Month: February 2025

Gordon Ramsay is uniting his restaurant operations on both sides of the Atlantic through a deal that sees fresh investment flowing from US private equity house Lion Capital.
The celebrity chef, 58, is merging the British and American arms of his global dining empire into a single entity, jointly owned on a 50–50 basis by Ramsay and Lion Capital.
The arrangement builds on a previous partnership forged in 2019, when Lion Capital pledged $100 million to expand Ramsay’s US portfolio. Advisers from Rothschild & Co worked on the latest transaction, which will establish a central board headquartered in London.
Gordon Ramsay Restaurants, founded in 1998, includes 34 UK establishments and 32 US sites, alongside 22 other venues across China, South Korea, Malaysia, France, Dubai, Singapore and Thailand. From Michelin-starred destinations to casual pizza and burger outlets, the business employs 1,100 staff in the UK and 750 in the US. Globally, it recorded sales of $500.8 million last year.
In a statement, Ramsay said: “This is an exciting new chapter for our business, building on over five years of collaboration with Lion Capital. Together, and with the support of a brilliant team, we are poised to grow our international reach, create new partnerships and bring exceptional dining experiences to more people around the world.”
Ramsay has been ramping up his UK operations. He recently unveiled plans for a sprawling dining experience at 22 Bishopsgate in central London, spanning four floors and 25,000 sq ft. Expected to create over 250 jobs, it will offer five distinct culinary concepts, including a late-night terrace bar, an Asian-inspired ‘Lucky Cat’ and a Bread Street Kitchen.
Under Ramsay’s 2019 agreement, Lion Capital bought half of his North American restaurant interests and committed a further $100 million to open 100 new sites across the US within five years. This latest move consolidates all international interests, signalling a fresh phase of expansion for the TV chef’s worldwide restaurant empire.
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Gordon Ramsay combines UK and US restaurant businesses in Lion Capital deal

Deliveroo has dismissed more than 100 riders as part of an ongoing effort to tackle illegal immigration within its workforce.
The food delivery giant confirmed to MPs that 105 workers had been removed since April 2024 for illegally sharing their accounts with undocumented migrants. The company has faced increasing government scrutiny over the issue, with concerns raised about the widespread abuse of the substitution system, which allows riders to appoint others to deliver on their behalf.
In response to mounting political pressure, Deliveroo and other gig economy giants—including Just Eat and Uber Eats—have been ordered to strengthen employment checks. Many platforms now require riders to regularly submit selfie or video verification to ensure the registered account holder is the one completing deliveries.
Paul Bedford, Deliveroo’s director of policy, outlined the company’s crackdown in a letter to the Commons business and trade select committee, stating:
“We have off-boarded 105 Deliveroo riders since April 2024 due to their substitutes providing invalid right-to-work documents. To be clear, a substitute rider must have their right-to-work status verified before they can complete any orders with Deliveroo.”
Government figures suggest that 40% of delivery riders stopped during random checks in April 2023 were working illegally. Some asylum seekers who had crossed the Channel were found to be earning up to £1,500 per month from food deliveries while staying in government-funded hotels.
The issue of illegal working within the gig economy has become a political flashpoint, with both major parties committed to cracking down on exploitation.
Former immigration minister Robert Jenrick previously accused the substitution system of fueling illegal immigration and compromising public safety due to lax right-to-work checks. Labour has since taken up the initiative, with employment rights minister Justin Madders receiving a dossier from Deliveroo outlining its efforts to tackle the issue.
A Whitehall source described Deliveroo’s workforce as an “area of concern” for the government, which is continuing to push for tighter controls across the industry.
A Deliveroo spokesperson defended the company’s actions, saying: “Deliveroo has led the industry in taking action to secure our platform against illegal working. We were the first to roll out direct right-to-work checks, a registration process, daily identity verification and now additional device checks for riders, including substitutes.
“We take our responsibilities extremely seriously and continue to strengthen our controls to prevent misuse of our platform. We would encourage the Government to ensure all major platforms urgently adopt the same standards.”
As gig economy platforms face increasing scrutiny over employment practices, Deliveroo’s efforts to tighten its verification systems may set a precedent for the industry. However, concerns remain over the extent of illegal working and whether further regulatory measures will be required.
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Deliveroo sacks over 100 riders in crackdown on illegal workers

