Author: Martin Greig

Budget 2025 analysis

Posted on by Martin Greig

Budget 2025 delivered a mixed picture for family businesses. While some of the most worrying proposals that had been trailed in recent weeks did not appear, this remains a Budget that raises significant revenue, leaving the UK with the highest overall tax take since the second world war.

The Chancellor spoke of wanting the UK to be “the best place to start up, scale up and stay” and said that “growth begins with the spark of an entrepreneur”. She promised that “if you build here, Britain will back you”.

These are welcome words but the measures announced today don’t fully match that ambition for family businesses.

Snapshot

  • No major shocks: Many feared tax hikes did not materialise.
  • Still a revenue-raising Budget: Freezing personal tax allowances and thresholds means more income will be drawn into higher tax bands over time. Dividend and property tax changes will also increase the overall burden.

Notable announcements

Inheritance Tax

  • The Government announced that unused allowance for agricultural and business property reliefs will be transferable between spouses and civil partners.  
  • This brings BPR/APR allowances in line with normal IHT allowances that everyone gets.
  • For some, their effective allowance will now be £2 million not £1 million.
  • Indexation: the Government has delayed the indexing of the £1 million allowance to the Consumer Price Index (CPI) to 2031, one-year later than stated in the Finance Bill. Indexation of the reliefs has been an important ask we have put to government so, further delay is disappointing and will have the effect of pulling more and more businesses above the threshold at which full relief from IHT is removed.

Despite speculation in the press, there have been no changes to IHT gifting rules or CGT uplift on death.

However, in the detail of the Budget (in what’s known as The Red Book) there is commentary about anti-avoidance measures around IHT:

The Government will legislate to prevent Inheritance Tax avoidance through certain loopholes, including ensuring UK agricultural property held via non-UK entities is treated as UK-situated addressing Budget 2025 changes in status of trust assets before and exit charge, and restricting charity exemptions to direct gifts to UK charities and clubs.

We will be following up with HM Treasury and HMRC to get more details on the specifics around these announcements.

Commenting on the changes announced to the rules on spousal transfers, FBUK CEO Neil Davy said:

The Chancellor’s announcement allowing family business owners to transfer their £1m allowance between spouses is a welcome step and one of the proposals we asked the Government to consider.

But it represents a minor tweak to a policy that is doing enormous damage to private and family owned businesses and farms.

The changes to BPR and APR have led business owners to cut investment and stop hiring. Regardless of today’s concession, family businesses and farms are subject to a tax that no other model of business ownership has to pay.

The announcement is recognition that the Government got this policy wrong last year. Minor tweaks do not make it right.  The right thing for government is to pause this policy and work with us to find a better solution than this damaging tax.

Other key announcements

  • National Insurance and income tax thresholds will be frozen for an extra three years until April 2031.
  • Cap for pension salary sacrifice schemes from 2029 – with contributions above £2,000 subject to tax in the same way as other employee pension contributions.
  • Cap of £12,000 a year for Cash Isas from April 2027 for the under-65s. Remaining at £20,000 for over-65s.
  • Two-child benefit cap scrapped from April 2026.
  • Properties worth more than £2m charged £2,500 annually and properties worth more than £5m charged £7,500.
  • Pay per mile charge for electric vehicles – 3p per mile for electric cars and 1.5p for plug-in hybrids.
  • Fuel Duty Frozen until August 2026 and then gradual increases

On the changes to salary sacrifice, FBUK Chief Operating Officer Fiona Graham said:

Capping salary sacrifice on employee pensions at £2,000 will make it more costly for business to maintain competitive workplace schemes. For employers running salary sacrifice arrangements there will be potential additional costs in supporting their employees to save for retirement.

UK economic context at a glance

  • The government forecasts UK GDP growth of 1.5% in 2025, up from 1.0% at the time of the previous spring forecast.
  • The independent forecaster Office for Budget Responsibility (OBR) has lowered its medium-term productivity outlook by 0.3% to 1.0% by the end of the five-year period.
  • The OBR has downgraded its forecast for business investment, with growth in investment averaging 0.75% a year between 2026-2030
  • The government is on track to meet its fiscal rules: borrowing is forecast to fall, and public-sector debt (as a share of GDP) is set to decline by 2029–30.
  • The government will ‘more than double’ the fiscal headroom against its stability rule to £21.7bn.  

