board of The Works this morning outlining several constructive proposals aimed at closing this clear valuation gap.

Author: Jonathan Symcox

OakNorth Bank plc has appointed Gergely Zaborszky as CFO to succeed Rajesh Gupta.

Zaborszky will join the firm in July 2026 as Gupta, who has spent more than five years at OakNorth, retires.

Zaborszky, who will also join the board, is currently CFO at Virgin Money UK PLC, where he has spent the past six years.

Author: Jonathan Symcox

A former unicorn company making a name for itself by stockpiling Bitcoin has acquired Bristol-based Squarebird Agency.

Founded in 2009 and based in Guildford, The Smarter Web Company PLC offers website design and development alongside marketing services for “affordable” prices.

It hit the headlines after floating on Aquis in April 2025 with a valuation of £3.7m before quickly becoming the highest-valued stock on that exchange by some distance – and even broke a £1bn market cap at one point, briefly giving it unicorn status. 

However its market cap has dropped dramatically since that moment and currently stands at £147m, with a share price of around 32 pence.

Since 2023 the company has adopted a policy of accepting payment in Bitcoin as it “believes that Bitcoin forms a core part of the future of the global financial system”.

More pertinently, it is also “exploring opportunities through organic growth and corporate acquisitions is pioneering the adoption of a Bitcoin Treasury Policy into its strategy”.

Now it has moved to acquire Squarebird, a web design and digital marketing agency, for £1.7 million as  part of ‘10-year plan’.

Author: Jonathan Symcox

A co-founder of online fashion giant Asos has died in Thailand.

Quentin Griffiths has been named by Thai police as the man found dead following a fall from an 18-storey apartment block in the eastern seaside city of Pattaya on 9th February.

Griffiths, 58, was a long-term resident on the 17th floor. Police said initial investigations suggested suicide as Griffiths was by himself, his room was locked and there was no evidence of a break-in.

An autopsy did not reveal any evidence of foul play, they added.

Griffiths was involved in two ongoing court cases that might have caused him stress, police told the BBC.

Separated from his second wife, a Thai national, he had reportedly been engaged in a legal dispute with her over a business they ran together.

Author: Chris Maguire

John Goold knows a thing or two about investing.

He’s the CEO of activist investor Kelso Group Holdings, which has invested in the likes of THG and NCC Group.

Last week Kelso announced to the stock market its latest investment in CVS Group UK – which came hot on the heels of their investment in the over-50s group Saga.

Their investment in Saga saw a near 45 per cent rise in their outlay in the first six weeks.

In a fascinating insights piece, Goold explains their approach to investment – and why he thinks the best is yet to come.

Author: Chris Maguire

A Manchester startup founded by THG’s former chief people officer to identify and develop overlooked talent for the tech industry has closed.

Ashley Ramrachia launched Academy in 2020 after helping grow THG from 50 to 5,000 people ahead of its IPO in 2020.

Academy helped build a talent and leadership infrastructure for the tech industry and raised £5m from LocalGlobe.

According to Ramrachia: “1,000+ overlooked people moved from warehouses, call centres and caring roles into serious technology and data jobs. 60 per cent women, 60 per cent minority ethnic. The best representation outcomes in technology, globally.”

The startup also partnered with HSBC, Ocado and IAG to prove the model could scale beyond one company.

However, Ramrachia has revealed: “The Academy chapter is closed.”

He told BusinessCloud he turned down two offers to sell Academy because it would have entailed remaining with the business.

UKAI, the UK’s trade association for the AI industry, has appointed global communications agency Centropy PR as its agency of record. 

The group, which represents companies of all sizes with an interest in AI, from startups to industry leaders, supports firms by ensuring their voices are heard in policy matters. UKAI works closely with the UK Government and regulators, making sure that AI policies foster innovation and business growth particularly for British AI businesses.

Recent events include policy sessions with Secretary of State for Business and Trade, Peter Kyle MP and Darren Jones MP, the Chief Secretary to the Prime Minister.

Centropy will provide a full suite of communications services to UKAI, including media strategy, journalist relations, event support, and policy guidance. The agency, founded in 2017 counts FTSE and Nasdaq listed global tech brands in its portfolio, with offices in London and San Diego and a global team of 20 PR staff.

