Latest news with #NickBlair
Telegraph
2 days ago
- Business
- Telegraph
British Army supplier founded by Tony Blair's son raises $20m
A start-up co-founded by Sir Tony Blair's son Nick has raised $20m (£15m) to develop simulation technology for the British Army and Nato. Skyral, which is working on next-generation training programmes for the military, has secured new funding from existing investor NOIA Capital. Accrete Capital will take a minority stake. Nick Blair, the son of the former Labour prime minister and co-founder of Skyral, said the deal was an endorsement of the 'excellence of UK innovation'. It comes as the company awaits the outcome of a £2bn bidding process to redesign the British Army's training systems and technology. Skyral is part of a consortium which is among the frontrunners to become the Army's strategic training partner. This would see it handling exercises for 60,000 British soldiers each year and supplying everything from logistical support to virtual simulations and data analysis. Skyral's technology means it can create 'digital twins' that model human behaviour or real-world environments. This allows the military to run simulations in a virtual world alongside real training exercises. The Ministry of Defence is in the process of picking between two final bids to begin work next year. Rival bids from British contractor QinetiQ and French business Leonardo have already been ruled out. Future wargaming could see soldiers conducting exercises with their battleline units and military hardware, while away from the frontline analysts and officers simulate logistical challenges, cyber attacks or managing civilian populations. Sir Keir Starmer this week revealed his plans to boost military spending as part of the strategic defence review, with a focus on new technologies such as artificial intelligence (AI), drones and cyber warfare. Jason Kennedy, Skyral's chief executive and another co-founder of the business, said the defence review had 'prioritised digital advantage', an area where Skyral had expertise. He said: 'We simulate really large complex systems. We can simulate the whole critical national infrastructure of a country, or a city, or its people. We help train for the modern world.' Mr Blair joined Skyral as chairman last year. He is listed as one of its co-founders. His brother, Euan, runs Multiverse, a business that helps train apprentices using technology and is valued at £1bn. Skyral was previously part of £2bn technology business Improbable, but was spun out of the UK company two years ago. Improbable had spent more than $100m developing Skyral before selling it to Luxembourg-based fund NOIA Capital in 2023. It had previously worked with the British and American military as well as Nato.
Gulf News
28-02-2025
- Business
- Gulf News
UK expat turns ice bath craze into a Dh4.4m business in the UAE
Dubai: Ever thought a single purchase could spark a thriving business? For British expat Nick Blair, 36, that's exactly what happened. When he ordered an ice bath for personal use in 2023, he had no idea it would turn into a multimillion-dirham venture. Today, his brand, KULA Recovery, supplies fitness centers, hotels, and wellness facilities across the UAE, generating Dh4.4 million in revenue with Dh730,000 in profit in 2024. From a single sample to a booming business 'I shared a post about my ice bath on Instagram, and suddenly gym owners I knew started asking where they could get one. That's when I realized there was a real demand,' Blair recalls. With over a decade in the fitness industry, he leveraged his network to transform this interest into a full-fledged business. Today, KULA Recovery supplies leading gyms, including Warehouse Gym, Wellfit, and Gymnation, as well as luxury hotels and wellness centers. Funding and overcoming initial hurdles Blair used profits from his previous venture, Dubai Muscle Show, to launch KULA Recovery. He and his partner had built the region's largest fitness trade show before selling it in 2021 for Dh25.7 million ($7 million). 'I invested Dh100,000 to get started, but the biggest challenge was logistics. Ice baths and chillers are heavy, and shipping was costly. We initially relied too much on air freight, which ate into profits. Switching to sea freight improved our margins.' Since its launch, KULA Recovery has fulfilled over 500 orders and reached profitability by refining logistics and operations. Today, half of its sales come from high-end hospitality and wellness facilities. Lessons in entrepreneurship and money management Blair believes financial discipline is key to business success. Lesson #1: Revenue is vanity, profit is sanity 'People love to brag about 'seven-figure businesses,' but if your profit is zero, it's pointless,' he says. He recalls nearly spending Dh1.3 million ($350,000) to bring UFC legend Conor McGregor to Dubai Muscle Show. 'It would have been amazing, but my business partner showed me the numbers—it wasn't worth the risk. That experience taught me that cutting unnecessary costs is as important as growing revenue.' Lesson #2: Early money lessons shape mindset Blair grew up in an environment where many of his peers had luxury cars and large allowances, but he had to work for everything. 'My first job washing plates for Dh15 an hour taught me the value of hard work. Now, as a dad, I want to instill the same work ethic in my son, Harry.' To teach financial literacy, he plans to engage his son in small business activities. 'I'll give him Dh100 to buy ingredients for cookies, help him make them, and let him sell them—showing him firsthand how money works.' He also recalls his time in commission-only sales, knocking on doors in freezing UK weather to sell private medical insurance. 'I faced rejection 98 out of 100 times, but it built resilience—whether you win or lose, you keep moving forward.' Lesson #3: Diversify and spread risk Blair balances his entrepreneurial risks with a diversified investment strategy. 'I have a high-risk appetite in business, but my financial advisor, Hannah Greenwood, helped me diversify. My investments include S&P 500 and FTSE 100 stocks, tech shares, UK real estate, and two businesses in the UAE.' For long-term security, he focuses on stable investments with an annual target return of 7%. 'My goal is to have passive income that supports a comfortable lifestyle while continuing to invest in exciting startups.' Final takeaways: Smart money moves Blair acknowledges early financial mistakes, such as relying on credit cards when he first moved to Dubai. 'Credit limits were high, and I fell into the trap of overspending. I've since learned that debt can be a powerful tool when used strategically but dangerous when mismanaged.' His advice? 'Everything is negotiable—whether it's a salary, purchase, or investment. If you don't ask, you don't get.' As KULA Recovery continues to grow, Blair remains focused on expansion while maintaining financial prudence. 'Success isn't just about making money—it's about managing and investing it wisely.' Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
