Business

OpenAI is to expand its London research centre to become its largest hub outside the United States, setting the stage for an intensified battle with Google DeepMind for top artificial intelligence talent in the UK capital. The developer of ChatGPT said it would significantly increase the size of its London operation, which currently employs around 30 researchers, although it stopped short of disclosing specific headcount targets or investment figures. The move represents a strategic deepening...

When the Government’s entrepreneurship adviser, Alex Depledge, declared that Britain does not “need any more restaurants”, I’ll confess my first reaction was disbelief. My second was to reach for the data. And my third, after reading it, was a conclusion both simple and troubling: she has misidentified where entrepreneurship in this country actually lives and in doing so, is making it harder for it to survive. Let me start with the basics. Hospitality employs 2.6...

The chief executive of PizzaExpress, the founder of MOBO Awards and the co-founder of one of Europe’s fastest-growing matcha brands are among the finalists for the 2026 Veuve Clicquot Bold Awards. Now in its 54th year, the awards are the longest-running international honours dedicated to celebrating women in business. Founded in tribute to Madame Clicquot — who took over the Champagne house at 27 and defied the conventions of her era — the programme recognises...

In recent years, mental health care has undergone a significant transformation. Advances in technology, combined with changing lifestyles and increased awareness of psychological wellbeing, have made online therapy not only acceptable but often preferable. One of the most promising developments within this field is the digital delivery of Eye Movement Desensitisation and Reprocessing (EMDR). Psylaris is at the forefront of this innovation, offering accessible, secure and effective therapeutic solutions that respond to the needs of...

The future of The Fat Duck and other restaurants founded by Heston Blumenthal is in doubt after HM Revenue & Customs issued a winding-up petition against the chef’s parent company. HMRC has moved against SL6 Ltd, which owns The Fat Duck in Bray, Berkshire, alongside the one-Michelin-starred The Hinds Head and several affiliated ventures. Around 130 staff are understood to be at risk should the petition proceed. The action follows a further deterioration in the...

Aston Martin has confirmed it will cut 20% of its workforce after annual losses widened sharply, as the luxury carmaker battles weak global demand and the impact of US trade tariffs. The Gaydon-based manufacturer said net losses jumped 52% last year to £493.2m, while operating losses reached £259.2m. The company employs about 3,000 people globally, meaning around 600 roles are expected to go, with the majority of cuts understood to affect UK operations. Aston Martin...

John Lewis Partnership has abandoned its build-to-rent housing ambitions, retreating from a high-profile property diversification strategy as the group pivots back towards its core retail business. The employee-owned retailer confirmed it would withdraw from the rental housing scheme first championed by its former chair, Sharon White, who had sought to reduce reliance on retail by generating 40 per cent of profits from non-retail ventures by 2030. That target was later scrapped. The build-to-rent initiative, launched...

UK property technology platform Dwelly has raised £69m ($94m) in combined equity and debt funding to expand its AI-driven roll-up of independent letting agencies across Britain. The capital raise includes a £32m equity round led by General Catalyst, with participation from Begin Capital and S16VC, alongside a £37m debt facility provided by Trinity Capital. The funding will support further acquisitions as Dwelly seeks to consolidate the UK’s fragmented rental market. Dwelly operates an AI-enabled roll-up...

Reform UK has pledged to abolish the government’s Renters’ Rights Act if it wins the next general election, describing the legislation as part of a raft of regulations that are “hindering growth, investment and prosperity”. The Renters’ Rights Act 2025, due to come into force in May, represents one of the most significant overhauls of England’s private rented sector in decades. It abolishes Section 21 “no-fault” evictions, limits rent increases to once per year at...

HSBC has unveiled its largest bonus pool in 14 years after annual profits came in ahead of City expectations, handing bankers a $3.9bn windfall as the group accelerates its strategic overhaul. The FTSE 100 lender increased total variable pay by 10 per cent year-on-year, taking the 2025 bonus pot to its highest level since $4.2bn was distributed in 2011. The uplift comes despite a 7.4 per cent fall in annual pre-tax profits to $29.9bn, a...