A former DeepMind scientist who helped develop AlphaFold, the AI model that revolutionised protein structure prediction, has raised $50 million to launch Latent Labs, a startup focused on using artificial intelligence to design new proteins.
Simon Kohl, a German-born physicist and machine learning expert, founded Latent Labs in 2023 with the ambition of “achieving computational mastery over biology.” The company aims to partner with biotech firms to accelerate drug development by replacing traditional experimental methods with AI-driven protein design.
The funding round, completed in December, was led by Radical Ventures, an AI-focused investment fund, alongside Sofinnova Partners, known for its life-sciences investments. High-profile backers include: Jeff Dean – Google’s chief scientist, Aidan Gomez – co-founder of generative AI firm Cohere and Mati Staniszewski – co-founder of AI audio startup ElevenLabs.
With an earlier $10 million in start-up capital, Latent Labs has now secured a total of $50 million to scale its operations.
Kohl, 34, previously worked at DeepMind, where he played a key role in the second iteration of AlphaFold—technology that has been recognised with a Nobel Prize in Chemistry. While AlphaFold enables scientists to map existing protein structures, Kohl believes the next step is to design new proteins from scratch using generative AI.
“[AlphaFold] allows you to look at the catalogue of existing natural proteins, but it doesn’t allow you to make new ones,” said Kohl.
His goal with Latent Labs is to develop AI models that eliminate the need for traditional laboratory techniques, making drug discovery faster and more precise.
Latent Labs is assembling a team of top AI and biotech researchers across London and San Francisco, including four former DeepMind scientists. The company is actively hiring more specialists as it expands.
By applying generative AI to protein and molecular design, Kohl believes Latent Labs can reduce failures in clinical trials, a key challenge in the pharmaceutical industry.
“There are still lots of failures in clinical trials, and in some ways, you can trace the issue back to how the drug was originally discovered,” he explained.
“If you can design proteins and molecules with a higher degree of control and precision, the idea is that in the future, we will see fewer failures.”
Kohl acknowledged concerns over the ethical implications of AI-generated proteins, calling it “an important question” that requires broader discussion. However, he stressed that current AI technology is not yet advanced enough to surpass what human experts can achieve in a well-equipped lab.
As for when Latent Labs’ AI will outperform traditional methods, Kohl admitted it was difficult to predict.
“Our north star is that our AI systems will eventually be so advanced that they no longer require experimental lab validation,” he said. “At that point, you will have quite powerful technology on your hands.”
Latent Labs is entering a competitive but still emerging field where multiple startups are exploring how AI can reshape drug development. Kohl compared the landscape to a space race.
“It feels like quite a number of rockets are being launched right now, and they may all reach orbit,” he said.
While Latent Labs has not disclosed its current projects or clients, the startup’s rapid funding and high-profile backing suggest it is poised to be a key player in the future of AI-driven drug discovery and protein engineering.
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Deepmind scientist raises $50m to use AI in protein design revolution

More than a third of UK entrepreneurs are concerned about the financial impact of Donald Trump’s proposed trade tariffs, according to a new survey by entrepreneur network Helm.
The poll, conducted between 10 and 11 February among Helm’s 400 members—who collectively generate £8 billion in revenue—found that 37% of respondents fear the tariffs could add “significant costs” to their operations.
The US is the UK’s second-largest export market, accounting for 22% of total UK exports, making it a crucial trade partner for British businesses.
However, since the proposed tariffs mainly target goods rather than services, the majority of Helm members (63%) remain unconcerned. Many believe Trump’s trade threats are primarily a negotiating tactic, while others are unaffected as they either do not trade in the US or primarily export services, which are currently exempt.
Helm’s CEO, Andreas Adamides, noted that British entrepreneurs are sharply divided on the issue. He said: “While some fear rising costs and supply chain disruptions, others see potential opportunities as trade routes shift,” he said. “The resilience and adaptability of UK entrepreneurs will be crucial in navigating these uncertainties.”
Syd Nadim, founder of digital solutions firm Clock, which derives 40% of its revenue from the US, dismissed Trump’s rhetoric as “mostly bluff and bluster.”
“Canada and Mexico have learned to manage these threats. Since services are excluded from the tariffs, we’re confident they won’t affect us directly, though the broader economic impact is still a concern,” he said.
Meanwhile, Maz Darvish, CEO of AI firm Cognition Hub, pointed out that removing the de minimis threshold—which currently allows imports below $800 to enter the US duty-free—could level the playing field for American SMEs.
“If the UK and EU followed suit, it could boost local e-commerce and protect consumers from unsafe imports,” he said.
However, some entrepreneurs remain deeply concerned about rising costs and supply chain challenges.
Harry Zalk, co-CEO of infrastructure firm Matrix Group, warned that tariffs would “significantly increase costs for our imports and exports,” while the potential removal of the no-duty threshold would further strain e-commerce businesses.
For Tobi Schneidler, founder of computer accessories brand Bouncepad, the potential impact is clear.
“The United States is a major market for us. Tariffs would add to the challenges of Brexit, making US exports even tougher for us,” he said.
As Trump’s trade policies remain in flux, UK entrepreneurs will be watching closely to assess the potential impact on their businesses. Whether the proposed tariffs become a reality or remain a political bargaining tool, British exporters will need to remain agile in an increasingly uncertain trade environment.
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Third of UK entrepreneurs fear Trump’s proposed tariffs will hit business costs

