News

Tide, the fast-growing SME-focused banking services platform, is lining up a fresh share sale valued at more than £50m as it expands its presence in the UK and abroad.

The company is understood to be in discussions with investment banks, including Morgan Stanley, about overseeing the primary fundraising in the coming months.

Sources say the latest round may involve issuing new stock as well as giving existing shareholders the opportunity to sell part of their stake. It remains unclear at what valuation the new capital will be raised.

Founded in 2015 by George Bevis and Errol Damelin, Tide began trading two years later. The company currently provides business current accounts and a suite of connected services – ranging from invoicing to accounting – to 650,000 small- and medium-sized enterprise (SME) “members” in the UK, giving it an estimated 11% market share.

Tide, which employs roughly 2,000 people, has also been growing internationally. It now serves 400,000 SMEs in India, while May 2024 saw its launch in Germany. Its backers include Apax Partners, Augmentum Fintech and LocalGlobe, and it is chaired by City grandee Sir Donald Brydon.

A spokesperson for Tide declined to comment.

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Tide gears up for new share sale as it eyes global growth

It wasn’t so long ago that having the option to work from your lounge in your slippers felt like a futuristic dream bordering on utopia.

Yet here we are, practically on the doorstep of the full remote revolution, and I’m watching a queue of business leaders feverishly backpedal towards outdated notions of “bums on seats.” Or, as I like to call it: “The Return of the Status Quo.” Pardon me while I stifle a yawn. Because if there’s one thing I’ve learned from a decade-plus of banging the proverbial drum about the virtues of working from home, it’s that the naysayers are usually being led by something that’s more about control (and a touch of distrust) than genuine business sense.

Let’s be perfectly clear: I’ve been peddling the work-from-anywhere mantra since 2011, if not earlier—my piece in Business Matters a five years ago, “Working at Home Can Lift Positivity, Productivity, and Profitability,” should have been etched onto the hearts of every forward-thinking employer. Back then, I remember the world patting me on the head and saying, “Yes, dear, lovely idea,” while proceeding to double-check no one was playing solitaire in the back corner of the office. It was like telling a Victorian mother you planned to feed her precious son vegetarian sausages. The horror. The uncertainty. The mild panic that everything we knew about corporate life was about to disintegrate into chaos.

Fast-forward a few years—well, more than a few—and we’ve all seen precisely how viable working from anywhere can be. There are even fewer excuses for archaic attitudes now. Technology has made it simple, cheap, and ridiculously flexible to replicate all the necessary functions of a physical workplace without actually dragging your bleary-eyed body onto a crowded commuter train. Of course, that’s not to say the standard HQ has no purpose. Some people genuinely love the camaraderie and structure of a shared space. But to insist that it’s the only way? That’s a bit like refusing to let your kids have a smartphone because you think carrier pigeons were doing just fine all those years ago.

One of the earliest arguments I recall making, in another Business Matters piece titled “Bodies & Bums Cost Money, Can Go Virtual,” was that paying for an army of chairs to be occupied from nine until five is both expensive and, frankly, pointless in the modern age. You’re shelling out for the real estate, the electricity, the toilet paper—and for what? A chance to watch Sandra from accounting type away in real time? A daily chat over the coffee machine about last night’s telly? I’ve nothing against Sandra’s enthralling conversation, but let’s be honest: a good Zoom or Teams meeting can deliver the same interplay, minus the leaky commute. If you want to foster human interaction, schedule weekly get-togethers or one good off-site a month. But making it mandatory every single day feels as antiquated as a carbon copy receipt.

And yet, that’s precisely what many companies are doing, pressing the big red “Reverse” button on progress by dictating that everyone scuttle back under the fluorescent lighting, tethered to desks once more. We hear the same, tired rationale: “productivity is slipping,” or “team spirit is lost,” or (my personal favourite) “people can’t be trusted to do their work from home.” Let’s unpick those, shall we?

First, productivity. It is breathtaking how often remote staff end up working longer hours simply because they don’t have to endure the pains of a commute. Factor in that people can set their own schedules, do their best work when they’re actually feeling awake, and take breaks that don’t revolve around obligatory small talk in the kitchen. That’s not laziness; it’s quite the opposite. People who aren’t pigeonholed into a 9-to-5 routine often discover a sweet spot for output that suits their natural rhythms. And guess what? That usually means more deliverables, not fewer.

