Anthony Houghton, Chief Executive of Holland & Barrett, joins the Big Boss Interview as social media and online self-diagnosis reshape how consumers approach health and wellness.

He describes a retail landscape where customers increasingly arrive in store — or online — having already decided what they need based on influencer content or digital health advice, not all of which is accurate or appropriate to their individual circumstances. In a £110 billion global health and wellness industry, the challenge for established retailers is navigating the gap between what customers believe products do and what they are legally permitted to claim.

Holland & Barrett’s response has been a major internal reset. Three years ago, the company invested in a dedicated science team to review its entire range. Of approximately 4,500 core products, 2,700 have since been reformulated or upgraded. More than 1,000 own-brand products have been completely overhauled in the past 18 months alone.

Labelling presents particular complexity. Products marketed for perimenopause, for example, may feature the term prominently on packaging to help customers find relevant items. Yet detailed ingredient information states that vitamin B6 contributes to hormonal regulation and iron supports normal cognitive function — without referencing perimenopause directly. Strict Advertising Standards Authority rules limit what retailers can claim about specific conditions, creating a disconnect between searchable labels and regulated ingredient statements. Houghton acknowledges many customers may not understand this distinction.

The transformation has coincided with strong financial performance. Holland & Barrett reported 11% sales growth — its third consecutive year of double-digit increases — with digital sales up 20% overall and accounting for 21% of total revenue. However, £300 million invested over three years in store refits, supply chain upgrades and internal capability building has weighed on profit margins. Houghton describes the investment as “fixing the foundations”, with efficiency gains expected to restore profitability as the transformation programme matures.

Despite digital growth, physical retail remains central to the strategy. The company operates 809 stores across the UK and Ireland, opened nine new sites this year and has completed a major refit programme. Houghton rejects suggestions that the High Street is dead, arguing that physical and digital channels are complementary rather than competitive. Stores now offer personal consultations, experiential elements such as yoga studios in selected locations, and partnerships with diagnostic provider Randox to deliver health MOT blood testing in a growing number of sites.

Cost pressures remain acute. Minimum wage increases affect the majority of staff across hundreds of stores. Holland & Barrett pays above the statutory National Living Wage and plans to announce another rise shortly. Rather than passing those costs directly to customers through price increases, the strategy focuses on driving operational efficiencies elsewhere. At the same time, the company has increased investment in colleague training — requiring staff to complete health and wellness training before advising customers — even as many retailers are cutting back.

Presenter: Sean Farrington

00:16 Will and Sean intro pod

Nicole Melillo Shaw, Managing Director of Volvo UK, joins Big Boss Interview at a pivotal moment for the electric vehicle market, as the company recalls 10,500 EX30 electric cars following four battery fires globally.

“It’s against everything we stand for,” she says, reflecting on a situation that challenges a brand built on nearly a century of safety leadership. Despite a global failure rate of just 0.02% and no fatalities, Volvo identified the root cause in late December and immediately instructed owners not to charge beyond 70% while a fix is implemented. Repairs are scheduled to begin in late March. For Volvo, the response reflects what she describes as a precautionary, safety-first culture, even when the commercial implications are uncomfortable.

Melillo Shaw examines what the recall means for consumer confidence in electric vehicles — a technology already under heightened scrutiny — even though petrol vehicles statistically present a greater inherent fire risk due to flammable fuel systems.

The recall comes as electric vehicle adoption remains slower than manufacturers once anticipated, despite annual growth exceeding 20%. Volvo’s UK electric sales peaked at 28% following the EX30 launch but have since stabilised at just over 22 per cent as more than 160 additional models enter the market and buyers opt for “one more petrol” or hybrid before fully switching.

Range anxiety, she argues, is no longer the central issue, but infrastructure concerns persist. Confusing government messaging — pairing incentives with discussions of pay-per-mile charges and benefit-in-kind changes — continues to add to consumer hesitation.

Global instability adds further complexity. Volvo has been regionalising production, partly in response to tariff pressures, building vehicles closer to the markets in which they are sold. That turbulence elevates the UK’s importance as Volvo’s third-largest market, where a direct-to-consumer model has delivered 40% growth and lifted market share from 2.5% to 3.5%.

Government Zero Emission Vehicle mandates now require manufacturers to meet steep electrification quotas or face fines of £12,000 per non-compliant vehicle from November. Volvo discontinued diesel models in the UK in 2023 and says it could sell 100% electric vehicles tomorrow if demand existed. However, meeting regulatory targets while absorbing development costs and discounting pressures presents a commercial balancing act.

