The research, which involved 3,000 companies with annual revenues exceeding £500,000, revealed only 18% considered themselves exporting experts last year, a drop from 24% in the previous year. This figure is also lower than the level recorded in 2021, coinciding with the start of the UK-EU Trade and Co-operation Agreement.

A growing number of current and prospective exporters reported low levels of knowledge, increasing from 23% in 2022 to 28% last year, while others indicated they had a basic understanding but needed more information.

Researchers have noted that this reduction in expertise reflects significant knowledge gaps emerging among exporting businesses since the UK’s exit from the EU.

These findings align with a push from a coalition of major tech firms and business support organizations advocating for more tailored government assistance for small businesses involved in exports as part of a broader trade strategy revision.

The E-Commerce Trade Commission emphasized the need for clearer official guidance, more focus on e-commerce and digital trade solutions, and the creation of grant opportunities. They also urged increased encouragement for women-led businesses to engage in exporting and better access to emerging market opportunities.

Richard Hyde, a senior researcher at the Social Market Foundation and the report’s author, remarked, “The vast majority of British businesses are smaller enterprises, yet a significant number do not engage in exporting at present.”

Hyde continued, “Enhancing export levels should be central to the government’s growth strategy, necessitating steps to enable more SMEs to participate in this effort.”

The commission features members like Amazon, Alibaba, eBay, Shopify, Google, alongside the Federation of Small Businesses, the Association of International Courier & Express Services, the Institute of Chartered Accountants in England and Wales, and the Chartered Institute of Export & International Trade.

Gareth Thomas, the minister for exports, acknowledged the critical role of e-commerce, stating, “We are collaborating with the industry to enhance digital trade, allowing more small businesses to export globally, and our modern industrial strategy aims to facilitate sustainable growth and skilled employment opportunities.”

The survey found that a significant number of companies are actively seeking advice and support, with 40% of respondents doing so last year. However, awareness about existing support schemes remains limited, with the government’s main website being the most utilized source of guidance at 45% of respondents.

Knowledge of specific government-funded advisory services, such as the network of international trade advisers and the export support service, has sharply declined, and engagement with these services is low.

The survey also indicated that the percentage of companies that have ever engaged in exporting has declined each year since 2021, from 45% then to 43% in 2022 and 39% last year, reflecting levels consistent with those from 2015 to 2020.

Furthermore, most exporting companies reported that they did not proactively seek new overseas orders, instead fulfilling orders as they arise, with only 27% actively looking for new export opportunities.

Cossell’s optimism stemmed from his substantial accomplishments, including being named “CEO of the year” at the Building Awards three years ago. Under his leadership, ISG climbed from 17th to third place in turnover rankings for building contracts in the 2018-19 fiscal year.

However, the sentiment significantly shifted when Zoe Price, ISG’s newly appointed CEO, confirmed through an email to employees that the company had entered administration. This decision has shocked the construction landscape, with ISG’s collapse marking the largest insolvency in the industry since Carillion’s downfall in 2018.

The ramifications extend far beyond layoffs, impacting around 2,200 of ISG’s 2,400 staff members and leaving numerous ongoing projects in jeopardy. Similar to Carillion, ISG was a key government contractor involved in numerous public sector initiatives, including projects valued at approximately £1.2 billion for schools and prisons. Major private clients also utilized ISG’s expertise, including prestigious companies such as KPMG and Google, alongside significant works on notable London sites such as Kew Gardens and Lords Cricket Ground.

As clients voice concerns over the sudden operational disruptions, the situation raises pressing inquiries about the construction industry, which aimed to reform practices following the Carillion scandal.

Industry stakeholders are questioning how ISG, once lauded for achieving £2.2 billion in annual revenue alongside respectable profits, fell into insolvency. Originally established as a division of Stanhope in the 1980s for enhancing fit-out quality during Broadgate’s construction, ISG transitioned to a broader construction job scope, particularly following the demand surge surrounding the 2012 Olympics, where it notably constructed the Olympic Velodrome.