TikTok is once again available for download in the US, after former president Donald Trump granted a 75-day extension on enforcing a law that would ban the app unless its Chinese owner, ByteDance, sells its US operations.
The popular video-sharing platform, which has more than 170 million American users, briefly disappeared from Apple and Google’s US app stores last month as the original ban deadline loomed. However, following Trump’s executive order postponing enforcement until 5 April, the app was reinstated after assurances were given that Apple and Google would not face liability for allowing downloads.
The legislation banning TikTok was originally signed into law by former president Joe Biden, with bipartisan support in Congress. The US government had argued that the platform could be used by Beijing for espionage and political manipulation—claims that both TikTok and the Chinese government have repeatedly denied.
Despite his earlier stance in favour of banning TikTok, Trump appeared to shift his position last year during the presidential race. He expressed a “warm spot” for the app, highlighting the billions of views his campaign videos attracted on the platform. When TikTok resumed operations in the US, users received a pop-up message thanking Trump by name.
TikTok’s chief executive, Shou Chew, reportedly met with Trump at Mar-a-Lago after his electoral victory in November and later attended his inauguration.
Trump has floated the idea of a joint ownership model, suggesting that a buyer could take over TikTok and “give half to the US” in exchange for a permit to operate.
Among the potential buyers linked to a takeover are Oracle co-founder Larry Ellison and billionaire Elon Musk, who also leads Trump’s Department of Government Efficiency. Other names in the mix include billionaire Frank McCourt, Canadian investor and Shark Tank star Kevin O’Leary, and YouTube’s biggest creator, Jimmy Donaldson—better known as MrBeast—who has claimed that investors approached him after he expressed interest in acquiring the app.
With the ban deadline now pushed to early April, the coming weeks could determine TikTok’s future in the US. Whether a sale materialises or a compromise is reached remains uncertain, but for now, American users can continue scrolling, creating, and engaging on the platform.
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TikTok returns to US app stores as Trump delays ban enforcement

Concerns are mounting that UK businesses could face steeper trade taxes after former US president Donald Trump announced plans to introduce “reciprocal tariffs” that factor in VAT.
Trump has instructed his team to develop a system where tariffs on imports match levies imposed on US goods, potentially affecting trade with the UK. While Britain was previously considered less exposed to tariffs than other nations, the inclusion of VAT in tariff calculations has raised fresh concerns about its impact on British exports.
Analysts suggest that tariffs of 20% or more could be applied to the UK, alongside the European Union. The British Chambers of Commerce (BCC) has warned that key industries—including automotive, pharmaceuticals, and food and drink—could be “significantly hit” by these new measures, announced by the White House on Thursday.
The Trump administration’s latest move broadens the scope of US trade retaliation, targeting not just traditional tariffs but also “unfair or harmful acts, policies, or practices.”
One of Trump’s primary justifications for imposing tariffs has been trade imbalances, where countries sell more to the US than they import. However, both the UK and US claim to have trade surpluses with each other due to differences in data collection methods. The introduction of VAT into the tariff equation adds further uncertainty over how British businesses might be affected.
Trump’s statement described VAT as an “unfair, discriminatory or extraterritorial tax.” The UK’s VAT system applies a standard 20% tax on most goods and services, regardless of whether they are imported or domestically produced.
George Saravelos, global head of FX research at Deutsche Bank, warned that if US tariffs were calculated based on VAT and existing tariffs combined, UK businesses exporting to the US could face duties of 21%.
“If reciprocal tariffs are applied on a VAT basis, European countries would be much higher on the list of impacted nations,” Saravelos said.
William Bain, head of trade policy at the BCC, noted that while the UK had some “insulation” due to exporting fewer goods to the US compared to other nations, the proposed changes would still “create more cost and uncertainty” and “upend established trade norms.”
Paul Ashworth, chief UK economist at Capital Economics, argued that most experts see VAT as a non-discriminatory tax, as it applies equally to domestic and imported goods. However, one of Trump’s advisers has suggested that VAT disadvantages US businesses, as America applies much lower sales taxes at the state level.
Ashworth noted that Trump now appears to favour a country-specific tariff approach, rather than imposing a blanket tax on all US imports.
The potential impact of these proposed tariffs remains uncertain, with legal experts warning that the term “reciprocal” may not mean what many assume.
Caroline Ramsay, partner and head of international trade at law firm TLT, explained: “It does not mean that the USA is going to check what the UK tariff is on paper imports and match that tariff percentage for paper exports to the US from the UK.”
Instead, the US is likely to determine tariffs based on its own interpretation of what constitutes a fair trade policy.
Bain stressed that it is “vital” for the UK government to engage in negotiations with Trump and avoid being “sucked into a trade war of tit-for-tat tariffs.”
Meanwhile, senior UK government minister Pat McFadden urged caution, stating: “The most sensible thing to do with all of these announcements is to digest them, see if they actually come to pass, and then decide what you do.”
As uncertainty looms over the future of UK-US trade relations, businesses across multiple sectors now face the prospect of increased costs and potential disruptions to transatlantic commerce.
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Trump’s tariff threat: UK businesses could face higher trade taxes

