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Businesses owned or supported by private equity (PE) are at a significantly higher risk of default compared to other large corporates, the Bank of England has cautioned.
According to new research, these companies are more vulnerable to financial instability, particularly when compared to firms that primarily rely on traditional lenders like banks.
The research highlighted that over two million UK workers are employed by businesses backed by private equity funds, which account for 15% of the country’s corporate debt. PE-backed companies are also more likely to face challenges meeting debt obligations due to lower earnings and returns relative to their interest expenses.
In 2023, more than one in five PE-backed companies were at risk of default, an improvement from one in four in 2022. However, this is still significantly higher than the default risk among listed companies (11%) and other large businesses (14%).
The Bank of England’s researchers found that private equity-backed firms are over twice as likely to rely on riskier forms of debt, such as private credit and leveraged syndicated loans, leaving them more exposed to market downturns and cash flow issues. The reliance on debt, combined with the higher interest rate environment, has increased refinancing risks for these businesses.
The Bank emphasised that improved transparency within the private equity sector would help mitigate some of these vulnerabilities. It noted that better clarity around valuation practices and leverage levels could reduce risks across the sector.
Despite these concerns, Michael Moore, chief executive of the British Private Equity & Venture Capital Association, defended the sector, noting that private equity plays a crucial role in funding UK businesses and supporting companies during economic stress. He pointed to the industry’s positive impact on competition in financial services and its ability to improve underperforming companies.
The Bank’s data revealed that a third of all PE-backed jobs are located in London, with significant concentrations in Yorkshire and the Humber, the East of England, and the South East. Sectors most often targeted by PE firms include communications, finance, insurance, and professional services.
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Businesses backed by private equity face heightened default risks, warns Bank of England

Here we speak with Brendan Noud, co-founder and CEO of LearnUpon, a pioneering Learning Management System (LMS) company that has revolutionized how businesses deliver training to their employees, partners, and customers.
Having identified a gap in the market for customer-centric LMS solutions, Brendan and his co-founder, Des Anderson, built LearnUpon from the ground up with a commitment to innovation and customer support. From the early days of offering 24/7 support through 12-hour shifts to becoming an industry leader with over 1,500 customers, Brendan shares the insights and values that have driven LearnUpon’s success.
Having previously worked for companies offering learning management systems and services, Brendan Noud spotted a gap in the market for something bigger and better. Fed up with the lack of innovation and customer-centric values within the Learning Management System (LMS) space, Brendan decided to start his own company, and that’s when LearnUpon was born.
Alongside his co-founder, Des Anderson, they developed LearnUpon to support the learning needs of businesses. From the beginning, Brendan and Des placed a big emphasis on customer service, ensuring customers were able to reach out and get the support they needed. Before their first hire in 2013, Brendan and Des took turns working 12-hour shifts to offer 24/7 support to their customers. Fast forward to today, and they have a global business with over 1,500 customers.
LearnUpon’s mission is to partner with businesses that believe delivering great learning is essential to achieving great results. They focus on helping organisations deliver effective learning that bridges the gap between employee, partner, and customer training and business goals.
With Brendan leading LearnUpon, the company has gained widespread recognition and earned multiple industry awards. His leadership has driven substantial growth, with LearnUpon now serving customers across diverse sectors and establishing itself as a leader in the LMS landscape.
What is the main problem you solve for your customers?
At LearnUpon, we help businesses deliver engaging LearnUpon experiences to their employees, partners, and customers, all within one centralised solution. We aim to ensure the learning they provide impacts what matters, like performance, retention, and growth.
What made you start your business—did you want to rock the status quo, or was it a gap in the marketplace that you could fill?
My co-founder, Des, and I have both worked in the learning industry for over 20 years. We interacted with so many people and businesses that weren’t happy with their learning solution. They were dated, bloated, and lacked a focus on what really mattered: the user’s experience.
We decided to invest in building a solution that we believe meets the needs of real companies out there, focussing on making the learner experience as engaging and simple as possible and the admin experience as automated and efficient as possible.
What are your brand values?
LearnUpon has many brand values, but the most important is to “put the customer at the heart of everything”. Nothing is decided, built, or achieved without asking the question: Is this putting our customers at the heart? We’re a customer-first company; we build for their needs. Our roadmap, our community, our conference—it’s all about the customer experience and putting them first.
Is team culture integral to your business?