Concerns were raised by Sir Stuart Lipton, founder of Stanhope, who noted that ISG’s decision to diversify its focus led it into challenging markets with tight margins. He remarked, “The margins are very tough in heavy construction—any company that entered into fixed-price contracts has ended up losing their shirts.”

After being taken private in 2016 following an £85 million hostile takeover by US investment firm Cathexis, ISG began to face mounting pressures. Although Cathexis had high-profile investments, its leadership faced challenges in managing ISG’s transition and profitability within a highly competitive sector marked by razor-thin margins.

Despite the management reshuffles in 2022, executive compensation packages remained significantly high. In the five years leading up to the collapse, ISG’s top executive earned over £18 million, averaging £3.5 million annually, despite the struggles within the company.

As ISG grappled with operational challenges, including payments to subcontractors amid delays in crucial projects like the £3 billion Britishvolt gigafactory and the £700 million Sunset Waltham Cross film studio, instability within its ranks became starkly evident.

While Britishvolt declared bankruptcy without any progress, ISG’s troubles compounded as negotiations with Antipodean Holdings for a potential acquisition fell through due to substantial financial discrepancies. This led to Price announcing the failure to secure necessary funds to finalize the sale.

Following months of financial turmoil, the final blow came as subcontractor Alandale Group filed a winding-up petition, prompting ISG’s board to engage administrators from EY. In the aftermath, many ongoing projects, including critical government contracts for rehabilitating prisons and building schools in Wales and Manchester, hang in limbo.

The Cabinet Office has assured that contingency plans are in place to manage affected sites, while industry experts express concern about the repercussions for numerous subcontractors reliant on ISG’s work.

The scrutiny surrounding ISG will likely sharpen focus on corporate governance within the construction sector. Liam Byrne, the business and trade select committee chair, has indicated that government discussions will examine the circumstances of ISG’s downfall, emphasizing the need for improved oversight and industry regulations to prevent further collapses.

As the construction industry reflects on ISG’s failure, concerns linger about whether this incident is a solitary case or indicative of broader vulnerabilities within the sector.

“We had heavily invested in our core technology of biochips, essentially mini-tests on a microchip, well before Covid hit. When the pandemic struck, our existing technology and virus testing capabilities allowed us to respond effectively, albeit not specifically for Covid at first,” FitzGerald said.

He explains, “We seized the opportunity to secure government contracts and private testing for travel. We were quick to adapt, investing in new laboratories and equipment.”

“Pre-Covid, we questioned if our organization was too bloated. Our strong focus on research and development, combined with a team of diverse scientists and engineers, positioned us well to tackle the crisis head-on.”

“With the Profits from Covid, We Expanded Our Health Clinics”

As the pandemic waned, Randox had already initiated private health clinics, offering new tests that could detect diseases early. However, they struggled to get clinicians or the NHS to adopt these tests, so they turned to the public, opening clinics first in Northern Ireland and then in London, eventually expanding to 23 locations.

“Direct sales to the public became necessary as we couldn’t gain widespread acceptance for tests that trials showed could improve life expectancy. The public’s growing understanding of blood tests and the immune system helped our cause,” FitzGerald noted.

“R&D Investment Increased, Leading to a Loss”

“We maintained a larger-than-needed R&D team, betting on future developments,” said FitzGerald. This included an additional 400 to 500 staff.

Despite technical losses last year due to high R&D spending and initial low clinic volumes, the transition period is coming to an end. Hiring staff for blood collection and marketing added to initial costs, but the situation is stabilizing.

“Scaling Back Required Comprehensive Communication”

“Our staff performed brilliantly during Covid. Now, we are in a similar phase where clear communication about our future is essential to counter fears. Transition periods may drop morale temporarily, but ensuring a transparent and positive outlook helps,” FitzGerald explained.

“As operations scaled back, we reassigned staff where necessary, especially in research and development roles, to avoid losing key talent. We had to remain sharp and proactive to prevent organizational complacency and silo formation,” he added.

“I’ve learned to address silos more quickly to keep communication and efficiency high within the company.”

Emerging from the Transition Period

“We’re now seeing a clear path forward, with many of our products ready for market, significantly boosting morale,” said FitzGerald.

