The airline, founded by Sir Richard Branson and presently owned by Bain Capital, is set to relist in Australia, highlighting a resurgence in domestic tourism following the pandemic and reflecting confidence that geopolitical tensions will not hinder investor interest.

In 2020, Bain Capital, the American private equity firm, acquired Virgin Australia for A$3.5 billion, which included its debt, after the airline’s collapse amidst the early Covid-19 outbreak. The Australian government and stakeholders opted not to bail it out. As the second-largest airline in the country, Virgin Australia was one of the most significant corporate failures as the pandemic caused a halt in tourism.

Branson regained a personal investment stake following the company’s exit from administration, expressing in 2023 that he still feels a strong attachment to the airline.

According to a term sheet obtained by Reuters, Bain’s ownership will decrease to 39.4% from approximately 70%, while Qatar Airways, which has recently acquired a stake in the airline, will hold onto a 23% share.

The shares will be priced at A$2.90 each, according to the term sheet, setting the company’s value at A$2.32 billion on a fully diluted basis.

Following Virgin Australia’s plunge into administration, Branson had offered his Caribbean resort, Necker Island, as collateral when seeking a £500 million loan from the UK government to assist his Virgin Atlantic airline during the pandemic.

The UK government denied the request; however, Virgin Atlantic later secured a £1.5 billion rescue package from Branson’s Virgin Group along with support from investors and creditors. This deal involved Branson liquidating £550 million worth of shares in his space venture, Virgin Galactic.

The arrangement preserved thousands of jobs, although around 3,500 positions were ultimately cut. Branson revealed in 2023 that during the pandemic’s peak, he feared for the survival of his entire business empire.

“There was a time when it really looked like we were going to lose everything,” he remarked to the BBC, admitting that he felt hurt by the backlash against his plea for government support. In response, Angela Rayner, the deputy leader of the Labour Party, suggested via Twitter that Branson should sell his private island to compensate his staff during challenging times.

Founded in 1984 with a single second-hand jumbo jet leased from Boeing, Virgin Atlantic received initial skepticism from the aircraft maker about the viability of an airline named Virgin. The airline is known for enhancing customer experience and offering competitive pricing, although it has faced multiple crises over the years.

In its efforts to recover over the past few years, Virgin Australia has reduced its international operations. Nevertheless, it plans to restart long-haul flights through a partnership with Qatar Airways, a state-owned company.

Prior to its downfall in 2020, the airline was attempting to transition from being a low-cost carrier to providing a broader service that could compete with the market leader Qantas.

As of March, Virgin Australia holds a 34.4% share of the domestic market, closely following Qantas, which stands at 37.5%, based on a report from the Australian Competition and Consumer Commission.

This upcoming listing represents the most substantial flotation in Australia for the year thus far, with Virgin Australia shares expected to commence trading in Sydney on June 24.

Two high-ranking officials from HMRC informed Members of Parliament that approximately 100,000 individuals have either been contacted or are in the process of being notified following the lockdown of their PAYE accounts. This breach originated last year.

Angela MacDonald, deputy chief executive of HMRC, stated that criminals attempted to steal identity information to impersonate taxpayers, successfully extracting £47 million in the process. John-Paul Marks, HMRC’s chief executive, assured that the affected taxpayers would incur “no financial loss.”

Marks elaborated: “About 0.2 percent of the PAYE population, around 100,000 people, are being notified that we observed suspicious activity on their PAYE account.”

When inquired whether the notifications pertained to individuals rather than businesses, he confirmed, “That’s correct, individuals. To clarify, those individuals will not experience any financial loss. This incident involved organized crime engaging in phishing to obtain identity data from HMRC systems and subsequently attempting to create PAYE accounts for illicit repayments or accessing existing accounts.”

Dame Meg Hillier, chair of the committee, expressed dissatisfaction that the matter had come to light through an announcement made during the session, rather than being proactively communicated to the committee.