Second, the team spirit myth. As if the only thing binding a workforce together is the ability to physically see each other in an open-plan environment. Team spirit comes from shared goals, supportive leadership, and clear communication—not the faint smell of microwaved curry and the pitter-patter of frantic typing. Anyone who’s spent more than a week in a Zoom-based collaboration will know there’s a genuine camaraderie that sprouts when you’re working collectively towards the same objectives, even if you’re in different postcodes. And if you ever miss hugging your colleagues in person, you can meet up once a fortnight or month for that big, warm embrace—no harm done.

Lastly, the trust issue is perhaps the most bewildering of all. Why hire people you don’t trust, and then fixate on babysitting them from nine to five in an office? If your business model depends on eagle-eyed managers hawkishly scanning for slouching employees, there’s something rotten in the process. Good workers get the job done. Exceptional ones will do it better when given the freedom to shape how they work. Micro-managing, by contrast, breeds resentment and stifles creativity. We have a word for that, and it begins with “toxic.”

At the end of the day, businesses pushing a rigid return-to-office directive are not just ignoring the past decade of evidence that remote work is beneficial; they’re flipping a V-sign to the future. People have proven they can be even more productive, balanced, and, crucially, content working from spaces that suit them—be that a home office, a beach hut in Cornwall, or a Wi-Fi café in the mountains. I’m not saying offices should be eradicated entirely. I’m suggesting they ought to be an option, not an obligation. A tool, not a trap.

So, yes, I consider the “bring back the offices” brigade to be as misguided as dial-up internet evangelists—clinging to the comfortable drudgery of the old ways rather than forging ahead with the new. We can do better than that. In fact, we already have. The argument against remote work made some sense back in the ‘80s, but in the 21st century, it’s about as relevant as a Filofax. And if you ask me, long may that irrelevance continue.

So let’s collectively knock this regressive idea on the head. A flexible approach allows businesses to hire the best, keep the best, and get the best from them. Insisting on the old model of “bodies in the building” is short-sighted, blinkered, and will inevitably lead to a mass exodus of talented folks who know they can be just as effective—or more so—at home. After over a decade of championing this cause, I’ll say it louder for those in the back: real, thriving businesses in this century will value outcomes, not face time. And the rest? They’ll be left standing with their creaky roller chairs, wondering where it all went wrong.

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Why forcing a return to the office is a step backwards for business

Britain must stick to its plan to stop selling new full hybrid cars without a plug from 2030 or risk a “catastrophic misstep” that undermines its net zero ambitions, the motoring group Electric Vehicles UK (EVUK) has warned.

The Department for Transport (DfT) will ban the sale of purely petrol and diesel cars from 1 January 2030, with a consultation under way to determine which types of hybrid vehicles could remain on sale until the end of 2034. Full hybrids, such as the Toyota Prius, recharge their batteries from an internal combustion engine and can drive only a few miles on electric power alone.

Dan Caesar, chief executive of EVUK, said that permitting full hybrids would be “a catastrophic misstep”, eroding public trust in the shift to electric vehicles. While he supports plug-in hybrids – which can drive greater distances in electric-only mode – remaining on sale until 2035, Caesar believes full hybrids cannot deliver genuine zero-emission motoring.

Dr Andy Palmer, former chief executive of Aston Martin and operating chief of Nissan, described full hybrids as preferable to mild hybrids but said they “belong to the late 1990s”.

Under the zero-emission vehicles (Zev) mandate introduced this year, carmakers must sell a set percentage of pure electric vehicles annually. The target rises from 22% in 2024 to 80% by 2030. Some industry players, including Vauxhall owner Stellantis, have warned of job losses if the timeline remains unchanged.

A DfT spokesperson said the government aims to work closely with industry to shape a smooth transition, adding that “drivers are already embracing electric vehicles faster than ever”.

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UK faces net zero crisis unless full hybrids are banned by 2030, warns motoring body

Nick Clegg, the former British deputy prime minister, has stepped down from his post as president of global affairs and communications at Meta, having sold almost $19m (£15m) worth of the tech giant’s shares during his six-year tenure.