“The current financial year might result in a small profit or loss, indicating an inflection period. Our trading status is positive, even if not massively profitable.”

Grand National Sponsorship

“We have two more years of sponsoring the Grand National. We’ll be discussing this further with the Jockey Club soon. The sponsorship helped raise our profile significantly,” FitzGerald concluded.

Peter FitzGerald shared these insights with Richard Tyler, editor of the Times Enterprise Network.

The deal means AO World will acquire musicMagpie at a price of 9.07p per share, significantly lower than its initial public offering (IPO) price of 193p just three years ago. musicMagpie, founded in 2007 by Steve Oliver and Walter Gleeson, initially aimed to capitalize on the growing demand for second-hand CDs, DVDs, games, and books in both the UK and US, focusing on sustainable consumption.

On Wednesday, musicMagpie indicated that it has encountered a “challenging” economic landscape since its debut in April 2021, exacerbated by increasing energy prices and rising interest rates, which have constrained consumer spending. Although the company has grown its rental service subscriber base from 4,400 to 32,700, management believes merging with AO World will bolster its financial stability.

The initial public offering market experienced a surge post-pandemic, with over 100 companies going public; however, many of these listings have since suffered significant value declines, impacting market reputation. Financial experts report that institutional investors are now more selective, preferring high-quality assets for their portfolios. This skepticism has been influenced by notable declines of companies like Dr Martens, Made.com, InTheStyle, Revolution Beauty, and Deliveroo, with some market participants noting that these events have created a cautious sentiment in London’s investment community.

AO World’s acquisition offer represents a 58 percent premium over musicMagpie’s recent share price, leading to a payout of approximately £1.1 million for Oliver, who owns 11.19 percent of the company, in addition to the £12.3 million he made from the initial share sales during the IPO. Financial advisors Peel Hunt, Shore Capital, and Deloitte played key roles in musicMagpie’s market entrance, collectively earning £11.2 million in advisory fees.

AO World CEO John Roberts emphasized the importance of enhancing consumer technology offerings, stating, “To achieve our strategic ambition of becoming the destination for electricals, it is crucial for AO World to enhance its consumer tech offering. I am excited to welcome Steve and the musicMagpie team into the AO family and to realize the potential that our combined efforts can unlock.”

The acquisition has garnered support from directors and investors who collectively hold 54 percent of musicMagpie’s issued share capital.

Oliver praised AO World’s reputation, stating, “AO is a highly trusted consumer brand that shares our commitment to providing a first-rate service for customers. I am very proud of the musicMagpie business and the trusted brand that we have created, providing consumers with a smart, sustainable and trusted way to buy, rent, and sell refurbished consumer technology and physical media products.”

According to recent statistics from Dealogic, the UK market has experienced only eight IPOs this year, in stark contrast to the 18 listings during the first three quarters of 2022.

Samuel Kerr, global head of ECM at ION Analytics, noted, “After two strong quarters in global equity capital markets, activity slowed in the third quarter, with fewer IPOs compared to the same periods in previous years. The decrease in deal activity coincided with increased market volatility and uncertainty surrounding European and US elections. As global interest rates decline, this could stimulate equity transactions, although both dealmakers and investors are remaining cautious ahead of upcoming electoral events.”

The vehicle was equipped with a Vodafone “smart hub,” transforming it into a wi-fi hotspot. With a roof-mounted antenna extending the signal up to 100 meters, passengers could utilize real-time GPS, analytics, and high data allowances—up to one terabyte, which could support over 20,000 hours of web browsing or 300 hours of HD video.

These capabilities stem from the burgeoning Internet of Things (IoT), a vast network of interconnected devices and sensors. Initially, IoT in cars was used for emergency services, but it has since evolved to include vehicle condition monitoring and over-the-air software updates.

With the integration of 5G technology, new cars are poised to offer even more advanced services. Vodafone states that the enhanced bandwidth of 5G will enable faster, more comprehensive services, even in densely populated regions. Consultancy Analysys Mason projects that automotive connectivity revenues could double to $10 billion annually by 2030.

