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Some of Britain’s leading entrepreneurs and financiers are facing significant financial losses from the implosion of Vashi, the upmarket jeweller.

Sky News can reveal that Sinclair Beecham, the co-founder of Pret a Manger, Nick Wheeler, founder of the shirtmaker Charles Tyrwhitt, and William Jackson, chief executive of London-listed private equity firm Bridgepoint, are all shareholders in Vashi.

The trio are among a significant number of individuals who pumped tens of millions of pounds into the jeweller, which sold bespoke items such as engagement rings costing hundreds of thousands of pounds.

City sources said on Thursday that other prominent individuals were also investors in Vashi’s parent company, Diamond Manufacturing Ltd.

JamJar Investments, the venture capital firm set up by the founders of Innocent Drinks, is also among its shareholders.

Richard Reed, one of the Innocent founders, was named in an investor presentation created by Vashi as an advisor to the brand, saying it had “the potential to do to the jewellery establishment what Airbnb did to hotels – upturn the current consumer proposition, give a better, more authentic personal experience, create an entirely new and better way.”

According to the company’s website, its investors included “the founders and CEOs of major global brands, managing partners at private equity firms, and several family offices”.

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The family office of Lord Spencer, the former ICAP chief, is also understood to have been an investor but sold its stake two years ago, according to a person close to the situation.

Vashi’s liquidation was triggered by a winding-up petition filed by Canary Wharf Group, one of its shop landlords, Sky News reported on Wednesday.

Its shareholders now face the loss of their entire investment in the business, according to one investor.

Vashi had been seeking £75m in new funding at a valuation of £250m, telling prospective backers that it planned to use the proceeds to expand into the US.

The company’s collapse is likely to raise serious questions about its governance and the quality of its financial oversight, according to one observer.

As Vashi’s liquidator, Teneo Financial Advisory will now investigate the conduct of its parent company’s directors as part of the insolvency process.

It traded from four stores and is said to employ about 200 people.

The company was founded by Vashi Dominguez, who opened his first store on London’s Piccadilly in 2016.

In a statement, Teneo said it had been appointed “by the Secretary of State following the making of a winding-up order”.

“The intention of the liquidators is to locate and preserve assets of the business for the benefit of creditors.”

Vashi boasted on its website that it had seen tenfold sales growth between 2016 and 2019 and had been ranked 26th in the 2019 Sunday Times list of Britain’s fastest-growing private companies.

Mr Dominguez was a regional winner in the accountancy firm EY’s Entrepreneur of the Year awards in 2021, the company’s website said.

Vashi could not be reached for comment.

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TikTok puts hundreds of UK jobs at risk

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TikTok puts hundreds of UK jobs at risk

TikTok is putting hundreds of jobs at risk in the UK, as it turns to artificial intelligence to assess problematic content.

The video-sharing app said a global restructuring is taking place that means it is “concentrating operations in fewer locations”.

Layoffs are set to affect those working in its trust and safety departments, who focus on content moderation.

Unions have reacted angrily to the move – and claim “it will put TikTok’s millions of British users at risk”.

Figures from the tech giant, obtained by Sky News, suggest more than 85% of the videos removed for violating its community guidelines are now flagged by automated tools.

Meanwhile, it is claimed 99% of problematic content is proactively removed before being reported by users.

Executives also argue that AI systems can help reduce the amount of distressing content that moderation teams are exposed to – with the number of graphic videos viewed by staff falling 60% since this technology was implemented.

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It comes weeks after the Online Safety Act came into force, which means social networks can face huge fines if they fail to stop the spread of harmful material.

The Communication Workers Union has claimed the redundancy announcement “looks likely to be a significant reduction of the platform’s vital moderation teams”.

In a statement, it warned: “Alongside concerns ranging from workplace stress to a lack of clarity over questions such as pay scales and office attendance policy, workers have also raised concerns over the quality of AI in content moderation, believing such ‘alternatives’ to human work to be too vulnerable and ineffective to maintain TikTok user safety.”

John Chadfield, the union’s national officer for tech, said many of its members believe the AI alternatives being used are “hastily developed and immature”.

He also alleged that the layoffs come a week before staff were due to vote on union recognition.

“That TikTok management have announced these cuts just as the company’s workers are about to vote on having their union recognised stinks of union-busting and putting corporate greed over the safety of workers and the public,” he added.

Under the proposed plans, affected employees would see their roles reallocated elsewhere in Europe or handled by third-party providers, with a smaller number of trust and safety roles remaining on British soil.

The tech giant currently employs more than 2,500 people in the UK, and is due to open a new office in central London next year

A TikTok spokesperson said: “We are continuing a reorganisation that we started last year to strengthen our global operating model for Trust and Safety, which includes concentrating our operations in fewer locations globally to ensure that we maximize effectiveness and speed as we evolve this critical function for the company with the benefit of technological advancements.”