Employment announcements

  • Increasing the National Minimum Wage rate (from £10 to £10.86 per hour and the National Living Wage (from £12.21 to £12.71)
  • Training for under-25s on apprenticeships will be made free for small and medium-sized enterprises.

On minimum wage and apprenticeships, Fiona Graham said:

Training for under 25s on apprenticeships will be made free for small and medium-sized enterprises. With nearly a million young people still out of work or training, boosting access to apprenticeships is a helpful step. However, recent above-inflation minimum wage rises have pushed up costs for SMEs which will blunt the impact of the Government’ office and make it harder to take on young talent.

In light of the changes to IHT, family businesses will still be having to put aside money to cover a large IHT bill. This will continue to have a knock-on affect on their ability and appetite to create jobs, including opportunities for young people.

Business announcements

  • Reforms to Customs Duty relief for low-value imports: relief for goods under £135 is being removed – a change that will affect importers, particularly online retailers relying on low-cost imports.
  • Stamp Duty holiday for newly listed companies – three-year exemption on newly issued shares.
  • Permanent reduction for many business-rate bills in retail, hospitality and leisure.
  • Business Rates – the government is introducing a higher rate for those with rateable values of £500,000 and above, but many businesses will now see a significant increase in their rates – particularly in retail and hospitality where Covid-era support is now phasing out.
  • Higher Dividend Tax – up by 2% for the basic rate (8.75% to 10.75%) and the higher rate (33.75% to 35.75%). The additional rate remains unchanged.
  • Enterprise Management Incentive – increasing the company eligibility limits for the Enterprise Management Incentives scheme (EMI) to allow scale-ups to join start-ups in offering tax-advantaged shares.
  • Lower Writing Down Allowance for business investments from 18% to 14% – meaning businesses can’t deduct as much of their investment costs from profits as before. However, as most businesses would claim full expensing this is unlikely to have a material impact.
  • Writing Down Allowance (1st year) – from 1st Jan 2026 the government will introduce a new first-year allowance of 40% for main‑rate assets.  Cars, second-hand assets and assets for leasing overseas will not be eligible.
  • Employee Ownership Trusts – The government will reduce the relief available on these disposals from 100% of the gain to 50%.

FBUK welcomes positive step on day-one rights

Posted on by Martin Greig

FBUK has welcomed a decision by the Government to drop plans giving protection from unfair dismissal to new workers from their first day in a job.

The plan, which was a key election manifesto pledge, and a central feature of the Government’s Employment Rights Bill, will instead see the Government introduce protection for workers after six months in a job.

FBUK, along with other business organisations, has called on the Government to drop the commitment to day-one rights on unfair dismissal arguing it would deter businesses from hiring. Other day-one rights including statutory sick pay and paternity leave will go ahead as planned from April 2026

Fiona Graham, Chief Operating Officer said:

We welcome the Government’s decision to move away from day-one rights for unfair dismissal and introduce a six-month probationary period.

This is a positive step that gives businesses the flexibility they need to recruit and retain the right people. For family businesses, where culture and trust are critical to success, a fair probationary period helps ensure the right fit.

However, this change also signals the need for a fundamental review of the Employment Rights Bill to make sure it truly supports businesses and their ambition to invest and grow, while helping the Government deliver its number one priority: growth.

FBUK calls for action on family business tax

Posted on by Martin Greig

Chancellor urged to reverse or pause damaging BPR reforms

FBUK says Autumn Budget ideal time to rethink

Warns against further business-focused tax rises

New data from FBUK shows 65% of family firms say higher costs including employment and energy are barrier to investment and growth below

Press Release

Family Business UK is urging the Treasury to use next week’s Budget to pause or reverse planned changes to inheritance tax, announced in last year’s Budget, and consult on workable alternatives to power growth.

The organisation, which represents family businesses employing almost half a million people, says that by persisting with the proposed changes to Business Property Relief (‘BPR’) and Agricultural Property Relief (‘APR’), the Government is pursuing a policy that harms jobs, weakens growth and could lower tax revenues.

Independent research commissioned by FBUK, and published this year, shows that the changes to BPR and APR could see more than 208,000 job losses by the end of this Parliament, cut economic activity by almost £15 billion and result in a net fiscal loss of £1.9 billion.