Vodafone has been a pioneer in the connected car industry, already linking 60 million cars globally through its IoT network. Within Vodafone, a specialized company called Vodafone Automotive caters to sectors such as car manufacturing, fleet management, and insurance. The adoption of 5G is expected to expedite manufacturing processes, facilitate inter-vehicle transactions, and improve road safety.

“Automotive was an early adopter of IoT, revolutionizing safety, reliability, and driver experience. 5G brings even more potential for innovations like autonomous driving, connected roads, and sophisticated safety systems,” said Erik Brenneis, CEO of Vodafone Business IoT. “Advanced networks like 5G can help manufacturers worldwide deliver hyperconnected car advantages to more customers, enhancing road safety and sustainability.”

Nonetheless, industry experts advise caution. Ibraheem Kasujee from Analysys Mason commented, “There’s potential and high expectations, but advancements are still in early stages.”

Ford, undeterred, is using a Vodafone mobile private network to enhance electric engine production. Each engine requires over a thousand welds, generating data at a rate of half a million pieces per minute. This data must be analyzed in real-time to adjust the production process. A mobile private network provides the necessary speed, reliability, and security, supporting production and preempting maintenance needs.

Matt Hatton, founding partner of Transforma Insights, remarked, “While some carmakers have positively reported on private networks in factories, mass adoption hasn’t yet been achieved. The full benefits of 5G or even 4G private networks in factory efficiency are still to be realized.”

• Be nice to your AI — it really does make a difference

Vodafone Automotive is also prioritizing road safety. It developed a platform connecting road users with transport authorities and each other, sharing real-time safety information, hazard alerts, and traffic updates. “This creates a 360-degree awareness, forming a safety bubble around users,” explained a Vodafone spokesman. The technology could identify everything from pedestrians to public transport, enhancing urban safety.

While the vision is ambitious, Kasujee cautioned, “Direct communication has potential but requires significant ecosystem and regulatory development. Questions about who will fund roadside units remain.”

Connected cars are also a part of the “economy of things,” allowing devices to transact autonomously, for example, at toll booths. STL Partners predicts that by 2030, up to 3.3 billion connected devices will trade directly.

Vodafone and Sumitomo have launched a venture, Pairpoint, with initial focus on electric vehicles communicating with various charging stations.

• Self-driving cars ‘will be on British roads by 2026’

Other companies are exploring car connectivity as well. AA-X, part of the AA breakdown service, has integrated proprietary data from breakdowns to predict and alert car owners about potential issues.

“Health and wellness have familiarized consumers with connected experiences. It’s a natural progression for cars,” said Tom Fawcett, CEO of AA-X. “Cars are now sophisticated with numerous sensors. Our data allows us to predict issues, providing better and different services.” He added that 5G facilitates faster data sharing, useful for tasks like reporting potholes to improve infrastructure.

The AA recently launched the Vixa app, utilizing AI to provide real-time data and maintenance recommendations, alongside driver insights and a chat feature with AA mechanics. Similar functionalities are being tested for fleets, as manufacturers share more data to streamline processes.

“By building a connected car business within the AA, we aim to innovate continuously,” Fawcett added.

Although Vodafone and the AA have not disclosed financial details or market size projections for increased connectivity, those leading the technology charge are well-positioned to benefit as the future of connected cars unfolds.

One of these paramount challenges is ageing, and Diamandis is determined to address it.

Diamandis, the notable founder of the X Prize, recently initiated applications for an ambitious competition: awarding $111 million (£87 million) to the team or company that can develop a treatment to reverse ageing effects on muscles, cognition, and immune function by 20%. Meeting all these criteria sets a high bar.

Diamandis is optimistic about a major breakthrough in extending human life, driven by revolutionary ageing research, progress in animal trials, and a growing number of billionaires intensely focused on life extension.

His goal is to achieve ‘escape velocity,’ a controversial notion where anti-ageing advancements can outpace ageing itself. Diamandis explains, ‘I had children at 50, and I want to see their great-grandchildren. I know ageing is coming, so I’m doing everything to delay it as long as possible.’