The government has issued new guidance instructing public sector buyers to make it easier for small businesses to win a larger share of the £400 billion spent annually on goods and services.
The national procurement policy, which comes into effect on 24 February, encourages 20,000 public agencies to simplify tendering processes for small and medium-sized enterprises (SMEs), as well as voluntary, community, and social enterprises. The move is designed to reduce bureaucracy, drive social change, and help small businesses compete for government contracts.
The Cabinet Office has told buyers to “maximise procurement spend” with SMEs without compromising value for money or quality, as part of broader efforts to boost economic growth.
With SMEs already receiving around 20 per cent of public procurement spending, the reforms could unlock billions of pounds in contracts for smaller firms. The 2023 Procurement Act, set to take effect at the end of the month, will introduce greater transparency, potentially saving over £4 billion a year, according to the National Audit Office.
“Businesses tell me that the current system isn’t working. It is slow, complicated, and too often means small businesses in this country are shut out of public sector contracts. These measures will change that.”
The new rules also require government departments to conduct spot checks to ensure large suppliers are paying subcontractors within 30 days.
A “public interest” test is also being introduced, determining whether government departments and local authorities should outsource contracts or deliver services in-house to improve efficiency and value for money.
The Cabinet Office is also exploring ways to allow local councils to prioritise SMEs in their communities over national suppliers, even when larger firms offer lower prices.
Emma Jones, chief executive of Enterprise Nation, welcomed the changes, saying: “By setting new standards in creating social value and reinforcing 30-day payment terms, this new approach could see many more opportunities opening up for the UK’s small business community to grow.”
Increasing SME contracts to 40% by 2030
A Goldman Sachs report this week urged the government to increase the share of procurement contracts awarded to SMEs to 40 per cent by 2030. The Institute for Government has estimated that SME public sector spending remained at around 20 per cent between 2018 and 2023, highlighting significant room for improvement.
Jones believes that reserving contracts for small businesses will provide a major boost to local economies, ensuring that public sector spending supports innovation, sustainability, and job creation in communities across the UK.
With the government looking to drive growth and support smaller firms, businesses will be watching closely to see if these reforms translate into real opportunities.
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Government urges public sector buyers to award more contracts to small businesses