Clegg, 57, still retains close to 39,000 Meta shares, worth around $21m at the current market price. His total pay package at the owner of Facebook, Instagram and WhatsApp has not been publicly disclosed. He will be succeeded by his deputy, Joel Kaplan, a former member of George W Bush’s administration and widely viewed as the most prominent conservative influence at the company.

Clegg’s exit has sparked fresh speculation about his next move, with allies suggesting he may take on a role in artificial intelligence. He has been critical of regulating AI, aligning more closely with the stance of Tony Blair, another former prime minister, who has championed AI’s potential to transform public services. Clegg argued last year that too much attention was being paid to the risks rather than the opportunities of the technology.

Friends say Clegg, who returned to London in 2022, is open to a public or private sector role in Europe. His wife, Miriam, is said to have political aspirations of her own and recently established a thinktank in Spain.

Clegg’s decision to join Facebook in 2018, shortly after receiving a knighthood, was met with criticism given his prominent role in the pro-Remain campaign and the People’s Vote movement. He explained at the time, via a Guardian column, that he saw no point in prolonging his political engagement at home once he had committed to relocating to Silicon Valley.

Filings with the US Securities and Exchange Commission (SEC) show Clegg’s most recent Meta share sale took place in November, valued at around $4m. His tenure at the company coincided with intense political pressure over data protection, fake news, and regulatory oversight issues. However, that period has proved lucrative for the former leader of the Liberal Democrats, who guided his party into coalition with David Cameron’s Conservatives in 2010, only to lose his seat in 2017.

In a parting post on Facebook, Clegg described his time at Meta as “the adventure of a lifetime”, saying he is proud to have helped ensure that innovation goes hand in hand with “transparency, accountability” and “new forms of governance”.

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Nick Clegg quits Meta after selling nearly $19m in shares

Sterling has tumbled to its weakest level since April following stark warnings from an influential survey that Britain may be on the brink of an industrial recession.

The pound dropped by 1pc against the dollar on Thursday, slipping below $1.24, amid growing concerns that the UK economy is faltering. In stark contrast, optimism is rising in the United States, where Donald Trump’s promised tax cuts are expected to boost growth and strengthen the dollar.

Fresh data from the purchasing managers’ index (PMI), compiled by S&P Global, showed UK factory activity in December fell at the fastest rate in 11 months, with a reading of 47, down from 48 in November. That marks the third consecutive month below the 50 threshold that separates growth from contraction.

Rob Dobson, economics director at S&P Global, cautioned that flagging growth, dwindling exports, and rising costs have rattled businesses. Many are cutting staff and reducing orders.

“Manufacturers are facing an increasingly downbeat backdrop,” he said. “Business sentiment is now at its lowest for two years, as the new Government’s rhetoric and announced policy changes dampen confidence and push up costs at UK factories and their clients alike.

“This is sending a winter chill through the labour market. December recorded the steepest job cuts since February. Some companies are restructuring now, anticipating higher employer National Insurance and minimum wage levels in 2025.”

The figures heighten the prospect of the UK following the eurozone into an industrial recession. Manufacturers across the single currency bloc suffered a deepening downturn in December as both France and Germany posted fresh slumps.

France’s PMI dropped from 43.1 to 41.9 in December, signalling the sharpest dip in manufacturing activity since May 2020. Germany’s reading also edged down to 42.5 from 43, extending its industrial struggles.

In a reversal of the post-2009 debt crisis order, Spain and Greece remain the eurozone’s rare bright spots, with both showing growth last month.

Cyrus de la Rubia at Hamburg Commercial Bank, which publishes the index with S&P Global, said: “Within the eurozone, Spain is doing its own thing. Its manufacturing sector continued to expand robustly at the end of the year, while the three largest eurozone countries – Germany, France, and Italy – are stuck in an industrial recession.

“Spain’s lower exposure to China, at just 2pc of exports, has helped insulate it, alongside falling energy costs. However, it accounts for only about 12pc of the eurozone’s GDP, so it can’t lift the bloc’s economy on its own.”

The euro fell 0.35pc to $1.03.

A Treasury spokesman said: “We delivered a once-in-a-Parliament budget to wipe the slate clean and provide the stability businesses so desperately need, without raising taxes on working people. By restoring political and financial stability, we are creating the conditions for economic growth through investment and reform.”

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Pound sinks to nine-month low as recession fears grip UK manufacturing

Jeff Bezos is gearing up to launch Amazon’s satellite broadband service in Britain, marking a significant challenge to fellow billionaire Elon Musk.