A thorough investigation conducted last year, which included international jurisdictions, has led to “some arrests” related to the incident, according to Marks.

MacDonald added that the criminals have thus far obtained £47 million, describing the amount as “substantial” and “very unacceptable.”

“Overall, last tax year, we successfully safeguarded £1.9 billion from various attacks aimed at the HMRC,” she noted.

MacDonald emphasized that this incident did not classify as a cyberattack, clarifying that there was no hacking or data extraction from their systems.

She further detailed that a cyberattack involves intruders successfully breaking into systems to extract data or hold them for ransom, which was not the case here.

To mitigate further unauthorized access, HMRC promptly locked down the impacted accounts and removed login details. Those affected will receive correspondence from HMRC in the coming three weeks.

The HMRC stated: “We’ve taken action to safeguard customers after discovering attempts to access a very small number of tax accounts. We are collaborating with law enforcement agencies both in the UK and abroad to pursue those responsible for this crime.

“This incident does not constitute a cyberattack, as it involves criminals utilizing personal information from phishing scams or other sources to claim funds from HMRC. We are reassuring affected customers that their accounts are secured, and they have not suffered any financial loss.”

Only Canada has a slightly higher average, with employees there spending about 1.9 days at home. Globally, the average for full-time university-educated workers is approximately 1.3 days, based on data from the Global Survey of Working Arrangements, which surveyed 16,000 individuals across 40 countries.

However, this trend might be shifting, as companies like HSBC have begun indicating that they may reduce salaries if employees do not return to the office more frequently. But is this a justified approach?

Oliver Chapman, CEO of OCI, a supply chain firm, expressed his views on this matter.

He emphasizes the importance of transparency, performance, and long-term value in a company.

According to Chapman, it is crucial to reassess the growing disparity between remote and in-office work and to adjust pay structures accordingly.

While he acknowledges the critical role of remote work during the pandemic in sustaining businesses and ensuring safety, he argues that the current scenario requires a reevaluation of what promotes collaboration, innovation, and overall organizational growth.

Chapman points out that employees opting for full-time remote work from areas with lower living costs are making specific lifestyle choices.

This choice has significant financial implications, yet many continue to earn salaries linked to the higher costs of living in cities like London, where compensation reflects both talent and local expenses.

He raises the question of fairness when employees living in less expensive locations, such as Cornwall, receive the same salary as those commuting to workplaces like Canary Wharf.

Working in the office offers distinct advantages such as mentorship opportunities, spontaneous problem-solving capabilities, and improved team dynamics, all of which contribute to a stronger workplace culture.

These benefits are not merely advantages; they are crucial factors that enhance productivity. Employees who commute daily, facing rising transport costs and other expenses, are committing to their organizations in ways that remote workers may not.

Chapman believes that compensation should align with actual contributions, which are quantifiable and encompass a holistic view.

If a position no longer necessitates a physical presence in the city, he supports flexibility. However, he argues that pay adjustments based on location are not punitive but rather a matter of equity. If employees choose to be away from where their presence is most needed, that choice should be reflected in their compensation.

While some may view this approach as backward, Chapman defends it as a responsible strategy. Businesses must adapt to the realities of a post-pandemic world, balancing flexibility with fairness and performance with presence.

Remote work is likely to remain a fixture in the workplace landscape, but it must evolve. This evolution necessitates recognizing that changes in work locations may also necessitate adjustments in pay.

This is not exploitation; it is a reflection of economic realities.

No

Gemma Dale, a former HR director and senior lecturer at Liverpool John Moores University, takes a contrasting stance.

Dale argues that employees who choose not to return to the office should not face pay cuts. She highlights the legal ramifications of reducing contractual salaries, which could lead to claims of unlawful wage deductions or breaches of contract. Beyond legal issues, she believes it is a fundamentally poor approach.

Dale emphasizes that organizations benefit from having healthy, engaged, and productive employees. The pandemic taught us that a significant amount of work can be accomplished effectively from home.