From day one, we had a strong vision for LearnUpon’s company culture. It’s since developed significantly. Today, our culture code maps out the shared beliefs, values, and practices that are important to us. We encourage all employees to celebrate when these values are followed and feel comfortable highlighting instances when they’re not.
These fall into a few buckets: putting customers at the heart of what we do; leading with curiosity, asking questions, and learning from mistakes; leading by example in a constructive and caring way; and delivering quality, which we believe is best done through diverse voices and experiences.
Above all, we hire great people and trust them to do great work, trying to harness a team that is adaptable, resilient, collaborative, compassionate, driven, humble, and fun. Culture is the most important component of running a successful business.
What do you do to go the extra mile to show your team you appreciate them?
We offer plenty of perks to show our appreciation for our team, but it’s the daily actions that truly shape our company culture. We trust our team members and encourage them to take risks and explore new ideas.
Moreover, we believe in full transparency. Every month, we hold a company-wide meeting where we openly share updates, celebrate our successes and learn from our challenges.
It’s this trust and openness that our people value the most.
In terms of your messaging do you think you talk directly to your consumers in a clear fashion?
Transparency is big at LearnUpon, especially with our customers. If a prospect is talking to us and we feel like we won’t be the right solution for them, we’re transparent. And we will direct them to another solution we feel is right. We also encourage everyone on our team, from sales to product to customer success to be honest and open with our customers. We build authentic relationships because of that, and you can see that shine through in our reviews and retention rates.
How often do you assess the data you pull in and address your KPIs, and why?
Every decision we make is data-driven, be it qualitative or quantitative. We constantly monitor customer stats like happiness, NPS, retention, and product adoption. We also give our customers an opportunity to talk to us, be it 1-1 on calls with our Customer Experience teams, within our customer community, or at our conference. We want to know how we can constantly improve to meet their needs.
For our employees’ happiness, this is a big priority too. We run two surveys each year. A survey at the end of the year to assess team sentiment and a mid-year pulse survey. It’s critical that we know how our employees are feeling and if we are living up to our company culture.
Is tech playing a much larger part in the day-to-day running of your company?
It’s huge. As a tech company, we want to be on the cutting edge and use the best technology internally, as well as provide it for our customers. We have robust processes within the company for using the newest technology, and we also have a strong roadmap for our customers around AI. Additionally, we have a big focus on automation. Our customers and our team’s time is precious; therefore, we want to provide solutions that allow them to do more in less time.
What is your attitude towards your competitors?
The learning tech space is filled with competitors. It’s a busy space with an estimated 1,000+ learning solutions on the market today. At LearnUpon, we don’t look at it as a bad thing to have a competitive market. To us it means opportunity. It means there’s a growing market and a growing demand for corporate learning.
Do you have any advice for anyone starting out in business?
Have your company’s values in mind from the get-go. When Des and I first started LearnUpon, we wanted the businesses to have the best support in the industry. But with just the two of us, this meant splitting 12-hour shifts so that we could offer 24/7 support.
That drive for the best customer support has never waned. Instead, it’s grown with LearnUpon’s substantial customer experience team, still offering 24/7 support.
It can be a lonely and pressured place to be as the lead decision maker of the business. What do you do to relax, recharge, and hone your focus?
I consider myself incredibly lucky that I have Des, LearnUpon’s co-founder, by my side. I’ve known Des for 20+ years; we both came up together in the industry, and I can always rely on him to be a sounding board for ideas and ensure we’re making the right decision for our team, our customers, and LearnUpon as a whole. Plus, playing sports with my kids is always a great break!
Do you believe in the 12-week work method, or do you use much longer planning strategies?
We have a long-term vision but to get there, we work in quarters. At the start of each quarter, we set team- and company-wide OKRs that we all work towards. Each month, the whole company is updated on the progress. It keeps everyone dedicated and focused on an overall goal.
What three things do you hope to have in place within the next 12 months?
At the start of each year, we assess and revise our company goals, our product vision, and our positioning in the market. We want to be secure in those things. Team growth is also a key focus. We’re opening new offices and growing teams, and we’d like to continue to bring the best talent into our business.
Read more:
Business Matters’ Secrets of Success: Brendan Noud

UK retailers have reported the steepest fall in shop prices in three years as unseasonably wet weather in September pushed stores to offer significant discounts in a bid to attract shoppers.
According to the latest figures from the British Retail Consortium (BRC) and NielsenIQ, shop prices dropped by 0.6% year-on-year, compared to a 0.3% fall in August. This marks the sharpest decline since August 2021.