Regulatory filings show Amazon’s Project Kuiper plans to beam internet connectivity from space to UK customers—including businesses and government users—as early as this year, signalling intensifying competition in the nascent but increasingly crowded satellite internet market.

Project Kuiper’s “uniquely suited” network could bridge the digital divide in hard-to-reach areas across the country, the company told Ofcom. Under Amazon’s plan, internet traffic will travel from satellites to ground-based dishes outside homes. To support such operations, the tech giant is exploring building “gateways” that link Kuiper satellites to the wider internet.

Beyond consumer and commercial offerings, Amazon is also eyeing British defence contracts. Transparency filings reveal that executives met with Air Marshall Paul Godfrey—then leading the UK’s Space Command—to discuss Amazon’s network study for the military. Separate meetings with Blue Origin, Bezos’s rocket company, underscore a parallel push to compete with Musk’s SpaceX, currently the dominant private player in orbital launches.

Blue Origin’s new 320ft New Glenn rocket, which has its inaugural flight lined up early on Monday morning, is designed for reusability and is set to carry dozens of Amazon’s satellites. Facing delays, Project Kuiper is aiming for its first full-scale launches in early 2025, with wider commercial service by the end of that year. Analysts caution it might be 2026 or beyond before widespread services become available.

The entry of Project Kuiper pits two of the world’s wealthiest individuals against one another, with Musk’s Starlink network already serving 87,000 UK customers and reportedly four million globally. While Amazon seeks to gain a foothold in both commercial and government markets, it must still address regulatory hurdles and demonstrate it can meet demand in an increasingly competitive space. The UK government, which partly owns another rival, OneWeb, is watching developments closely, especially as rising defence and commercial interest in satellite services gathers pace.

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Bezos readies UK satellite broadband to rival Musk

Fashion retailer New Look is preparing to accelerate store closures as a result of Labour’s tax-raising budget, while “Chicken King” Ranjit Boparan battles to pass higher costs on to supermarkets—signalling further pressure on UK businesses across multiple sectors.

Around a quarter of New Look’s 364 British outlets are understood to be at risk of closure when leases expire, potentially placing hundreds of jobs in jeopardy out of a workforce of approximately 8,000. Though some closures were inevitable, the pace of consolidation has reportedly quickened following the budget’s announcement in October.

From April, the main rate of employers’ national insurance contributions (NICs) will rise to 15 per cent from 13.8 per cent, with the threshold dropping from £9,100 to £5,000. The retail sector also faces a 6.7 per cent increase to the minimum wage, bringing it to £12.21 an hour, plus an additional £140 million in business rates from the same date. These measures have forced companies such as New Look to re-evaluate store portfolios and cut back on high street operations in an attempt to preserve profits.

The same cost pressures are expected to fuel food inflation. Boparan’s 2 Sisters Food Group, Britain’s largest chicken producer, employs 13,000 staff and processes six million chickens a week. Rising employment costs could add at least £30 million to its annual cost base, prompting the company to push supermarkets to pay more. Some industry insiders believe shoppers will see higher shelf prices within weeks, as many suppliers lock in annual pricing early in the year.

Analysts warn that other retailers are likely to follow New Look’s path unless landlords offer substantial rent concessions. According to the Centre for Retail Research, as many as 17,350 shops could close this year—up from 13,500 in 2024—demonstrating the growing strain on the high street.

A New Look spokesperson stated: “Our store estate is an important part of our business, alongside our website and app. We do occasionally close sites due to viability or at landlords’ request. However, we continue to invest in our remaining stores while remaining alert to potential new locations.”

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New Look speeds up store closures as budget fallout bites

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Project Name
Amount
Days
Daily interest rate
Total income

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$12
1
4.17%
$12.5

BTC Newbies

Experience Hashrate

$100
2
3%
$106

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$500
5
1.25%
$531.25

BTC – Advanced

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30
1.5%
$7250

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50
1.7%
$18500

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A great way to easily earn passive income in 2025

Looming tax increases and ongoing cost pressures are sending a “winter chill” through Britain’s factories, as new data reveals the weakest manufacturing growth in 11 months.

The final S&P Global purchasing managers’ index (PMI) for December slipped to 47—down from 48 in November and below an earlier estimate of 47.3—pushing the reading further into contraction territory for the third consecutive month.