Finally, Melillo Shaw reflects on her own trajectory — from Scunthorpe through healthcare brands to automotive leadership. Volvo deliberately recruited her because she had never bought a car, valuing the perspective of someone who understood the anxiety of a major purchase. She argues the industry must broaden access and challenge assumptions about who belongs in automotive careers, creating clearer pathways for talent from working-class communities.

Mark Allan, CEO of FTSE 100 property giant Landsec, tells Will Bain that much of the narrative around the UK’s commercial property market isn’t quite right. Demand for office space is robust: businesses are signing 15 to 20 year leases, and firms that downsized after COVID are reversing course. Even the fear that artificial intelligence will trigger mass job losses isn’t materialising just yet in leasing behaviour.

He is bullish on the future of retail. Allan believes the shopping centre is firmly “back”, with sales and rents climbing again at major destinations such as Liverpool ONE and Bluewater. Retailers, he says, have become more selective - closing weaker sites while doubling down on the biggest and strongest locations. And with no new centres being built, the most successful ones are only becoming more valuable.

But Allan is blunt about the challenges facing large scale development in the UK. The affordable housing market won’t improve until private development becomes financially viable again. Rising construction costs, slow and unpredictable planning processes and persistently high interest rates are making major projects far harder to get off the ground.

His sharpest criticism, though, is for Westminster. Allan argues that political instability is damaging investor confidence and making long term planning extremely difficult. Allan says the business rates system is "crazily out of date". He welcomes the government’s ambition for planning reform, but says the UK keeps being dragged back into cycles of “permanent drama” that undermine efforts to fix the system.

Presenter: Will Bain

00:00 Sean and Will start pod

Clive Chesser, chief executive of PureGym, says surviving cancer fundamentally changed him as a leader — deepening his empathy and reshaping how he approached life, including changing career..

His diagnosis came during an extraordinarily difficult period in December 2021. While leading his then pub business through a complex private equity transaction, he was experiencing persistent breathlessness and fatigue he initially attributed to long COVID. After noticing swollen lymph nodes in his neck, members of his family — several of whom are senior doctors — urged him to undergo further tests. He completed them just before finalising the business deal.

Christmas brought what he describes as an unimaginable sequence of events. On Christmas Day, his father-in-law died while his wife isolated at home with COVID. Shortly afterwards, Chesser received confirmation that he had cancer in his lymph nodes. The following day, he says, he faced the hardest moment of his life: telling his three teenage children he had cancer.

At the time, Chesser was marathon-fit, training regularly and running annually. That physical condition proved critical during treatment. His fitness enabled him to tolerate more aggressive radiotherapy and additional chemotherapy rounds, improving his chances of full recovery — which he ultimately achieved. The experience, he says, transformed his sense of purpose and made his subsequent appointment as PureGym’s chief executive feel profoundly aligned with his personal journey.

That personal conviction underpins what he describes as a broader fitness revolution reshaping the UK gym industry. Nearly half — 47% — of PureGym’s January 2025 joiners were aged 25 or under, reflecting what Chesser sees as a generational shift in attitudes to health. Younger members, particularly Gen Z and Gen Alpha, are integrating fitness into their social identity. Gyms are becoming social hubs, not simply places to exercise, where mental wellbeing and community sit alongside physical strength.

He describes a trend he calls “fitness snacking” — members moving fluidly between gyms, boutique studios and fitness events before returning to a core membership. Despite this apparent transience, average tenure stands at 19 months and is rising. Most new joiners are returning members, a notable fact given PureGym’s no-contract, month-to-month model, where members actively choose to stay.

Women are driving another significant shift in the market, moving away from cardio-dominated routines towards strength and conditioning. In response, PureGym has introduced more than 50 women-only workout spaces across the UK after research showed many women prefer environments where they feel more comfortable and less exposed. These areas exist nationwide and sit alongside screened lighter-weight zones designed to reduce intimidation for first-time users. While the majority of PureGym’s 456 UK sites remain mixed-gender spaces, Chesser argues that offering choice has been critical to growth and inclusion.

Chesser also delivers a critique of the Labour government’s economic performance, arguing it has failed to deliver the long-term growth strategy promised before taking office. He points to National Insurance rises and the continued burden of business rates on bricks-and-mortar operators — including gyms and pubs — while online businesses face comparatively lighter structural costs.

He draws a stark comparison between government and business leadership, noting that the UK has had six Prime Ministers in ten years — instability he likens to running a football club rather than a company built on rolling five-year strategies and careful succession planning. In his view, the government remains trapped in short-term crisis management rather than long-term economic planning.

Presenter: Sean Farrington

00:00 Fliss and Sean intro pod

Timo Boldt, founder and chief executive of Gousto, believes Britain’s food system is broken.