In addition, new research commissioned by FBUK, and due to be published next year, shows that while most family firms aim to grow in 2026 almost two thirds (65%) say higher costs of employment and raw materials costs are acting as a barrier to growth. More than half of family businesses (57%) are also held back by the on-going impact of high energy prices.

Against this backdrop FBUK says it would be untenable for government to contemplate further business-targeted tax increases in next week’s Budget. Instead, it is urging government to focus on big revenue raisers like National Insurance and Income Tax rather than opting for a smorgasbord of small changes which have the potential to do lasting economic damage.

Fiona Graham, COO Family Business UK, said:

“From the beginning, this Government has promised that economic growth is its number one mission. There isn’t a single business in the country that wouldn’t support that. But if the changes to BPR and APR go ahead unchanged, then family business owners and the tens of millions of people they employ will feel let down.

“All business needs a supportive policy landscape to have the confidence to invest for the future. Higher employment and energy costs are clearly acting as a drag on growth. Family businesses face the additional challenge of Inheritance Tax. No other model of business has been singled out in this way and it has, unsurprisingly, sapped their confidence to make the long-term investments their business and this country needs.

“We have spent the last year asking government to pause this policy change and consult on workable alternatives that support growth and the model of family ownership. There is still time, and this Budget offers the perfect opportunity to announce a rethink.”

Gary Dawson, Chairman AV Dawson Group, an 80 year-old family business which owns and operates the Port of Middlesbrough, located within Teesside Freeport the UK’s largest freeport, said:

“Family businesses like ours play a vital role in driving investment and creating much-needed skilled jobs in Teesside. We reinvest all profits locally, support apprenticeships and help sustain the wider supply chain that underpins our regional economy. The proposed changes to inheritance tax reliefs risk undermining that stability and confidence at a time when businesses are already facing significant cost pressures.”

“These reliefs are not loopholes, they are essential tools that allow us to continue investing in people and infrastructure and plan for succession. We need policies that encourage investment, continuity and long-term thinking, not measures that make it harder to plan for the future. Pausing these reforms would be a welcome signal that the Government understands the realities facing family firms up and down the country as well as their importance in delivering growth.”

FBUK is publishing its Budget submission ahead of Family Business Week, which starts on Monday (24 Nov), to celebrate the contribution family businesses make to the economy and communities up and down the country.

During the week, FBUK will also be running campaigns and workshops to support family firms to take their first steps to trading internationally. Across the UK, almost 280,000 businesses export goods or services to more than 200 countries in trade worth £838 Billion. But this means that just 11.5% of UK firms are exporting, offering enormous potential for growth.

Fiona Graham, COO of Family Business UK, says:

“Family businesses are the rock on which our economy, and communities thrive. Given a supportive policy environment, they can also power UK economic growth on an international stage.

“Thousands of family businesses already trade internationally including large firms like Walker’s Shortbread. But small and mid-sized family firms are also successfully exporting including Gerald McDonald Group, Healeys Cyder and Viridian Nutrition.

“Family Business Week is about demonstrating to government that by working with the rich diversity of family-owned businesses right across this country, they can be the key to unlocking growth.

“Family businesses are unique in their long-term approach to investment and growth. They have been building Britain for generations and it’s a privilege to celebrate their achievements and successes during Family Business Week.”

FBUK repeats call for BPR consultation

Posted on by Martin Greig

Family Business UK has called on the Government to pause the proposed changes to BPR and APR and warned against any further business-targeted tax increases that will undermine investment and stifle growth.

In its Budget submission, FBUK has repeated its appeal for the Government to consult on the changes to inheritance tax for family businesses and find a route forward that reduces the impact on family and farming businesses.

Taxing Futures. The economic and fiscal implications of changes to BPR and APR for UK family businesses and farms

Research published by FBUK this year shows the changes to BPR and APR could lead to more than 208,000 job losses during the term of this Parliament, reduce economic activity by almost £15 billion and government tax receipts by £1.9 billion.

Against this backdrop, FBUK says:

It is untenable to contemplate further business-targeted tax rises. A broad wealth tax, or new restrictions on dividend taxation that penalise owner-managers, would have a similar effect. Business wealth is not an untapped source of government revenue; it is the working capital of firms. Taxing it aggressively forces asset sales, undermines investment and destroys the very businesses that generate jobs and taxes.

