‘He's giving it his all. When you invest, that's what you want'
The Gymshark co-founder Lewis Morgan has snapped up a 15 per cent stake in MyFirst, a car insurance company targeting young drivers, and is backing the start-up to reach unicorn status.
Morgan, who started Gymshark in 2013 with Ben Francis, bought out existing shareholders and said he believed the company would achieve a £1 billion valuation in the coming years.
As part of the same transaction, an existing minority shareholder, Rob Pierre, who is best known as the co-founder of Jellyfish, a digital marketing agency, has increased his stake from seven to 20 per cent.
James Noble launched MyFirst in 2016 after struggling to secure cover for his first car. At the time he was working as a golf caddy with no experience in the
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Things get even knottier when you drill into the detail on steel. 2:13 You see, one of the things the White House is nervous about is the prospect that Britain might become a kind of assembly point for steel from other countries around the world - that you could just ship some steel to Britain, get it pressed or rolled or worked over and then sent across to the US with those 0% tariffs. So the US negotiators are insisting that only steel that is "melted and poured" in the UK (in other words, smelted in a furnace) is covered by the trade deal. That's fine for some producers but not for others. One of Britain's biggest steel exporters is Tata Steel, which makes a lot of steel that gets turned into tin cans you find on American supermarket shelves (not to mention piping used by the oil trade). Up until recently, that steel was indeed "melted and poured" from the blast furnaces at Port Talbot. 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The White House has indicated that Britain will only be spared that 50% tariff rate provided the trade deal is finalised by 9 July. That gives the negotiators another month and a bit. That might sound like a lot, but now consider that that would be one of the fastest announcement-to-completion rates ever achieved in any trade negotiations in modern history. There's no guarantee Britain will actually get this deal done in time for that deadline - though insiders tell me they think they could be able to finalise it in a piecemeal fashion: the cars one week, steel another, pharmaceuticals another. Either way, the heat is on. Just when you thought Britain was in the safe zone, it stands on the edge of jeopardy all over again.