Author: Adam Kudryl, director of legal strategy and operations & head of corporate, Harper James

For many founders, the question of exit starts quietly. It might be prompted by a conversation with an adviser, a sense that the business has reached its natural next stage, or a growing awareness that the end of the tax year is approaching.

What often surprises business owners is that selling to a third party is not the only way to step back or take value out of a company. In reality, there are several routes to exit, and some of the most effective do not require an external buyer at all.

The key is understanding your options early and choosing a path that fits your business, your people and your personal goals, rather than rushing towards the most obvious outcome.

Alloyed, a leading developer and manufacturer of advanced metallic components, has received £1 million in funding from the ATI Programme to accelerate the development of a next-generation nickel-based superalloy designed for additive manufacturing.

Able to withstand temperatures of 1000°C, the superalloy could be a vital component for the ultra-efficient jet engines of the future.

This has been undertaken in collaboration with ITP Aero, a world-leading engine components manufacturer for big brands like Rolls Royce and Airbus, and Cranfield University.

Last year Alloyed announced a £37m Series B fundraise to expand its manufacturing facilities in the UK and Seattle.

In recent months, Alloyed has designed, tested and built two new microturbines – the A300N turbine and a much larger A1100 turbine – for use in drones using 3D-printed techniques, reducing production time from several years to a matter of weeks to strengthen the UK’s sovereign security capabilities with a near shore supply chain.

Author: Chris Maguire

Roxanne Hamedi was the fifth candidate to be fired by Lord Sugar in The Apprentice after her team lost a task to create and market a bottled water brand.

Aberdeen-based Hamedi is a registered pharmacist and the CEO of beauty hair brand Browtasia, which she launched three years ago following her own experiences with brow loss and thinning hair.

As the sub-team leader for the branding element, Hamedi failed to impress Lord Sugar and was shown the exit door.

She told her 33k Instagram followers it was first time she’d ever been sacked. “I didn’t really expect it,” she said. “It came out of the blue.”

There are now 15 candidates vying for Lord Sugar’s £250k investment and mentorship.

Tech giants OpenAI and Microsoft are the latest to join an initiative spearheaded by the UK’s AI Security Institute (AISI) – encouraging trust and public confidence in AI as it rewires public services and drives national renewal.

Announced by Deputy Prime Minister David Lammy and AI Minister Kanishka Narayan as the AI Impact Summit in India draws to a close, the news bolsters the work of AISI’s Alignment Project which was first announced last summer.

£27 million will now be made available through the fund, supporting research efforts to ensure AI systems work as they’re supposed to, with £5.6 million coming from OpenAI, and additional support from Microsoft and others.

Cementing the UK’s position as a world leader in frontier AI research, today also sees the first Alignment Project grants awarded to 60 projects from across 8 countries, with a second round due to open this summer.

AI alignment refers to the effort of steering advanced AI systems to reliably act as we intend them to, without unintentional or harmful behaviours. It involves developing methods that prevent such unsafe behaviours as AI systems become more capable. Progress on alignment is something that will boost confidence and trust in AI, ultimately supporting the adoption of systems which are increasing productivity, slashing medical scan times for patients, and unlocking new jobs for communities up and down the country.

Without continued progress in alignment research, increasingly powerful AI models could act in ways that are difficult to anticipate or control – which could pose challenges for global safety and governance.

The Dragons Den pitch of Olivia and Tanyka Davson was aired on Dragons’ Den last week – and the sisters secured a £50,000 investment from Susie Ma for 10% of their business Cubbi.

Filming took place last year and investments do not always go through – but this one has.

Olivia, who was nine months pregnant at the time of filming, presented the UK’s discount platform for new and expecting parents in the Den.

Cubbi was founded following Olivia’s own experience of becoming a parent and feeling the financial strain and isolation that can accompany early parenthood. 

Tanyka built the first version of the Cubbi app from scratch despite having no prior technical background. Still pre-revenue at the time of recording, they planned to keep the app free for parents and charge commission on brands.

The three male judges turned down their offer of 10% stake of the business for £50,000, but Meaden offered the money for 20%.

However guest Dragon Ma, making her debut, said she was a new mum herself – and agreed to stump up the full amount for 10%.

The Tropic Skincare founder first found fame on The Apprentice but grew turnover to $100m ahead of her appearance in the Den.

The funding will enable Cubbi to onboard more high-value partners across baby, maternity, food, fashion, wellness and lifestyle categories, increasing the range of exclusive discounts available to users.