A majority of high-net-worth individuals (HNWIs) who backed Labour in the last election now regret their decision, as confidence in the UK economy nosedives, according to a new survey.
The poll, conducted by wealth manager Saltus, found that two-thirds of affluent voters who supported Sir Keir Starmer’s party in July now wish they had not. Key policies denting confidence include changes to inheritance tax, the introduction of 20% VAT on private school fees, and an increase in employers’ National Insurance contributions, which has raised staffing costs for business owners.
The survey of 2,000 individuals with at least £250,000 in investable assets found that confidence in the UK economy among this group has fallen sharply from 84% in August – a month after Labour’s victory – to just 48% today, marking a record low.
Mike Stimpson, a partner at Saltus, described the shift as a “missed opportunity” for Labour. He said: “Confidence is a critical component in growth, and the fact that this vitally important group – the wealth creators, employers, and investors in the businesses of tomorrow – feel that the UK economy is not on the right track is a cause for concern.”
Labour worked hard to court wealthy donors during the election campaign, pledging not to raise key taxes while positioning itself as “the party of wealth creation.” This strategy paid off, attracting significant financial support, including a £4.5m donation from Gary Lubner, former chief executive of Autoglass’s parent company.
More than a third of the UK’s HNWIs ultimately voted Labour, but analysts now describe this as a “protest vote” against the Conservatives, whose reputation among the wealthy was severely damaged by Liz Truss’s mini-Budget.
Since taking office, Chancellor Rachel Reeves has introduced tax increases that have further shaken confidence among wealthy individuals. The October Budget raised taxes by a record amount, with fears that more hikes are on the way. Over 80% of those surveyed expect the government to raise capital gains tax, income tax, and inheritance tax within the next year.
As a result, one in ten HNWIs is considering leaving the UK permanently. According to the Adam Smith Institute, Britain lost 10,800 millionaires to overseas relocation in 2024 – more than double the number in 2023.
Among the high-profile departures is Charlie Mullins, founder of Pimlico Plumbers, who moved to Spain “as soon as Labour won the election.” The exodus of wealth has already forced a policy shift, with the government backtracking on proposed tightening of the non-dom tax regime. Reeves recently announced measures to make it easier for non-doms to bring money into the UK, acknowledging the need to retain wealth and investment.
Speaking at the World Economic Forum in Davos, Reeves said: “We’re always interested in hearing ideas for making our tax regime more attractive to talented entrepreneurs and business leaders from around the world to help create jobs and wealth in the UK.”
The departure of wealthy individuals could have significant economic consequences. The top 1% of earners contribute nearly 30% of all income tax, meaning a continued outflow of HNWIs would put additional strain on public finances.
However, not all affluent Labour supporters are disillusioned. Green energy tycoon Dale Vince, who donated £5m to the party, remains a staunch backer. In October, he dismissed those threatening to leave the country over tax rises, saying they should “f— off.”
A Treasury spokesperson defended the government’s approach, stating: “At the Budget, we made the difficult decisions needed on tax to fix the foundations and increase investment in public services and the economy, to rebuild Britain and unlock long-term growth.”
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Ultra-wealthy regret voting Labour as confidence in economy plummets

Plans to demolish the Beehive Centre in Cambridge and replace it with offices, labs, and community spaces have been recommended for refusal by Cambridge City Council.
The council’s planning officer cited concerns that the proposed redevelopment near Coldham’s Lane would significantly reduce daylight and sunlight for neighbouring residents, potentially impacting their quality of life.
Railpen, the pension fund manager that owns the site, had envisioned the project as a “workplace and innovation cluster” that would create a new hub for the local community. It estimated that the redevelopment would generate 3,000 jobs, including entry-level positions and training opportunities.
A Railpen spokesperson emphasised that the refusal was based on a “single technical matter,” adding: “The council’s planning officer has acknowledged the significant economic, social, and environmental benefits of the project.”
The Beehive Centre is currently home to 17 retail units, including a large Asda supermarket, Everlast gym, B&M Home Store, and TK Maxx. The surrounding Abbey Ward is one of Cambridge’s most deprived areas, and many residents rely on the shopping centre for everyday essentials.
Under Railpen’s plans, existing shops, cafes, and leisure facilities would be replaced by workspaces and a local centre with new retail and dining options. The company has suggested relocating some “valued retailers,” including Asda, to the nearby Cambridge Retail Park, which it also owns.
However, local residents have raised concerns about the impact on accessibility. Denise, an Abbey Ward resident, said: “It will impact the people who don’t have cars and can walk to the supermarkets here. People would have to take the car out to turn around and go further afield.”
Other locals expressed mixed views. Richard Darler, who lives nearby, said: “For residents, it’s probably better as it’s going to be quieter at the weekends,” but questioned the need for more office and lab space. “We’ve got enough here in Cambridge – if not, we should build on the outskirts,” he added.
Green Party councillor Elliot Tong, who represents Abbey Ward, acknowledged that the Beehive Centre needed improvement but raised concerns about the development’s impact on the community. “Abbey needs this sort of investment, and I’m really excited about money being put into it,” he said. “The question is – are the community being taken into account?”
Cambridge City Council’s planning committee is set to make a final decision on the proposal on Wednesday.
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Plans to redevelop Cambridge shopping centre face rejection over daylight concerns