Employees value the flexibility remote work offers, which supports personal wellbeing, work-life balance, and inclusivity, allowing them to manage caregiving responsibilities while also enjoying time with family, friends, and maintaining their health.

In contrast, commuting often incurs stress, high costs, and unreliable public transportation.

Moreover, once at work, many office environments are not conducive to focused work, and informal conversations do not automatically foster innovation.

Research increasingly indicates that employees can be just as productive at home as in the office, and in many cases, working from home leads to higher productivity levels.

Dale warns that forcing employees back into the office could result in talent loss, lower engagement rates, and challenges in attracting top-notch professionals.

Punishing employees with pay cuts for not meeting attendance metrics—especially when their performance remains strong—contradicts the principles of trust and motivation. This approach reflects poor management practices, as effective leaders focus on a team’s outcomes rather than mere attendance.

Salaries should be tied to job performance and contributions, not physical presence. Penalizing remote workers suggests a lack of trust in their capabilities.

There exists an unfounded assumption that remote workers might waste time instead of being productive.

There is no justification for penalizing individuals for adopting work methods that support their personal circumstances and overall wellbeing.

Flexible work arrangements have become a standard expectation for employees, rather than a luxury. While the office remains relevant, empowering individuals to choose their work style ultimately benefits everyone involved.

Jon Gray shared his views with The Times, emphasizing, “I would give the UK government significant credit for their pro-business approach.” He highlighted the government’s intention to tackle the lengthy processes involved in business development, housing construction, and energy management, adding, “To be globally competitive, they need to enhance their framework.” This sentiment is particularly timely as Gray visits London to commemorate the 25th anniversary of Blackstone’s inaugural office in the city.

While unsure of the speed at which these reforms will be implemented, Gray noted, “If they can effectively cut back on some of the regulations that restrict national growth, it would be very beneficial.”

Blackstone stands out as one of the foremost foreign investors in the UK, with investments exceeding $100 billion, supporting nearly 50,000 jobs across the nation.

Gray expressed optimism regarding government initiatives aimed at motivating pension funds to channel more investments into infrastructure and private equity. He assessed, “There has historically been a preference for fixed income and liquid assets, which has hampered growth. We are receiving encouraging signals from the UK government in this regard.”

Comparatively, UK assets remain attractive against US valuations, with the S&P 500 index reflecting a significantly higher earnings ratio than that of the FTSE 100.

Gray remarked, “There are appealing business investments available at competitive prices. While overall growth might be slower, there are certain sectors and companies we favor, and asset pricing is generally more appealing. The multiples are lower, presenting numerous opportunities.”

Among Blackstone’s investments are Bourne Leisure, which operates Haven Holidays, Autolus Therapeutics, a biopharmaceutical firm evolving advanced therapies from University College London, and Sage Homes, a provider of affordable housing. Blackstone is also recognized as one of the largest property owners in Britain.

Kilgraston School, located in Perthshire, ceased operations abruptly last August when a planned sale fell through. At the time of its closure, the institution faced a funding gap of £2 million, and school representatives indicated that the upcoming VAT on school fees would exacerbate financial strains.

Established in 1930, Kilgraston was Scotland’s sole Catholic boarding school. Although a fundraising initiative by parents partially mitigated the financial deficit, the school still incurred debts exceeding £900,000 at the time of its closure.

The property, which features the A-listed Kilgraston House along with an equestrian center, tennis courts, and a swimming pool, was initially listed for sale in November but did not attract buyers. It is now scheduled to be auctioned on July 2 with a guide price of £1.6 million.

Numerous extensions were constructed on the main building, which dates back to 1793, incorporating classrooms and dormitories that accommodated over 100 students and 30 staff members.

According to the auction listing, “A chapel and theatre space are among the features of the main building, while the former stable block, now used as a junior school, is category B listed.”