Helen Dickinson, chief executive of the BRC, said: “September was a good month for bargain hunters as big discounts and fierce competition pushed shop prices further into deflation. Non-food categories, particularly furniture and clothing, saw the largest drops as retailers sought to lure back hesitant shoppers.”
However, Dickinson cautioned that while easing price inflation is welcome news for consumers, geopolitical uncertainties, climate change, and government-imposed costs could reverse this trend in the future.
Non-food prices fell by 2.1% year-on-year, a more significant drop than the 1.5% seen in August, and the lowest rate since March 2021. On the other hand, food inflation rose slightly to 2.3%, driven by poor harvests in key producing regions, which pushed up prices for cooking oils and sugary goods.
Mike Watkins, head of retailer and business insight at NielsenIQ, noted that the deflation in non-food prices would help shoppers manage their household budgets for the remainder of the year. However, he stressed that retailers would still need to entice customers with attractive promotions in the lead-up to the festive season.
Official data revealed that retail sales volumes increased by 2.5% in August, surpassing expectations and marking the strongest growth since July 2022. The Office for National Statistics attributed this rise to higher spending on food, clothing, footwear, and household goods, buoyed by warm weather and end-of-season sales.
Ahead of the October 30 budget, Dickinson called on Chancellor Rachel Reeves to address the “disproportionate tax burden” faced by brick-and-mortar retailers compared to their online counterparts. She urged the introduction of a 20% retail rates corrector to level the playing field, helping physical retailers continue offering competitive prices, safeguard jobs, and stimulate investment.
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Wet weather drives UK retailers to slash prices in September

The introduction of national insurance on employer pension contributions could generate billions for the Treasury, according to Sir Steve Webb, a former pensions minister.
Webb, now a partner at LCP, suggests that this reform could raise up to £16 billion net per year and might be the most likely measure Labour Chancellor Rachel Reeves adopts to raise funds in next month’s budget.
Currently, employers pay no national insurance on pension contributions. If a tax at the standard rate of 13.8% were imposed, it could raise a gross £24 billion. Adjusting for the cost burden on public sector employers, such as the NHS and schools, the Treasury would still gain around £16 billion net. Even a lower rate of national insurance, around 2%, could generate a couple of billion pounds annually.
This proposal is seen as a politically viable option, as it avoids immediate impacts on employee pay packets. Webb believes that alternatives, such as reducing the tax-free lump sum for pensioners or introducing a flat rate of tax relief, would be far more difficult politically, especially as they could impact millions of public sector workers.
However, the proposal is not without controversy. Charging national insurance on pension contributions could anger employers, already facing rising costs from higher wages and interest rates. The move would also appear to clash with Reeves’s pro-growth agenda and might be perceived as a tax on jobs.
Webb’s analysis aligns with recommendations from think tanks like the Institute for Fiscal Studies and the Resolution Foundation, which have called for reforms to pensions tax relief, particularly as current policies tend to benefit higher earners. The Institute for Fiscal Studies has argued that there is a strong case for reform, highlighting how current tax relief policies disproportionately benefit wealthier individuals and employers.
With Labour seeking ways to repair the public finances while avoiding measures that would impact working families, this potential reform is seen as a way to generate significant revenue with minimal immediate political risk. The gross cost of pensions tax relief currently stands at £70.6 billion, but after tax is recouped from pensioners, the net cost to the Exchequer is about £49 billion. Even modest savings in this area could substantially benefit the Treasury’s tax and spending plans.
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National Insurance on employer pension contributions could raise billions for Treasury coffers

Wealthy investors are increasingly turning to start-up companies to mitigate their tax burdens, particularly as a potential capital gains tax (CGT) increase looms in the upcoming budget.
Investment in seed enterprise investment schemes (SEISs) surged by 250% between July 4 and September 16 this year, according to Wealth Club, with savers hoping to reduce their CGT liabilities by up to 50%.
The spike in SEIS investments coincides with government efforts to stimulate economic growth by encouraging investment in small British businesses. SEISs allow investors to put up to £200,000 annually into early-stage firms, providing significant tax advantages, including 50% income tax relief and exemption from CGT on any gains made from the investment. Crucially, they also offer 50% relief on CGT from the sale of other assets, such as buy-to-let properties, when reinvested in qualifying SEIS companies.
With CGT reform expected in the budget, investors are seizing the opportunity to benefit from the extended SEIS tax breaks, which were recently prolonged until 2035. A higher-rate taxpayer who reinvests a £100,000 gain into an SEIS fund could reduce their CGT bill from £24,000 to £12,000, while also securing £50,000 in income tax relief.