Sterling fell sharply on the news, dropping 1.1 per cent against the dollar to $1.237 and declining 0.35 per cent against the euro to €1.203, as economists warned of continued headwinds for UK industry. The slowdown has been largely attributed to the government’s gloomy economic outlook and an impending raft of tax hikes, including rises to employers’ national insurance contributions (NICs) and the minimum wage in April 2025.

From that date, the main rate of employers’ NICs will rise to 15 per cent from 13.8 per cent and the threshold at which contributions begin will shrink to £5,000 from £9,100, effectively delivering a £25 billion tax blow to businesses. Coupled with a 6.7 per cent rise in the minimum wage, the resulting “winter chill” has eroded demand for manufactured goods and dented hiring confidence, according to Rob Dobson, director at S&P Global Market Intelligence.

“Business sentiment is now at its lowest level in two years,” said Dobson. “The new government’s rhetoric and policy shifts are dampening confidence and raising costs for factories and their clients. Many firms are restructuring now in preparation for higher employer national insurance rates and minimum wage levels in 2025.”

As firms brace for tax changes, the PMI data shows job losses accelerating at the fastest rate in ten months. Overseas sales continued to contract, particularly in Europe, the United States and Asia, with overall new orders falling at their quickest pace in over a year.

The broader economic picture remains subdued, with headline UK growth slowing in the latter half of 2024. Gross domestic product contracted by 0.1 per cent in October, and the Bank of England estimates that growth stalled in the final quarter. However, some economists remain optimistic that new government spending measures unveiled by the Chancellor at the budget will stimulate activity early this year.

“Despite December’s weak PMI figures, we anticipate a steady improvement in 2025,” said Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics. “While domestic policy changes such as NIC hikes and global uncertainties have undermined confidence, the budget’s emphasis on spending over taxation could provide a lift.”

Outside the UK, the eurozone’s manufacturing sector has been contracting for two and a half years, with the December PMI inching down to 45.1 from 45.2. Germany’s reading dropped to 42.5, while France’s reached its lowest level since May 2020 at 41.9. By contrast, Spain and Greece showed more resilience, displaying comparatively stronger manufacturing health.

In China, the Caixin/S&P Global manufacturing PMI edged down to 50.5 from 51.5, missing analyst expectations. Investors responded by fleeing Chinese equities, leading to the worst start to a trading year on Chinese stock markets since 2016. President Xi is expected to unveil further economic stimulus at the Communist Party’s Two Sessions in March, as Beijing strives to meet its 5 per cent annual growth target.

Over in the United States, December’s manufacturing PMI dipped to 49.4 from 49.7 the previous month—though it remained higher than the earlier flash estimate of 48.3—hinting at a more moderate contraction in American factory output.

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UK manufacturing chills as tax rises stifle demand

Apple has pledged to pay $95 million (£77 million) to settle a US class-action lawsuit alleging that Siri, its virtual assistant, recorded private conversations without users’ consent.

The proposed settlement, filed in a federal court in Oakland, California, comes after a five-year legal dispute and covers tens of millions of Apple device owners.

Although Apple denies any wrongdoing, it has agreed to the payout, which allows individuals who owned Siri-enabled devices — including iPhones and Apple Watches — to claim up to $20 per device. The case focuses on allegations that Siri was unintentionally triggered without the use of the “Hey, Siri” wake word, resulting in private conversations being recorded and shared with third parties such as advertisers.

Plaintiffs reported incidents where private discussions about products or services — from Air Jordan sneakers to specific medical treatments — apparently led to targeted adverts for those same items. They allege that Apple captured and shared these conversations without user permission.

The proposed settlement could damage Apple’s privacy-focused image, with chief executive Tim Cook previously positioning the company as an industry leader in safeguarding customer data. However, the $95 million settlement represents just a fraction of the profits Apple has generated since 2014 (an estimated $705 billion).

The settlement still requires court approval, with a hearing proposed for 14 February in Oakland. If approved, eligible US customers who owned Siri-enabled devices between 17 September 2014 and the end of last year will be able to submit claims. Lawyers for the plaintiffs may seek legal fees and expenses from the settlement fund, potentially up to $29.6 million in total.

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Apple agrees to £77M settlement over alleged Siri eavesdropping