“The property includes various sports facilities such as a 25-meter indoor swimming pool, tennis courts, an equestrian center with stables and an outdoor arena, a large floodlit hockey pitch, and an indoor gymnasium. Additionally, there are three residential properties on the grounds,” the listing continues.

The site spans over 55 acres and is surrounded by farmland and the town of Bridge of Earn.

Agents from Savills stated, “We believe that Kilgraston House, along with its ancillary features and recreational spaces, could continue as an educational institution. It could potentially be transformed into a hotel or leisure facility. Furthermore, this site may also be apt for residential development.”

The closure of the school was attributed to challenges posed by Covid-19, but a letter to parents indicated that the looming impact of VAT on school fees also played a significant role in the closure decision.

Following the dissolution of Kilgraston School, students were offered placements at neighboring Glenalmond College and Craigclowan School. The school required 210 pupils to remain viable but reported that only 173 were enrolled. Tuition fees ranged from £11,000 to £14,000 per term for boarding students, while day students paid between £5,000 and £8,000 per term.

Originally trained as a chemical engineer in Turkey, Penley met her husband while working within the oil and gas industry. However, following her job loss at Technip, a French engineering firm, in 2015, she sought retraining and shifted her focus toward renewable energy sources.

“One day, when my kids grow up, they’re going to look into my eyes and say, ‘Mum and Dad, you worked in oil and gas; you knew it wasn’t good and you didn’t do anything about it.’ I just didn’t want to face that question from my children,” she reflected.

At 51 years old, Penley secured financial backing from Scottish Enterprise in 2019, leading to the creation of her company, Zoex, in 2020, named in honor of her children, Zoe and Alex. She recruited engineers from the University of Edinburgh and the University of Strathclyde, successfully developing a wave energy converter prototype by 2023.

The innovative device features a hinged arm linked to a buoy, which moves with the waves, harnessing energy. During her tenure at Eco Wave Power, a competitor, Penley recognized the advantage of using a generator over a hydraulic system to minimize energy loss.

She also identified a potential application for her device in offshore fish farming, aiming to lower carbon emissions in their operations. In 2023, Zoex collaborated with Sealand Projects, a Scottish engineering consultancy, to secure funding for practical testing of the device. The Seafood Innovation Fund allocated £246,000 for the initiative, and the prototype underwent a two-week testing period at the Port of Aberdeen last summer.

Following the successful trials, Zoex received a further financial boost in May with £531,000 from Scottish Enterprise, the University of Strathclyde, and Equity Gap, an angel investment group in Scotland.

The 100kW prototype has been installed on the Black Sea coast in Ordu, Turkey, where it will undergo a year-long testing phase. Penley’s roots in Turkey fostered beneficial connections, and she noted that the Black Sea offered optimal conditions for comprehensive evaluations.

“The wave data in the Black Sea, particularly around Ordu, was exceptionally suitable for my device. In Scotland, storms can produce waves up to 10 meters high, while here, the maximum wave height reaches about four meters. I wanted to test my prototype, which still has limitations, in a more controlled environment rather than in a severe storm,” Penley explained.

Zoex aims to secure £3.5 million in funding as it prepares to transition towards commercializing the product.

Reflecting on the journey thus far, Penley indicated that getting to this stage has been filled with challenges, often turning to her children for motivation.

“I’ve come to realize that wave energy is quite difficult to navigate without significant backing. It may seem reckless to pursue this path alone, but my children have always been my inspiration, encouraging me not to give up,” she concluded.

The discount retailer in the UK reported that the influence of these rising expenses is evident in analysts’ projections for the upcoming year, which estimate the group’s adjusted earnings (EBITDA) to fall between £569 million and £646 million, along with an adjusted operating profit expected to range from £524 million to £628 million.

In its fiscal year ending March 29, the FTSE 250 company revealed an adjusted EBITDA of £620 million, representing a slight decrease of 0.6% from the previous year, but falling within the anticipated range.

