Business

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...

The government has convened a new taskforce to unlock up to £1bn in additional lending for small businesses, pressing Britain’s major banks to commit fresh capital to alternative community lenders. Ministers are seeking “concrete commitments” over the next five years to expand funding for the community development financial institution (CDFI) sector, not-for-profit lenders that support businesses unable to secure loans from mainstream banks. The initiative follows a review which found that many small firms are...

The British Business Bank has committed a further £25m to support emerging and diverse angel syndicates across the UK, bringing total investment in the platform to £32m. The funding is being deployed through a vehicle managed by Haatch, an early-stage VC firm and existing partner of the Bank. The expanded commitment follows an initial £7m investment last year into a first cohort of five angel syndicates. The initiative is designed to channel capital into high-performing...

A senior adviser to Rachel Reeves has drawn sharp criticism from the hospitality sector after saying Britain does not “need any more restaurants”. Alex Depledge, appointed last year as the Government’s entrepreneurship adviser, argued that ministers should prioritise high-growth industries such as technology and advanced manufacturing rather than hospitality and retail. Speaking to Insider Media, Depledge said: “We don’t need any more restaurants. I’m not anti-hospitality, but that’s not where my efforts are.” She added...

Peter Mandelson was arrested at his Regent’s Park home amid concerns he posed a potential flight risk, according to his legal team. The former cabinet minister and peer was detained on Monday afternoon on suspicion of misconduct in public office, following allegations that sensitive government documents were leaked while he was serving as business secretary under Gordon Brown. Police questioned Mandelson for several hours before releasing him on bail in the early hours of Tuesday...

In many organisations, portfolio is still viewed as a list of products and services – something to be expanded in the hope that more choice will unlock more opportunity. In reality, sustainable growth rarely comes from volume alone. For high-performing businesses, a strategic portfolio is one that is deliberately designed around customer outcomes. It supports acquisition, strengthens retention and creates long-term value through clarity, consistency and service excellence. In this blog I will be exploring...

The UK’s data protection watchdog has fined Reddit £14.47m after finding serious failings in how the platform handled children’s personal information. The penalty, issued by the Information Commissioner’s Office (ICO), follows an investigation that concluded Reddit had failed to implement robust age assurance mechanisms and did not have a lawful basis for processing the data of children under 13. Under UK data protection law, children’s information must be given special protection. The ICO said Reddit...