Through the X Prize Foundation, established 30 years ago, Diamandis has launched over 30 competitions, each funded by affluent individuals or companies, with prizes awarded only if goals are met. Past prizes include a $1 million contest for literacy apps and a $119 million desalination breakthrough aimed at this year.

The 1994 Ansari X Prize, which offered $10 million to develop a reusable spaceship, placed X Prize on the map when Scaled Composites won it in 2004. Sir Richard Branson’s acquisition of Scaled Composites laid the groundwork for Virgin Galactic, spurring the private space industry.

Next on Diamandis’ agenda is an ‘interspecies two-way communication’ prize, aiming to use AI to enable human-animal communication. ‘Animals communicate reliably among themselves. Large-language models can help us understand and translate that,’ he says.

Diamandis’ immediate priority is longevity. ‘I need another 100 years to experience the future I envision,’ he says, highlighting interests in Mars colonization and asteroid mining.

Diamandis excels at aligning billionaires with causes they are passionate about. ‘I’m against wealth just sitting there or being spent on luxuries,’ he argues. ‘I have friends with billions, unused, which could instead make significant impacts.’

For instance, when Elon Musk became the world’s richest man in 2021, Diamandis suggested funding a prize to remove CO2 from air or ocean. ‘He was criticized for not being philanthropic, so I proposed the prize,’ Diamandis recalls. Musk swiftly agreed, providing $100 million for the prize and $20 million to run the competition, which has since narrowed 6,000 entrants down to 300 finalists.

The longevity prize’s funding is led by Saudi Arabia’s Hevolution initiative and backed by billionaires like Christian Angermayer and Lululemon founder Chip Wilson.

James Peyer, CEO of Cambrian Bio, a company investing in longevity drugs, remarks, ‘The X Prize generates serious attention in the sector.’

The key question is whether it will significantly progress the field. There has been a massive influx of investment into longevity start-ups over the past five years, spearheaded by tech billionaires like Coinbase founder Brian Armstrong and OpenAI’s Sam Altman.

Peyer believes the prize will motivate existing researchers to aim higher rather than attract new ones. ‘Companies already succeeding may see this as an opportunity for additional trials to win the prize,’ he notes.

No matter the industry, whether providing goods or services, every business offers a complete customer experience. Therefore, if clients are dissatisfied, it’s vital to identify early warning signs and alter the course of the relationship. It’s a common misconception that customers leave suddenly; in reality, the metrics that reflect retention are just the final tally, and businesses should look beyond the norm of expected ‘churn’ in their sector.

Indicators of declining customer relationships can be both qualitative and quantitative. A well-structured customer relationship management (CRM) system can assist in tracking these changes, enabling segmentation by customer size, value, and potential for cross-selling. Questions to consider include which customers are most and least engaged, their participation in training, the best interactions for fostering goodwill, and insights gained from monitoring complaints, credit notes, and discounts.

Sometimes, this analysis will reveal customers who may be unprofitable, prompting a reevaluation of the relationship’s viability or a renegotiation of terms. Active listening plays a crucial role; often, what I’ve learned from addressing concerns of ‘difficult customers’ has led to simple improvements in their experience.

During my time at Iris Software, we served over 35,000 business customers, maintaining an impressive 98 percent annual retention rate. This achievement did not occur by mere chance. For every lost customer, we rigorously questioned both internally and externally: “What could we have done differently?”

As a software-as-a-service entity with recurring revenue, it was vital to grasp not only yearly customer profitability but also the lifetime value of each client. Our monthly retention metrics tracked both the quantity and monetary value of customer losses, holding our customer service team accountable for renewal rates. After acquiring a new client, we implemented a strategic plan for managing the relationship, involving the original salesperson for the first year, followed by a transition to an account management team for proactive engagement regarding renewals. This method bolstered continuity, accountability, and minimized overselling, ensuring a smooth transition and stronger relationship from the outset.

Employee engagement typically correlates with customer retention, as satisfied employees foster positive customer interactions. Establishing a clear purpose within a company can enhance this engagement; for instance, at Ground Control, our commitment to environmental care underpins our operations.