Meanwhile, the group’s adjusted operating profit dropped by 1.8% to £591 million, and the statutory profit before tax decreased by 13.2% to £431 million.

During that period, total revenue experienced a 3.7% increase, reaching £5.6 billion, primarily fueled by the addition of 70 new stores across the chain. However, the results fell short of expectations, attributed to a “challenging UK retail environment.”

B&M highlighted that a “very subdued garden season, increased consumer caution, stagnant real wage growth, and the timing of Easter,” significantly contributed to a 3.1% decline in like-for-like sales in the UK. The fast-moving consumer goods (FMCG) sector did not perform as anticipated, with sales values and volume facing declines.

Founded in 1978, B&M European Value Retail operates 777 B&M stores and 343 Heron Foods locations in the UK, as well as 135 B&M outlets in France.

Similar to other discount retailers, B&M is navigating difficulties due to the ongoing cost-of-living crisis, inflationary pressures, and heightened competition, all of which have negatively impacted profit margins and consumer spending. Shares of B&M, once a favorite on the stock market during the pandemic, have plummeted 40% over the past year, while the FTSE 100 index has seen a 6% increase in the same timeframe.

In early trading, B&M’s stock fell by 6.5%, or 22p, to 310p.

Many of Britain’s largest retailers have cautioned about a challenging year ahead, facing weak consumer confidence compounded by government-mandated tax increases that add to corporate costs.

Despite these challenges, B&M asserted it is “well-positioned to seize market opportunities and provide substantial long-term value for shareholders through strategic growth and consistent cash generation.”

The company’s long-term vision focuses on achieving profitable growth in like-for-like sales in the UK while expanding its store count to at least 1,200 B&M outlets in Britain.

A significant leadership transition is forthcoming, with Tjeerd Jegen, a veteran from Tesco, set to replace interim chief executive Mike Schmidt later this month, following the retirement announcement of Alex Russo, who served as chief executive for three years.

B&M also disclosed plans to redomicile to Jersey, aiming to simplify administrative functions and enhance flexibility for shareholder capital returns, including potential buybacks. This process is expected to be finalized within the calendar year, pending necessary regulatory approvals.

Additionally, the company is preparing to launch its new UK import center this summer, and the expansion of its distribution center in France is reportedly proceeding well.

Analysts from Panmure Liberum noted that the future outlook for B&M “remains uncertain, with the need for productivity improvements to mitigate cost challenges, yet management believes these factors are accounted for in the FY26 consensus—no adjustments to consensus figures are expected.”

RBC analysts suggested that there is an opportunity for B&M to enhance the appeal of its stores to encourage customer purchases of its competitively priced offerings.

This event centers on the experiences of British entrepreneurs aiming to thrive in the Bay Area, featuring some of the leading British cybersecurity experts who have come from Plexal, a key London innovation hub partnered with the UK’s Intelligence Service (MI6).

Alastair Paterson, the CEO of Harmonic Security and a San Francisco resident, emphasizes the importance of being in the US to succeed as a tech founder: “To achieve success, conquering the US market is critical. Being here is essential for this mission,” he states. Previously, Paterson led Digital Shadows, which he sold to an American firm for $160 million in 2022.

For aspiring tech founders from the UK, the question arises: is relocating to the US necessary to establish a successful tech startup? And for those already eager to embark on their entrepreneurial journey in Silicon Valley, what advice do seasoned veterans offer?

Statistics underline the significance of Silicon Valley as a funding powerhouse, particularly for artificial intelligence ventures. In 2024, almost $100 billion (£75 billion) was raised by US tech firms, vastly outstripping the UK’s capital, which totaled a mere fraction of that amount. According to PitchBook, US investments could surpass that total in 2025, having already exceeded $70 billion.

American AI companies attracted $47.2 billion in funding in 2024, contrasting sharply with the UK’s $3.8 billion, per Atomico’s State of European Tech report. Paterson warns that US investors seek substantial returns, and founders must consider, “Am I aiming for a significant outcome? If yes, US investment is crucial.”