He points to the growing economic burden of diet-related disease with Government figures suggesting obesity alone costs the NHS more than £11 billion a year, while broader estimates put the total economic cost of overweight and obesity at more than £100 billion annually once lost productivity and reduced quality of life are included.

Boldt argues the problem begins with what Britons eat. Research suggests more than half of the calories consumed in the UK come from ultra-processed foods, rising to around two-thirds among children and adolescents.

He defends Gousto’s typical price point of about £3.20 per meal per person, arguing that it compares favourably with supermarket shopping once household food waste, time spent planning meals and convenience are taken into account. The company cannot compete with the very lowest-cost diets, he admits, but says it is targeting the large proportion of households already spending similar amounts on evening meals.

Boldt also argues that farmers sit at the weakest point in the food chain, squeezed by large manufacturers and retailers who dominate what ends up on supermarket shelves. He says the system would look very different if incentives favoured fresh produce rather than heavily processed foods.

Government action so far — including the sugar tax and restrictions on junk-food advertising — is, in his view, only a start. He calls for a broader approach combining taxes on unhealthy products with subsidies for more nutritious farming, alongside tighter rules on product placement in supermarkets.

If diet-related disease could be reduced, he argues, the savings for the NHS and the wider economy would be enormous. The long-term solution, he says, is to “go upstream” and change what people eat by reshaping the food system itself.

Gousto grew rapidly through the 2010s, with annual growth of around 90% in its first decade. But the business faced a very different environment in 2022, as interest rates rose sharply and household budgets tightened. Boldt responded by expanding the range of recipes and focusing on value, while pushing the company towards profitability and self-funding.

He started the business fifteen years ago after long hours in the finance industry left him eating poorly. In the early days he delivered boxes himself, handing out his personal mobile number to customers. Today, after expansion into Ireland, he says the next phase will be international — once the company has fully cracked its home market.

Presenter: Sean Farrington

00:00 Fliss and Sean start pod

Brian Niccol took over at Starbucks in 2024. He became CEO at a time profits had been falling and customers going elsewhere. He says Starbucks had got too distracted on efficiency and technology and lost focus on customers and experience.

Starbucks has re-introduced things like handwriting on cups and ceramic mugs in a bid to win back customers, and has also given the menu and stores a makeover. It's already seen sales improve but Brian Niccol says they still need to do more..

Technology is playing a big part in Starbucks plans to improve efficiency. It's using AI to take orders and allowing people to schedule their orders. It's also using technology to simplify the ordering process and stock. Niccol says this is allowing staff to spend more time to chat with customers.

Presenter - Michelle Fleury

01:40 Getting customers back to Starbucks. Says had lost focus and got distracted

Picture: Reuters

As CEO of financial services giant Legal & General, António Simões plays a huge role in the UK economy, not to mention in the financial wellbeing of tens of millions of people. From managing pension funds to massive infrastructure spending around the country, he oversees well over a trillion dollars’ worth of UK assets. Simões took the top job at the beginning of 2024, and he tells Will Bain how from the start he has been dedicated to maintaining a corporate culture with a healthy work-life balance.

Bullish on the UK economy, Simões says the country sometimes spends too much time ‘talking itself down’ and that with its fundamental strengths the UK is one of the most stable economies in the world. But, he says, there are still big worries for young Britons’ futures. He tells Will he’s concerned about the low levels of pension enrolment around the country and says more financial education is needed for people to understand the “eighth wonder of the world”: compound interest.

He also tells Will about L&G’s massive investments around the country, from digital infrastructure and energy storage to affordable homes. And he says that despite a backlash against ESG and diversity programmes in recent years, he believes those are essential to ensuring returns for investors, and the country, far into the future.

Presenter: Will Bain

Producer: Olie D'Albertanson

Editor: Henry Jones

00:00 Sean Farrington and Will Bain introduce the episode

02:00 António Simões interview begins

02:21 Maintaining work-life balance and corporate culture

05:30 Britons not saving enough into their pensions and the need for more financial literacy

08:40 Addressing low pensions auto-enrollment, challenges for employees and SMEs alike

20:30 UK Growth - how to get there?

24:30 AI investments and 'bubble' fears

26:30 Government and private investments in new infrastructure around the UK

40:00 The continued value of diversity schemes and ESG amid backlash

41:30 The politicisation of the economy

42:30 Low gender and LGBT representation in the C-suite

Britain's education system stands accused of failing to prepare young people for careers by Neil Clifford, Chief Executive of Kurt Geiger. He tells Will Bain in this episode of BBI that the current education system is "not really fit for purpose" in preparing people for life after education. His own school journey saw him leave with a single O-level in art, achieved by drawing a Dunlop Green Flash trainer that he now keeps displayed in his office. The spurred him on to create the Kurt Geiger Academy, a government-recognised educational institution built within the company's London HQ.