Elsewhere FBUK’s budget submission calls on the Government to:

  • commit to a strategy to support mid-sized firms in unlocking long-term, sustainable growth across the whole of the UK.
  • put family firms at the heart of the devolution mission, working in partnership with them to deliver local investment and growth
  • work with FBUK to deliver tailored advice and support to family businesses, to help them take advantage of new export opportunities and drive growth.
  • ensure export support and finance is better targeted to support family firms take their first steps into export
  • reintroduce VAT free shopping for international visitors
  • take the macroeconomic family business situation into account when assessing the Low Pay Commission’s advice on the NLW and NMW rates to come into effect in April 2026.

Fiona Graham, Chief Operating Officer at FBUK said:

We are absolutely clear that any further business-targeted tax increases in this Budget, will only serve to undermine investment and stifle growth.

Changes to the rules on inheritance tax for family businesses, announced last year, have been hugely damaging to our members and the entire family business community. But there is still time to pause and consult, and for government to work with us to find a better solution that supports Britain’s family businesses.

We would encourage the Government to use next month’s Budget to prioritise growth-friendly policies that support family businesses to do what they do best – create growth and prosperity in every region of the UK and maximise new opportunities in markets around the world.

Read FBUKs full budget submission.

Image: William – stock.adobe.com

FBUK comments on IFS Green Budget

Posted on by Martin Greig

Ahead of the Autumn Budget in November, the Institute for Fiscal Studies has published its Green Budget which looks at the challenges faced by the Chancellor and suggests areas for consideration.

Responding to the Green Budget, Fiona Graham, Chief Operating Officer at FBUK, said:

The IFS has suggested, along with many others, that taxes will have to rise. We welcome their suggestion that any changes to tax policy should improve the design of the tax system, not worsen it.

The IFS is also right to say that many of the tax-raising options open to the Chancellor, outside the ‘big three’ of income tax, national insurance and VAT, would have particularly damaging effects on growth and welfare, so we urge the Government to carefully consider the unintended economic consequences of seemingly minor policy tweaks.

Whilst we welcome the IFS’ objection to an annual wealth tax, we are concerned that changes to other taxes on wealth – including areas such as Capital Gains Tax and the rules on gifting – may well be in the Chancellor’s sights.

Any consideration of changes to wealth taxes must consider the particular needs of the owners and shareholders in family businesses – and the valuation of their assets. Treating a share in the fabric of a business in the same way as personal wealth would be hugely damaging to the millions of family-run enterprises that deliver growth and employment across the country – as we have seen from the changes to BPR and APR unveiled last year.

Private and family-owned businesses are the backbone of the UK economy, employing more than 15 million people and contributing hundreds of billions in tax.

Announcements made during last year’s Budget have left many facing considerable challenges. The UK’s growth agenda, which FBUK members back completely, will only succeed if changes to fiscal policy are used to strengthen, rather than undermine, the long-term foundations of family enterprises.

FBUK responds to Finance Bill consultation

Posted on by Martin Greig

Family Business UK has reiterated its concerns over the changes to Business Property Relief (BPR) and Agricultural Property Relief (APR), warning of the consequences of the proposed policy changes on investment, succession planning, and the long-term success of family-owned enterprises.

In evidence submitted to the House of Lords Finance Bill Sub-Committee, FBUK warns that the policy reforms risk undermining Britain’s family business sector with many firms still ill-prepared for the policy change.

In its submission FBUK warns:

  • the policy risks having a chilling effect on the UK economy – which could result in 208,000 full-time jobs lost, a near £15billion reduction in GVA and a net fiscal loss to Government of almost £2bn in this Parliament.
  • of serious concerns around valuations and capacity within HMRC
  • the 6-month window for reporting and paying IHT is unrealistic for family businesses committed to long-term investments – creating a liquidity crisis among family firms
  • the timetable for implementing the reforms is too aggressive and lacks the necessary transitional provisions to protect family businesses.

Matt Jaffa, Policy and Public Affairs Director at FBUK said:

We have grave concerns about the changes to this pivotal policy for family businesses, and the speed with which the Government plans to implement them.

Family business often need years, not months, to rearrange their affairs. Implementing these policy changes in April 2026 creates a cliff-edge for family-owned firms and has enormous implications for the decisions they are being forced to take.

Outside of a technical consultation on Trusts, the wider reforms to BPR and APR were announced without any meaningful engagement with family business owners leading to widespread confusion, anxiety and mistrust.