Paterson exemplifies this strategy, having raised $26 million from American investors for Harmonic in its inaugural year.

For many British entrepreneurs, the idea of “playing to win” can be unsettling. As they prepare for their move to San Francisco, they need to shed any lingering self-doubt, irony, and cultural norms that don’t resonate with the Bay Area’s bold ambitions.

Despite the casual atmosphere, it’s vital to recognize the wealth surrounding you; affluent areas like Pacific Heights and Russian Hill are home to substantial fortunes, where property prices can easily exceed $50 million. Strategic networking during your coffee breaks could lead to your startup obtaining a billion-dollar valuation.

Lisa Wehden, founder of Plymouth—a startup assisting individuals with navigating the US immigration process—knows this terrain well. Initially drawn to Silicon Valley to enhance her understanding of technology, she faced visa hurdles but managed to secure her O-1 visa, leading her towards entrepreneurial success.

Networking proves crucial for founders, especially in a city like San Francisco, which holds many prospective connections. Newcomers can benefit from joining GBx Global, a non-profit network of British entrepreneurs and investors, fostering valuable relationships within this tight-knit community.

Since its establishment over a decade ago, GBx has expanded to over 300 members, including influential figures like Slack’s CTO Cal Henderson and other industry leaders. Last year alone, GBx-connected founders raised upwards of $840 million in funding.

British professionals are making significant contributions to major Silicon Valley firms. Notables include Sarah Friar at OpenAI and Fiona Cicconi at Alphabet, showcasing the impactful presence of UK talent.

Despite its reputation for limited nightlife, certain neighbourhoods in San Francisco offer social opportunities. Wehden recommends areas like NoPa, Pacific Heights, and the Mission District, depending on one’s London origins.

James Croom, who manages marketing for Google Chrome, was initially attracted to the cultural richness in the Bay Area back in 2004. Now, having experienced extensive commutes, he views the travel as an investment into a vibrant lifestyle.

A snapshot of daily life in San Francisco often reveals stark contrasts, from public struggles with addiction to displays of extreme wealth, encapsulating the city’s extremes.

Chasing dreams of success in the heart of technology requires resilience—both in navigating the opportunities San Francisco offers and confronting the inevitable challenges that come with it. Ultimately, if a founder does not succeed, the costs of living in such an environment can make continuing untenable.

Kathryn Parsons is founder of Decoded and co-chair of GBx.

The bank advised users to utilize online banking, telephone banking, or visit a physical branch while efforts were underway to resolve the situation. A representative stated, “We are aware that customers are experiencing difficulties accessing the NatWest mobile banking app. We sincerely apologize for this inconvenience and are working diligently to restore access. In the meantime, customers can use online and telephone banking services or visit a branch for assistance.”

According to reports from Downdetector, a website that tracks service outages, over 3,000 issues were logged around 10 AM on Friday. Fortunately, by the afternoon, the app was back up and running.

Frustrated users took to X to voice their displeasure after being unable to transfer money, pay bills, or send wages via the app.

NatWest clarified that the outage was related to an update implemented on Thursday, coinciding with growing concerns regarding cyberattacks that had previously targeted other entities like Marks & Spencer and the Co-op.

High street banks have faced scrutiny in light of a series of disruptions impacting customers, particularly during the month-end when paydays occur. A report from the Treasury committee in March indicated that there had been over 33 days of unplanned technology and system failures over the past two years among nine major banks and building societies in the UK.

From 2023 to 2025, NatWest acknowledged experiencing 13 significant incidents, resulting in nearly £350,000 paid in compensation to affected customers, as reported to the committee.

In a similar context, Barclays mentioned it could allocate up to £12.5 million in compensation to customers affected during this timeframe. Common causes for these incidents include issues with third-party vendors, disruptions due to system updates, and internal software glitches.