Business

Social Chain co-founders Steven Bartlett and Dominic McGregor to step down

They are to step down from their roles at Social Chain after six years.

Emily Sergeant Emily Sergeant - 17th August 2020
Social Chain AG

Co-founders Steven Bartlett and Dominic McGregor have announced today they are to step down from their roles at Social Chain after six years.

CEO Bartlett and COO McGregor were just 20 and 21 respectively when they became founding members of the Manchester-based social media publishing and marketing company that has since grown to over 750 staff globally and has revenues forecast to hit $200 million this year.

Announcing his stepping down across social media this morning, Steven Bartlett said: “Social Chain was conceived on a small desk in the backroom of the uni I had just dropped out of in Manchester. I was 20, full of wild dreams, and I believed we could take on the world.

“What started as a crazy and sometimes ridiculed idea, in the mind of a few drop-out underdogs, at a time when people didn’t believe in the potential of this new thing called social media.

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“As I write this, at 27, we have more than 700 Social Chainers around the world, a world-beating team, we went public last year, we are the best at what we do, and we’ve just posted record numbers. The company is showing unbelievable momentum and I remain Social Chain’s biggest fan, supporter, and believer.

“I owe an unpayable debt of gratitude to my team, past and present – if it wasn’t for you, my board, our chairman, (and mum and dad), I would be nothing.”

Twitter – Steven Bartlett

In a post to LinkedIn today, Dominic McGregor added: “I’m deeply proud of everything we’ve achieved, the relationships we’ve made and the lessons learned,”

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“Social Chain is a very special company, the growth we’ve seen over the last six years has been quite frankly phenomenal, we recently posted record numbers, and based on some of the exciting things I’ve seen over the last year, the future promises to be even brighter than the past.

“This business has been my rock, even when I faced difficult times in my personal life. The purpose it gave me, and the people I worked with got me through – they gave me something to fight for and without it, and without them, I wouldn’t be the person I am today.”

LinkedIn – Dominic McGregor

The pair has overseen exponential growth throughout the past six years at Social Chain.

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The journey may have started with humble beginnings in Manchester, but Social Chain now has bases in London, Berlin, New York and Munich, and works with global brands such as Amazon, Coca Cola and Apple.

It claims an owned media reach of over 2 billion views a month.

Last year, the company merged with German online retailer Lumaland AG to become The Social Chain AG and list on XETRA and the Düsseldorf Stock Exchange, and it recently announced the largest acquisition in its history by taking a 51% stake in A4D Inc – a Southern Californian digital performance marketing agency.

It has been confirmed that Wanja S. Oberhof – currently Co-CEO of Social Chain AG – will retain his position as CEO upon Bartlett’s standing down.

You can find out more about Social Chain AG via its website here.

Business

Toys R Us is back in the UK four years after going bust

Daisy Jackson Daisy Jackson

Christmas has come early for kids and parents across the nation – Toys R Us is officially back up and running in the UK.

The retailer collapsed back in 2018 and closed its 100 stores, leaving gaping holes in retail parks up and down the country.

But now the beloved toy shop chain has made a return – sort of.

The Toys R Us website has relaunched today, with more than 14,000 toys and games up for sale.

Shoppers will find world-famous brands like Lego, Marvel, Crayola and Play-Doh back on sale.

The new website features a return from the retailer’s legendary mascot, Geoffrey the Giraffe, who was photographed standing in one of the empty shops with a suitcase back in 2018, breaking everyone’s hearts.

The old Toys R Us in Manchester
Geoffrey the Giraffe saying his goodbyes

A message says: “The world’s greatest toy shop is back! We can’t wait to develop and grow with you and your loved ones, over the coming weeks, months and years!”

There don’t appear to be any plans at present to bring back bricks-and-mortar toy shops.

The retailer closed due to a change in consumer habits and, like many traditional physical stores, a struggle to keep up with the rise of online shopping.

It teased that it would be making a comeback back in January.

At the time, Louis Mittoni, head of Toys R US ANZ, said: “Tailoring our successful Australian relaunch plan to the UK echoes the success of other e-commerce ‘platform play’ businesses that have delivered growth and value due to their ability to quickly and cost effectively expand their software, processes, partner relationships and brands into new countries.