A transparent and inclusive consultation process is now essential to ensure that tax policy supports – not undermines – the long-term success of family businesses. So, we are calling on the Chancellor to meet with us, our Members and stakeholders and co-design a policy that balances fiscal responsibility with economic sustainability.

FBUK Members can read our full submission to the House of Lords Sub-Committee in the Policy area of our website.

FBUK unveils Corporate Partnership with Julius Baer International

Posted on by Martin Greig

Family Business UK (FBUK) is delighted to announce a new corporate partnership with Julius Baer International, the UK-entity of the global wealth manager with roots as a family business.

FBUK has established partnerships with carefully selected and highly respected organisations that provide compelling professional services to family businesses.

They are critical allies and supporters of our work with family businesses, to ensure generations to come inherit a more prosperous, inclusive, and sustainable future.

Founded in Zurich in the 1890s, the Julius Baer Group has managed wealth and served clients as a trusted, truly personal and holistic advisor for more than 130 years.

Jonathan Dobbin, Head of UK Regions, Julius Baer International said

With a deep-rooted heritage as a family-owned business, we are proud to further demonstrate our commitment to supporting entrepreneurial families across the UK through our new partnership with Family Business UK, a not-for-profit organisation dedicated to championing the interests of family enterprises.

At Julius Baer, we have teams across the UK who have worked closely with entrepreneurs, their families, and their businesses for many years. In doing so, we have become acutely aware of the challenges business leaders face around governance, next generation planning, wealth structuring and philanthropy.

This collaboration with Family Business UK reflects our dedication to engaging meaningfully within the communities we serve. By combining our highly personal service, local market insight, and global capabilities, we aim to support family businesses through every stage of their journey – today and into the future.

We look forward to being a part of this important community.

Neil Davy, CEO Family Business UK said

We’re delighted to welcome Julius Baer to FBUK and join our growing community of Corporate Partners.

As a business rooted in family ownership and family values, they pride themselves in putting the interests of their clients, and their long-term success, front and centre.

We look forward to working closely with them over the years ahead supporting FBUK Members prepare for changing markets and growing risks.

For further information on how Julius Baer can support your family business, and to contact them, visit their page on our website.

Find out more about FBUK’s support to the sector, and our carefully selected Corporate Partnerships, including Julius Baer, providing meaningful support and services to UK family businesses at www.familybusinessuk.org

 

 

Family Business to National Role Model: The Timpson Story

Posted on by Martin Greig

Sir John Timpson CBE is one of the UKs most successful family business entrepreneurs. Sir John delivered the opening keynote speech at our 2025 Annual Conference. Afterwards, Sir John spoke to FBUK’s Martin Greig.

For the last 27 years, Sir John Timpson CBE, has not told anyone what to do, at least not in his capacity as Chairman and Director of a family business which has become one of Britain’s largest and most successful.

Not telling people what to do is one of just three rules that all employees of Timpson Group are expected to observe. The other two are: Look the part (wear the uniform, turn up on time) and put the money in the till!

These rules are fundamental to Sir John’s philosophy of upside down management – a philosophy he introduced years ago when he removed the company’s Head Office (the building remains but it is no longer called the Head Office) and the role of managers was transformed in one of supporting and empowering front-line colleagues to deliver outstanding customer service.

“We do things differently at Timpson. We are a retail services businesses which is about people serving people. We have a lot of very good day to day managers and they succeed by looking after colleagues, not by telling them what to do.”

Every Timpson shop displays a notice carrying a message from Sir John:

The colleagues in this shop have my complete authority to do whatever they want to give you an amazing service.

timpson family business

It is a message that conveys a culture of trust in people and values that runs through the heart of Timpson Group – a culture which has been pivotal in creating one of the country’s best-known, and loved, family business.

History

Sir John became a Director of Timpson in 1969. His first role in the business was buying women’s fashion shoes – a “juicy role” as he recalls, not too high up in the business but one he found great fun. “You might think I have not got an ounce of fashion style in me but I worked out how to do it. It was like playing a game, like doing a crossword puzzle every day. And I think I was quite good at it.

“But I am someone who works on instinct and I had not realised how much I do that until someone drew a cartoon of me. Everyone else [in the picture] was sitting looking at budgets and marketing reports while I was just sitting looking into a crystal ball.”