Nicholas Hyett of Wealth Club points out that high-net-worth individuals are increasingly using SEISs to shelter future gains from tax, given the likelihood of changes to CGT, inheritance tax, and pensions. “It’s no wonder wealthy investors are taking advantage of schemes that provide upfront tax relief while protecting future gains,” Hyett says.
However, SEIS investments carry considerable risk. While the tax benefits are designed to compensate for the high risk of backing start-ups, investors should be aware that around half of SEIS companies fail within five years. Nonetheless, successful start-ups like Swytch Bike, snack company Olly’s, and food supplement maker Hunter & Gather highlight the potential rewards.
In contrast, enterprise investment schemes (EISs) and venture capital trusts (VCTs) offer less generous tax relief, though they remain popular with wealthier investors. EISs allow for up to £1 million in annual investments with 30% income tax relief and deferred CGT, while VCTs provide tax-free dividends and CGT exemption, with investments managed through a fund to help spread risk.
These schemes are not for the risk-averse and should form only a small portion of a wider, more mainstream investment portfolio, experts advise. Jason Hollands of Evelyn Partners warns that while the minimum holding periods for tax relief are set at three years, exits from these private companies depend on finding a buyer, which is not guaranteed.
Despite the potential for high rewards, investors are also urged to consider the higher charges associated with SEIS funds. Fees can include an initial charge of 2.5%, along with management and performance fees that may add up over time. Investors need to carefully assess the risks and rewards before diving into these niche, high-risk schemes, where tax advantages alone should not drive decision-making.
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Wealthy investors flock to start-ups for tax breaks amid looming capital gains tax raid

Unloc and Verizon Business have announced the launch of the 2025 Young Entrepreneurs Challenge, an annual competition designed to uncover Europe’s brightest young entrepreneurial talent.
Open to 16-25 year-olds from across Europe, the challenge invites participants to submit technology-driven business ideas for a chance to win £10,000, expert mentorship, and a technology package to help launch their startup. The winner will also receive a ticket to the prestigious Global One Young World 2025 Summit in Munich.
Now in its seventh year, the challenge aims to inspire and support the next generation of business leaders. Finalists will present their concepts live to a panel of judges at the grand finale in March 2025. Applications are judged on criteria including business viability, technological innovation, and sustainability.
Sanjiv Gossain, General Manager and Head of EMEA for Verizon Business, emphasised the importance of helping young entrepreneurs bring their ideas to life. “Young talent in Europe often struggles to access the necessary funding and mentorship to turn their ideas into reality. This challenge is designed to bridge that gap and provide opportunities for young entrepreneurs to showcase their innovations on a global stage.”
Co-founder and CEO of Unloc, Hayden Taylor, noted that technological ideas are at the forefront of solving global challenges. “Investing in young minds with the potential to address issues like sustainability and healthcare is vital. Last year’s winner, Ethan Waisberg, with his app AngioGenius, demonstrated how cutting-edge technology can drive change, and we’re excited to see what this year’s entrants will bring.”
To apply, entrants must submit a 60-90 second video pitch along with an online application outlining their business idea. The deadline for applications is January 17, 2025, and full details can be found at youngentrepreneurchallenge.com
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Unloc and Verizon launch Young Entrepreneurs Challenge 2025 across Europe with £10,000 prize and mentorship

At the recent 2024 Global Search Awards, rugby news platform, RugbyPass, was named the winner of two hotly contested and highly coveted awards – the ‘Best Use of Content Marketing’ and ‘Best Use of PR’.
RugbyPass, alongside its partnered digital agency, Another Concept, were recognised in these categories for their campaign work during the 2023 Rugby World Cup.
The content marketing award entry was primarily for RugbyPass’ custom-built, on-site interactive content tools that allowed users to select and share their predictions and greatest line-ups for the sport’s flagship tournament.
These ‘picker tools’ and their supporting, search-led content saw big engagement for existing and new audiences, increased keyword rankings and huge traffic numbers. Additionally, the PR award was for the promotion of these tools to international audiences. This was achieved by utilising the views and expertise of rugby legends to create interesting and engaging stories which cut through the noise, in what was a highly competitive news cycle during the tournament.
First launched in 2011, the Global Search Awards is one of the leading awards events in the digital and online arena. It welcomes entries from companies and agencies across the world who wish to showcase their exemplary search strategies and results. This year’s event, held in Kraków, Poland, was no exception, with the competition being nothing short of fierce, particularly within the two categories where RugbyPass emerged as eventual winners.