Author: Chris Maguire

Zandra Moore has expanded the leadership team at her AI consultancy Zygens a year after stepping down as CEO of Leeds-based tech firm Panintelligence.

Zygens is an agentic AI consultancy that promises to help finance and professional services move from AI ambition to production.

Moore, who was awarded an MBE for her work at Panintelligence and her contributions to gender equality in business, has announced three additions to  Zygens’ board and founding team.

Charlie Bartle takes on the role as chief operating officer; experienced Tim Lewis is chief technology officer; and Andy Roberts is the new chief marketing officer.

Moore said: “It’s hard to compute how much has changed for me personally and professionally. Stepping away from something I built, starting again, living lean, backing myself quietly and consistently.

“But today feels huge. After 25 years growing technology, data and machine learning businesses in the UK, I have never felt more certain about an opportunity or about a team.”

Finseta, a foreign exchange and payments solutions company, has appointed Andrew Richards as CFO.

Richards, who has served in the role on an interim basis this month, brings 25 years’ experience, primarily within the financial services and insurance industries.

He spent 12 years with Chesnara plc, a life insurance and pensions consolidator operating in the UK, the Netherlands and Sweden. This included 11 years as group financial controller with responsibility for Chesnara’s financial reporting and audit processes and supporting M&A activity across multiple jurisdictions.

He also held the role of CFO of Countrywide Assured plc, the principal operating subsidiary of Chesnara in the UK, for nine years, where he oversaw all financial aspects of strategy and financial management.

Prior to joining Chesnara, Richards was a senior manager within the financial services practice of Deloitte.

Author: Jonathan Symcox

A recently appointed board member at SkinBioTherapeutics will oversee a ‘forensic’ investigation into the actions of the former CEO at the listed company.

Alyson Levett was only appointed to the board and as chair of its audit committee in January and will oversee the probe into former CEO Stuart Ashman, who resigned recently amid accusations of misrepresenting results.

The Newcastle firm has shed 72% of its value since the news broke, while it is down 8% in the opening 30 minutes of trading today following the news that Levett will lead the investigation on behalf of the board, which has also appointed FRP Advisory for the job.

Existing external legal and professional advisers will also support the process, as necessary, it said.

Levett has over 20 years C-suite financial experience, culminating in being CFO at the strategy software company, i-nexus where she stayed for a decade taking it onto AIM in a successful IPO in 2018.

Author: Jonathan Symcox

London AI firm CloudWize is expanding in the North with a base in Leeds.  

The technology business has been firmly rooted in the capital since it was established in mid-2023, with co-founders Edward Humphrey (CEO) and Matt Hyde (CTO) now leading a team of 30 developers, engineers and architects.  

Chief marketing officer Katie Mallinson – a former communications agency owner from Huddersfield – joined the £3 million firm in June 2025.  

Now – having taken up residency in Leeds Dock’s Department – CloudWize has announced another addition to its leadership team. 

Tim Mercer – former CEO of Yorkshire-headquartered Vapour Cloud – has joined CloudWize as chief commercial officer, following the sale of Vapour last summer. 

Rome doesn’t want to let go of more than 20% of the business as it is “my life” and he has to bring it home for his kids.

Steven says if all of their capital is returned within 24 months, they can drop to that.

They are all happy with that – and Rome chooses Tinie, Steven… and Peter!

Steven says they can do this together and wants to invest.

He offers £33,333 for 10% of the business if two other Dragons come on board.

Tinie is straight on it and wants in on that same deal.

Peter is also keen to take that up.

And so is Touker!

Deborah says she couldn’t be happier but is out.

Tinie is massive fan of sea moss – he uses it and so do his kids.

There are competitors on Amazon turning over big money, which shows the potential, but Rome says his mission and expertise stands him apart.

He explains to Touker why the £1m valuation is valid, but the Dragon says that is not the case today.

Rome is a former engineer who started a construction business and began to bring young people through it after starting a not-for-profit youth organisation.

He tells Steven that he grew up in children’s homes after he was a “boisterous young man” growing up in Tottenham, North London before he found his way.

He generated £55k revenue with £8k profit last year.

Steven praises him but says he should focus his branding on sea moss as the products are too diverse.

Peter disagrees and says he sees it as a Holland & Barrett situation where he can have a whole range of products.

He then breaks down as he tells Rome that he is a “gift to humanity”.