Cartoon characters are very important at Timpsons (more about that below). What isn’t very important however, are budgets and marketing reports. In fact, they do not exist. The family business does not produce budget forecasts, there are no KPIs, they do not advertise or conduct market research and Board meetings last no longer than two hours.

“When I was at Barclays, Board meetings went on for two days with lots of people reporting on decks that went on and on. We just do not do that sort of stuff. I mean, we do not do budgets because I cannot see the point of them.”

Instead, at 82 years of age, Sir John spends his time visiting hundreds of colleagues at Timpson shops up and down the country getting to know them and hearing how things are going where it matters most.

“It is the thing the makes the difference. Our success depends on the people who work in our shops. Everything else we do is really just backing them up – doing the things that makes it as easy as possible for them to deliver the service.”

Culture and Values

To help reward colleagues and create a special culture within the business, Timpson runs a myriad of schemes to say “well done” and “thank you.” From offering personal loans to those in financial trouble, incentives to stop smoking, meals out, football tickets, scratch cards, paying for driving lessons, a free weekly lottery with prizes of up to £1,000 and a programme to make colleagues “Dreams Come True.”

When this particular scheme was launched in 2013, Timpson committed to making one colleague’s dreams come true. Every month it now funds many more including everything from dream holidays to weddings in Las Vegas and several divorces. “They have never been cheap dreams” quips Sir John.

Timpson also employs a Director of Happiness. A “magic angel” in Sir John’s words who, despite her title, spends most of her time supporting colleagues who are in distress.

Understanding this unique culture is key to Timpson’s continuity. Maintaining it is so important that the company no longer hires external candidates into area management teams preferring instead to promote those who already understand what makes the company tick.

“We are still smarting from an appointment we made several years ago” recalls Sir John, “a person from another business who brought new ideas and an old style of management. That person cost us a lot of money and upset many colleagues in the process.”

Positive Personalities

Timpson family business assessment form

Timpson has also stopped hiring skilled key cutters and shoe repairers preferring to hire people with positive personalities that fit with the culture and values of the business.

Sir John has devised a set of Mr Men cartoon characters for the purpose of interviewing prospective candidates. Rather than grill them on their work history and the detail in their CV, the interviewer simply ticks the box of the Mr Man character most like the person sitting opposite them. “It may not be a process that gains the approval of most HR Directors, but it works for us” says Sir John.

The process has been crucial in enabling Timpson to proactively recruit ex-offenders, something for which Sir John and his son James have, quite rightly, won many plaudits. About 500 colleagues have joined Timpson directly from Prison. Many have been with the business for more than 10 years and several have progressed to important management roles.

Sir John believes that being a family business has helped them to have the courage and vision to employ ex-offenders.

“I met a guy recently who said to me, this is the only job I have ever had. I went to prison at 18 and I came out at 33. My way out was the scheme you were running, and I have been with the business ever since.

“We now have a loyal employee that nobody else would touch, and he is great. He is on the area team and on his way up the ladder. It is all about hiring the right personalities.”

Total Control

Timpson Group is now a 6th generation family business, founded in 1865 or 1869, depending on how you measure it. The company is totally family-owned.

But like with many families, the Timpson family had a bust up. Theirs, in 1973, took place in the Board room and resulted in much of the equity in Timpson being sold to United Drapery Stores. For the following 10 years, Timpson was no longer a family business.

“It was very unpleasant” recalls Sir John. “But it happened. This was the reality of being in business. You thought it was the end of the world but, actually, it did us a lot of good.

“As a result, I managed to get 100% of the equity back and it hastened our decisions to change the business. So, yes it was painful. But it would have been even more painful if my wife had not told me to fight it.”

Perhaps because of what happened in the past or because of his profound love for the business, or both, owning 100% of the equity in Timpson is important to Sir John.

“To remain in charge of a long-standing family business you need to be in control of the equity – and total control means 100%, and despite the unwelcome prospect of inheritance tax I will do whatever I can to ensure that total family control remains for generations to come.”

Several years ago, Sir John made a TV programme about Timpson with the entrepreneur and Dragon’s Den star Peter Jones. During the programme Peter Jones asked Sir John “what’s your exit strategy?” “I’m going to die” replied Sir John!

Is that still his plan? “Yes,” he says emphatically. “Absolutely! What else is it going to be? Can you imagine selling this business to someone else who is just going to screw it up?”

This article was first published in the FBUK Magazine. You can read and download the full magazine below.

Read FBUK Magazine.