“Since Toys R Us’ return to Australia in June 2019, we have scaled quickly as customers returned to the much-loved brand and our e-commerce model has proven its success.

“My team and I are looking forward to developing technical and commercial relationships with UK-based vendors and partners and to engage with the many loyal Toys ‘R’ Us former customers and fans in the UK.”

Featured image: Flickr

Business

Everything you need to know about Kwasi Kwarteng’s mini-budget 2022

Danny Jones Danny Jones Chancellor mini-budget summary

The Chancellor of the Exchequer, Kwasi Kwarteng, has delivered his 2022 mini-budget in an attempt to address concerns surrounding the ongoing cost of living crisis.

While significant tax cuts were already predicted ahead of the crucial economic update, many people across the country may have been surprised by the sheer extent of measures announced by the chancellor across the board.

Energy

Addressing the subjects on everyone’s mind early on, Kwarteng stated that the annual price of energy for UK households will now be limited to £2,500, resulting in savings of around £1,000 against the projected figures following the most recent energy cap.

He also confirmed that the £400 energy discount is still in place, with the most vulnerable homes receiving even more in government support. Some are less than convinced that any real ‘savings’ will be made.

Earlier this week, the government announced that they would be halving energy bills for businesses over the next six months. Today he confirmed that a relief scheme will be put in place, as well as an “energy market finance scheme” which will offer liquidity to traders.

Similar relief will be afforded to schools and charities.

Lending and inflation

The hope is that this overall energy plan will reduce inflation, which currently sits at 9.9% based on August’s figures, to 5% and see the trending rate of annual financial growth to 2.5%.

Not only does the government believes this will lower the wider cost of living pressures but also free up finances to help better fund public services.

The overall energy relief package is said to be costing approximately £60 billion, meaning a significant amount will have to be borrowed from the Bank of England.

Bankers’ bonuses cap and corporation tax hike scrapped

On the subject of banks, one of the most controversial parts of the Kwasi Kwarteng’s update was the announcement that the cap on bankers’ bonuses will be scrapped entirely, arguing that previous measures only led to higher wages and people paying tax in other countries outside of the UK.

Next year’s scheduled corporation tax increase from 19% to 25% is also going to be scrapped, the rationale being that “low tax encourages investment” both domestically and from overseas.

Once again, people are less than impressed that the nation’s highest-earners appear to be the ones benefiting the most from government policy.

Removing red tape

The chancellor also said that the government are committed to removing further enterprise barriers caused by EU regulation, hoping to streamline “planning restrictions” across childcare, immigration, agricultural productivity, and digital infrastructure.

He sighted energy, telecoms and travel as key problem areas hamstrung by red tape.

However, he conversely criticised the ongoing strike action across the country and said that they plan to imitate other countries by introducing legislation to ensure minimum level service resumes.

Tax cuts

Elsewhere, businesses in nearly 40 different ‘designated zones’ have been promised tax cuts for the next 10 years and no stamp duty on new premises. Speaking of which, as of today, no payment will be required on the first £250,000 of a property’s value, with first-time buyers paying zero on the first £425,000.

In fact, it looks as though the overall tax system is set to be reviewed once again. Not only are previous corporation tax and stamp duty plans being scrapped but income tax, alcohol duty and more are all being reexamined as part of the not-so mini-budget.

Alcohol duty is set to be frozen in February, meaning that Brits can expect to save around 7p per pint, 38p per bottle of wine and £1.35 on spirits. VAT-free shopping is also due to be introduced for overseas visitors, with aim of increasing revenue from tourism.

Kwarteng also confirmed that the basic rate of income tax will be cut by 1p to 19p from April 2023, with the 45p tax rate for those earning over £150,000 will be abolished from the same time next year.

This is said to be the biggest series of tax cuts in 50 years.

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A wary winter

Despite the ‘real’ living wage being increased by 10% in an attempt to try and curb rising costs in almost every other walk of life, it goes without saying that the UK faces an extremely difficult period ahead as energy costs continue to rise, post-Brexit prices keep rising and we approach the ever expensive winter months.

The shadow chancellor Rachel Reeves told the Financial Times that regardless of the measures announced today, both the mini-budget and Liz Truss’ appointment as Prime Minister represents “another zigzag on a path of policy failure” rather than any real sign of change.

Featured Image – Flickr @ Policy Exchange

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