Utilizing customer net promoter scores serves as a benchmark for assessing performance relative to industry standards. This straightforward question, “Would you recommend us, on a scale of 0 to 10?” provides valuable insights into customer sentiments and how we can strategically influence their experience. To achieve favorable ratings, it’s essential to follow up with every survey participant; addressing detractors can change their negative perception, while promoters can be nurtured into advocates. Those who fall in the middle may become loyal customers with additional engagement.

At Ground Control, where we manage external environments for corporate clients, factors like weather can disrupt logistics, leading to missed appointments and delayed projects. Clear communication and scheduling are paramount; failure to do so may quickly erode customer trust.

To mitigate unexpected issues, we have established systems for tracking missed jobs, supplying photographic documentation of work, and proactively updating customers on our plans. However, it’s not solely about logistics; ensuring customers feel valued and heard is equally important. Attention to minor details can significantly strengthen relationships. Data allows for personalization, indicating how to be more flexible and responsive to diverse customer needs. This information should be utilized in product development and management more frequently. Market dynamics evolve, and the incoming data from existing customers acts as an early alert system for needed adjustments.

Ultimately, customer loss should never be unforeseen, even while it remains a difficult experience. By embracing technology, demonstrating discipline, and actively engaging with customers, businesses can reduce attrition and enhance their overall performance by leveraging the data they acquire.

Martin Leuw is the chairman of Ground Control, a horticultural and services group based in Billericay, Essex.

The food delivery giant recorded a profit of £1.3 million in the first half of this year, marking a major recovery from an £82.9 million loss in the same period last year. Orders rose by 2% year-over-year to 147 million as inflationary pressures and cost of living concerns began to ease, with the gross transaction value increasing by 5% to £3.69 billion.

Additionally, Deliveroo achieved a positive free cash inflow of £3.2 million, reversing a previous £27.7 million deficit, and announced a £150 million share buyback to return value to its shareholders.

The financial results sparked a surge in buying of the company’s stock, which had famously dropped by 25% from its IPO price of 390p on its first trading day in March 2021. Shares closed up 13½p, or 10.5%, at 141p.

Will Shu, CEO and co-founder of Deliveroo, celebrated the profit and positive cash flow as significant milestones, attributing the buyback to the company’s strong financial outlook.

“The stock market is unpredictable, but our priority is the business and delivering for our customers,” said Shu, 44. “I believe the buyback is driven by our confidence in generating cash flow and growth prospects. The stock price will take care of itself. Our focus remains on the business.”

The average cost of food orders plus delivery fees rose to £25, up from £24.20 the previous year, driven mainly by higher prices from restaurants and shops, although the rate of price increases is slowing.

Deliveroo, which partners with around 182,000 restaurants, grocers, and retailers, operates in a fiercely competitive market. Rivals Getir and Gorillas exited the UK market this year, while Uber continues to grow its Uber Eats platform. “It’s absolutely competitive across restaurants and grocery,” Shu noted. “We have to strive every day to be at our best. That’s what keeps us motivated.”

Deliveroo’s push into the grocery sector powered significant growth in the first half of the year, accounting for 14% of the group’s gross transaction value. Since launching Deliveroo Shopping last November, the initiative has shown positive results, including collaborations with companies like B&Q.

Shu emphasized the importance of the grocery segment, stating: “There is a shift away from large weekly shop deliveries offered by Ocado and Tesco, towards a multi-week, smaller basket experience with fresher items. Younger generations are accustomed to this on-demand convenience. Compared to ten years ago, it’s a night and day difference.”

The company raised its full-year core earnings forecast to the upper half of its £110 million to £130 million guidance range. “I am very positive and optimistic, but execution is key,” Shu added.

Investment bank Jefferies commended the half-year results, describing the performance as “impressive.” They highlighted Deliveroo’s achievement of first-time half-year net profit and free cash flow generation, noting encouraging signs in consumer behavior, although order growth remains low.