The judging panel – a large contingent of digital experts from around the world – also offered glowing feedback to RugbyPass and its supporting team, championing the creativity involved in their entries:
“[RugbyPass] excelled in creating original content by leveraging the expertise within their team and emphasising EEAT. Their strategy showcased a clear sense of individuality and they have achieved incredible results.
“The strategic use of digital PR, SEO and interactive content tools showcase a creative and engaging way to capture audience interest and drive sign-ups. Their engaging and well-thought-out approach to content not only delivered compelling PR opportunities, but also served dual purposes, all accomplished with a quick turnaround.”
Speaking about the two honours, RugbyPass’ Head of Product, Tom Rendell, who was also in attendance at the ceremony, offered these comments:
“We’re absolutely delighted to have won these two awards. It’s incredibly satisfying to see all the hard work the team put into these campaigns to be recognised like this on the global stage and lauded by the judging panel. This level of content quality is something we strive for here at RugbyPass across all our channels and I believe this is just the start of many more awards to come.”
Another ceremony attendee, and the person responsible for campaign oversight, was RugbyPass’ Head of SEO, Kim Ekin, who said: “From the pre-planning stage of our Rugby World Cup campaign, the teams at RugbyPass and Another Concept considered user experience from end to end, researching search intent, historic keyword rankings and user need. We then used this data to uncover what would deliver unique, interesting and performant content – it’s testament to this process which led to both excellent results for our site, and two international awards.
“We knew how competitive the landscape was during one of the world’s biggest sporting tournaments, so achieving these results – particularly with the PR coverage – demonstrates the incredible drive, expertise and dedication of all involved.”
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RugbyPass scores major double win at the 2024 Global Search Awards

Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month.
New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior to this sale, Lord Wolfson owned approximately 1.4 million shares, equating to a 1.2% stake in Next, valued at around £141m.
The company has declined to comment on the sale. Following the announcement, Next shares dropped by 2%.
The timing of the sale has raised speculation, as Reeves is anticipated to target CGT in her upcoming Budget, potentially aligning it with income tax rates. Currently, higher earners pay up to 45% on income but are subject to CGT rates of 20% for assets like shares and 24% on property gains. Basic-rate taxpayers face 10% and 18%, respectively.
Many investors have been rushing to sell assets before any changes take effect. Duncan Mitchell-Innes of TWM Solicitors noted, “With many expecting CGT increases, we’ve seen a surge in asset sales in recent weeks.”
HMRC recorded its highest August CGT receipts since 2008, with £197m paid by landlords and investors looking to offload assets in anticipation of the tax hike.
This latest sale marks the third time Lord Wolfson has reduced his shareholding, now leaving him with a stake worth around £100m. The disposal follows a remarkable rally in Next’s share price, which has surged by 123% since October 2022.
Next’s performance has outpaced many of its competitors, bolstered by a series of profit upgrades. Earlier this month, the retailer raised its profit forecast by £15m, with pre-tax profits expected to reach just under £1bn, fuelled by growing international sales.
The company has credited the convergence of global fashion tastes, driven by trends popularised through streaming services like Netflix and TikTok, as a key driver of its success.
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Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

Marlow Foods, the parent company of plant-based brand Quorn, has reported a £63m loss as demand for meat alternatives continues to wane.
Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the 12 months leading to December 2023, reflecting a broader decline in the popularity of veganism in the UK.
The downturn comes as inflation and rising costs for energy and ingredients put additional strain on the company. Marlow Foods’ overall workforce decreased from 934 to 874 last year as it sought to control costs amid a challenging market environment.
Marlow Foods’ CEO, Marco Bertacca, acknowledged the difficulties, stating, “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.” He added that despite efforts to minimise price increases, the company’s attempts to maintain affordability led to losses.
The slump in the plant-based industry has affected other brands as well, with companies like Meatless Farm and VBites collapsing into administration. Market data shows sales of chilled meat alternatives fell by 9.7% in the 12 months to May, further reflecting the industry’s struggles.
Despite the challenges, Bertacca remains confident in Quorn’s mycoprotein technology, which uses a fermented fungus to create protein-rich alternatives: “We truly believe that there’s nothing quite like mycoprotein. Fungi and fermentation can be the protein solution the planet needs.”
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Quorn parent company suffers £63m loss as demand for plant-based products falls