Clifford questions the usefulness of teaching history in school and wonders if the emphasis on mathematics - championed by former Prime Minister Rishi Sunak - is wise, seeing as "we can't out mathematics India or China". Instead he says the UK should focus on sectors where it maintains global leadership, pointing to creative industries as areas where Britain would be World Champions.

Clifford describes how the company has moved from a struggling British shoe retailer into an international fashion company. The brand has undergone a dramatic shift, with American operations now generating 70% of sales from handbags rather than shoes and individual stores producing twice the profit per square foot compared to UK locations. This was a move that saved the company as he says the COVID-19 pandemic brought the company within weeks of bankruptcy, with profits collapsing from £41 million in 2019 to just £6 million.

Presenter: Will Bain

00:00 Fliss Hannah and Will Bain introduces the episode

John Vincent, founder and chief executive of Leon, joins the Big Boss Interview to explore how the rapid rise of weight-loss medications could reshape the food industry—and how Leon intends to position itself to benefit.

Vincent returned to the business in October 2025, four years after selling it, having grown disillusioned as a minority shareholder. He says he lacked the board control needed to run the company how he wanted.

Following its sale to the Issa Brothers and subsequent ownership by Asda, Vincent argues Leon became an “orphan child” inside a larger corporate structure, losing what he describes as its “chutzpah, leadership and confidence” and drifting away from its original sense of purpose.

So, Vincent has returned, and immediately put the company into administration, but says all suppliers have been protected and will be paid in full, though admits landlords are “probably less happy”. His strategy now involves scaling the business back initially, before rebuilding to around 100–200 restaurants focused largely on London, alongside expansion through franchise partnerships at service stations, airports and train stations, and growth in grocery and direct-to-consumer channels.

He also delivers a blistering critique of government policy towards hospitality, describing what he calls an “incredibly toxic tax regime”. His warning is stark: only restaurants “selling crap food” will survive, because quality ingredients are no longer economically viable, and further chain failures are inevitable.

Presenter: Will Bain

01:40 John Vincent joins the pod

Tom Beahon, co-founder and co-chief executive of premium sportswear firm Castore, joins Sean Farrington on this week’s BBI to tackle some of the most contested questions facing sport, retail and work—including a debate that many families and fans discuss: why replica football kits now cost what they do, and whether supporters are being priced out of the game.

Beahon pushes back against the idea that brands are inflating prices arbitrarily, arguing that higher costs reflect inflation, rising material prices and unprecedented global investment in elite sport. He maintains that if consumers genuinely could not afford official merchandise, the market would force prices down. He also outlines how Castore is responding to affordability concerns through entry-level product ranges designed to keep official kits within reach, while defending the idea that premium pricing reflects economic reality rather than corporate opportunism.

The conversation then turns to how technology could reshape fan engagement and brand loyalty. Beahon explores the potential for embedded chips in official merchandise—technology that could unlock exclusive digital access to teams and events, while also helping brands combat the growing problem of counterfeit kits. He suggests this convergence of physical products and digital experiences may become increasingly central to how sports brands connect with supporters.

Beahon also describes a striking shift in consumer behaviour: the resurgence of physical retail at a time when many brands are retreating from the high street. Castore has seen bricks-and-mortar stores outperform its e-commerce channels in recent months, reversing a trend that dominated much of the past decade. Rising footfall and in-store spending have prompted significant investment in the company’s retail estate.

Founded in 2016, Castore is approaching its tenth anniversary as a billion-pound business, following its acquisition of heritage brand Belstaff. Beahon reflects on the balance between legacy and agility, explaining how established brands bring credibility and depth, while Castore’s rapid ascent demonstrates the value of entrepreneurial speed and a willingness to challenge convention. Positioning itself against global giants such as Nike and Adidas, Castore sees its challenger status as an advantage.

On the future of work, Beahon delivers one of the starkest warnings of the interview arguing that artificial intelligence and automation are already reshaping how businesses think about staffing, predicting that 2026 could mark a tipping point for job losses in the UK. He says that as many as 80% of the chief executives he speaks to are planning for leaner workforces. These decisions, he suggests, are being driven by rapid advances in AI alongside rising employment costs, including national insurance—raising difficult questions about how workers, businesses and policymakers adapt to a rapidly changing economy.

Presenter: Sean Farrington

00:00 Pod start