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‘Today is payday’: Union warns wages for workers at liquidated steel company must be a priority

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'Today is payday': Union warns wages for workers at liquidated steel company must be a priority

A union has welcomed the government taking over a troubled steel company, but is warning that payment for workers must be a top priority.

Speciality Steels UK – which employs almost 1,500 people – was pushed into compulsory liquidation on Thursday, and is the third-largest producer in the country.

It is part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, and operates from sites in Rotherham and several other locations across South Yorkshire.

The government has stressed it will cover staff wages and the running costs of the plants until a buyer is found.

The Liberty Steel plant in Rotherham
Image:
The Liberty Steel plant in Rotherham

Speaking to Sky’s Anna Jones, Community Union National Secretary Alun Davies said workers are “concerned” about the developments.

He added: “Today is payday – but because the bank accounts were closed, I think the special managers and the HR team now are working with the unions to get that pay in today or as soon as they can.”

With a bank holiday weekend fast approaching, workers may only receive their wages on Tuesday unless payments are made as a matter of urgency.

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Mr Davies said he is confident that the plants have a future, telling Sky News: “If we use British-made steel for British infrastructure projects, it creates jobs, it grows economies and it gets our economy back on track, which is what this Labour government is trying to do.”

While he said government investment is valuable, the union official cautioned: “If we can find a decent buyer – a reputable steel company that knows what they’re doing – we’re open to all options.

“We’re not going to just say nationalise or part-nationalise, it’s what’s best for the business and gets the business up and running as soon as possible … if the government takes ownership, that is a significant cost to the taxpayer.”

Alun Davies
Image:
Alun Davies

Mr Davies explained that many workers have been staying at home and on 85% pay, which is having a big impact on their mental health and wellbeing.

In a statement, Community’s General Secretary Roy Rickhuss described it as an “extremely worrying time” for the union’s members – and said jobs must be protected in the event of restructuring or a transition to new ownership.

Calling for 12 months of pension contributions to be secured alongside this month’s paychecks, he added: “Steelworkers at Liberty Steel are highly skilled and hugely experienced; they are quite frankly irreplaceable and will be critical to delivering future success for the businesses.”

Mr Rickhuss said the union has received “firm assurances” that efforts to address pay and pensions are under way – and welcomed the government’s intervention.

“However, in taking control of the business the government has assumed responsibility for our livelihoods and our communities, and we will of course be holding them to account,” he added.

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Bosses at Speciality Steels have said the move to wind up the business is “irrational” as a plan had been presented to courts that would have led to new investment in the UK steel sector.

“Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution,” chief transformation officer Jeffrey Kabel added.

On Thursday, a government spokesperson said ministers “remain committed to a bright and sustainable future for steelmaking and steelmaking jobs in the UK”.

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Jackson Hole summit: US stocks fall for fifth day in a row ahead of key Fed speech

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Jackson Hole summit: US stocks fall for fifth day in a row ahead of key Fed speech

US stocks have fallen for five days running as traders nervously await a speech from Federal Reserve chairman Jerome Powell.

Central bankers are gathering for an annual summit in Jackson Hole, Wyoming, where Mr Powell could indicate whether interest rates will be cut soon.

The Fed hasn’t reduced the cost of borrowing since December – despite repeated calls from Donald Trump to do so.

By contrast, the European Central Bank has slashed rates four times in 2025, with the Bank of England opting for three cuts so far this year.

Federal Reserve chairman Jerome Powell. Pic: Reuters
Image:
Federal Reserve chairman Jerome Powell. Pic: Reuters

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The US president has nicknamed the Fed chairman “Too Late” Jerome Powell on social media – and has repeatedly called for his resignation.

But Mr Powell has argued that interest rates can only be lowered when there are clear signs that inflation is returning to its 2% target.

Today will mark his final keynote speech at Jackson Hole before his eight-year tenure at the Federal Reserve ends in May 2026.

Past addresses have been known to move the markets, with reaction often amplified because of lower trading volumes during the summer months.

Figures from the CME FedWatch tool show expectations for a US interest rate cut when policymakers next meet in September are on the decline.

One week ago, the probability of a 0.25 percentage point cut was priced in at 85.4%. But that fell to 82.4% on Thursday – and has dropped further to 73.3% at the time of writing.

It comes as other senior officials within the Federal Reserve, speaking on the sidelines of the three-day summit in Jackson Hole, continued to express caution.

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Beth Hammack, president of the Cleveland Fed, told Yahoo Finance: “With the data I have right now and with the information I have, if the meeting was tomorrow, I would not see a case for reducing interest rates.”

Of particular concern is the impact that Donald Trump’s tariffs are having on inflation – both in terms of costs for businesses, and what consumers ultimately pay.

Just this week, Walmart – the world’s biggest retailer – warned tariffs are squeezing its profit margins and leading to higher prices at the till.

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