Their father, who inherited the business from his father, had enlisted George and Michael to help out by cleaning buses and photographing sales stock during weekends and school breaks. George, now 31, shares his experience from Los Angeles, while Michael, 33, remains in their hometown of Horwich, near Manchester.

George recounts, “We really didn’t like it, but it was the family tradition that we [would run it] because grandad had passed it down. Mike and I were always very creative, so it just didn’t align with our interests. We tried everything to prove that this wasn’t our path.”

Launched in 2011 as an experimental streetwear brand, Represent quickly gained traction, beginning with small-scale T-shirt sales via Big Cartel. Today, it’s known for cutting-edge designs and collaborations with bands like Mötley Crüe and Metallica.

The brand’s top-selling items include Owners Club hoodies, available in 26 colors for £160, and T-shirts priced at £90, driving sales to £80.8 million in 2023, with a workforce of 107.

Represent opened its first physical store in Los Angeles this March, with plans for a Manchester store later this year and another in London by early 2025.

Despite living on opposite sides of the Atlantic, George cherishes memories of growing up inseparably in Bolton with his brother. “I was very inspired by Mike, who was two years older. Whatever classes he took, I wanted to do the same,” said George.

Following American West Coast streetwear inspired by rock music and skateboarding, the brothers adopted a distinct style, avoiding the tracksuits and shaved heads prominent among their peers.

During his design studies at Runshaw College in Bolton, George conceived the idea of starting his own clothing brand. “I thought, ‘Let’s put some graphics on a T-shirt and see if I can sell it to friends. We’ll create a British version of what’s happening on the West Coast.'”

George launched a Big Cartel shop with £10 and invested £150 in 25 T-shirts, designed by Michael and printed by George. These were quickly sold to friends, laying the foundation for Represent’s growth.

While juggling his graphic design degree at Salford University, George reinvested profits, expanding from an initial 25 T-shirts to 50, and then to 100. The brand’s reputation grew through word-of-mouth and social media, gaining a significant boost when Rizzle Kicks wore Represent caps in 2013.

By 2014, after completing university, the brothers’ father was convinced of Represent’s potential and lent them £6,000 to produce 200 wax-leather jackets in Birmingham.

George credits his father with instilling business acumen, emphasizing cost-efficiency and supplier negotiation.

In 2022, Represent boasted pre-tax profits of £9 million on £48.4 million in sales. Key talent like James Gullick, who joined in 2015, played a crucial role in shaping the brand’s iconic oversized silhouettes.

Moving production from the UK to Portugal in 2019 was a challenging but necessary decision. “Making clothes in the UK was slow and ate into our margins,” said George.

Even in 2021, Represent operated with only 15 employees. In 2022, Paul Spencer, former head of Puma in the UK, joined as CEO to handle commercial strategy, allowing George to focus on product development.

Spencer shifted towards regular product drops and bolstered wholesale efforts, with premium retailers like Harvey Nichols and Neiman Marcus contributing 30% to sales. The remaining 70% came from the brand’s website.

George’s move to LA supports a growing US market, contributing 20% to Represent’s turnover. The UK maintains 50%, Europe 25%, with the rest from Asia and Australia.

George anticipates the autumn opening of Represent’s 5,419 sq ft flagship store in Manchester. “We always wanted to open in Manchester but needed the right location,” he said. “Being part of the community and showcasing our story is crucial because consumers seek more than just buying clothes online; they want to connect with the brand.”

Adapting to social media wasn’t easy for George, but he eventually embraced it. “I couldn’t stand listening to myself for years,” he admitted. “But meeting our consumers and gaining confidence with the brand helped.”

High five

My hero… Virgil Abloh [the American fashion designer]. What Virgil did for fashion, streetwear, and luxury—and how he combined those things—was groundbreaking. He changed the industry.

My best decision… hiring a CEO and creating our jersey collection, Owners Club. It’s our bestselling product since 2021 and has driven significant sales growth.

My worst decision… There have been many, but we fix them quickly. Not moving production to Portugal would have been a huge mistake.

Best business tip… Identify your weaknesses and bring in a management team to handle tasks you’re not proficient at. It can transform your business.