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Scooter firm Pure Electric set for profit in 2026 after business overhaul

2025-08-24 05:56:27 By

Adam Norris' son, Formula One driver Lando Norris, with a Pure Electric e-scooter

Pure Electric, the scooter company led by former Hargreaves Lansdown investor Adam Norris, has projected its first profit for 2026 following a shift in its business model.

The Somerset-based firm anticipates that its pre-tax loss will continue to decrease throughout the current financial year as it expands globally, as reported by City AM.

This forecast follows the company's report of a pre-tax loss of £7.5m for the 12 months ending on 29 February, 2024, a reduction from the previous year's loss of £14.6m.

However, recently filed accounts with Companies House reveal a drop in overall turnover from £20.8m to £18.1m and a reduction in staff numbers from 139 to 59 due to store closures and "efficiencies".

Pure Electric attributes its reduced operating loss to a £6m cut in administrative and exceptional expenses and a £1.1m increase in gross profit after exiting unprofitable stores and ceasing sales of bikes and low-margin third-party scooters. The company also cites a 13% revenue decline as a result of these changes.

Over the past year, Pure Electric's UK sales fell from £18.9m to £9m, while sales in the rest of Europe rose from £1.9m to £8.4m. The company also reported a turnover of £690,213 in other global markets.

Over the past year, Pure Electric has expanded its presence into Halfords, Argos, Evans and Selfridges in the UK, as well as Australia, the Nordics, China and Italy.

The company reported a 20 per cent reduction in administrative costs to £10.4m, largely due to restructuring for a leaner business model.

A statement from the board outlined plans for further expansion in existing markets and new territories including Japan, Switzerland, Germany and UAE in FY25. "With its differentiated own brand, Pure Advance scooter range, a partnership with McLaren and global expansion plans, the group remains in an unrivalled position to exploit the incipient micromobility trend and become the leading global escooter brand," the statement read.

The company also plans to identify further cost efficiencies and launch new products, while expanding within existing markets and geographically. As a result, it anticipates a significant reduction in losses in FY25, with the aim of generating profit from FY26 onwards.

In October 2024, Pure Electric raised £2.27m through a crowdfunding campaign, exceeding its target by 227 per cent. The round attracted 874 investors, bringing the company's total investment to over £70m.

Financial documents for PST Holdings, the parent company of Pure Electric, reveal a drop in turnover from £27.1m to £19.9m within the same financial year, while its pre-tax loss was reduced from £21.8m to £11.3m.

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Lurpak maker Arla Foods eyes cuts as it battles rising prices and 'consumer uncertainty'

Arla Foods, the dairy behemoth behind brands such as Lurpak and Cravendale, has issued a warning that it is planning to make cuts of up to €110m (£91.1m) in 2025 due to escalating prices and consumer uncertainty. The Danish-Swedish multinational co-operative, which has a significant footprint in the UK and its headquarters in Leeds, also anticipates reporting a revenue of between €14.5bn to €15.3bn this year, driven by high dairy prices, as reported by City AM. However, the company cautioned that these same elevated price levels, coupled with consumer uncertainty, "are expected to pressure branded volume-driven revenue growth", which is predicted to drop to just between one and two per cent. Arla further stated that it plans to achieve "efficiencies" in 2025 of between €90m and €110m. These projections were announced alongside Arla's group revenue of €13.8bn for 2024, an increase from the €13.7bn it posted in 2023. In the UK, branded revenue rose by £89m, but overall revenue in the country declined by 2.9 per cent year on year. Arla attributed the decrease to "changes in the external landscape such as lower prices and overall milk volume declines, plus adjustments to private label volumes". This comes after Arla faced calls for a boycott in November 2024 when it revealed plans to test Bovaer, a feed additive, on some of its UK cows. The boycott was sparked by misinformation about the safety of Bovaer. Bas Padberg, managing director of Arla Foods UK, remarked: "2024 was clearly a year of strong branded growth, which really highlights the power of the portfolio and product mix we have, as shoppers look for quality, nutritious and tasty products." He further stated that as a cooperative, their aim is to generate the best returns for their owners and noted, "through strong collaboration and the support of the farmers, our customers and the whole business, means we can give back to our farmers for the hard work they do in producing our food and investing for the future of the dairy industry." Padberg added on the nutritional value of milk, "As a nutrient dense food, milk can play an important role in contributing to a healthy, balanced diet."

'VAT costs are killing industry' - Exeter salon boss warns chancellor ahead of Spring Statement

An Exeter hairdresser is among UK salon owners urging the chancellor to throw the sector an "economic lifeline" as a new report highlights how an unbalanced tax system is "decimating" the industry. Nathan Plumridge, owner of Darts Farm-based Energy Hair, has warned VAT costs are "killing the industry". His business, which employs 25 staff, is also about to see its wage bill rise by £50,000 following Rachel Reeves' national insurance (NI) hike for employers. "It’s not a pretty picture for the industry," he told Business Live. "It’s really alarming. When you look at the amount of salons shutting down and then reopening up as a self-employed salon. It’s having an impact on education and standards." Mr Plumridge says the main issues for salon owners are increased NI contributions and rates of pay. He says the costs will make a "massive dent" in the number of apprentices business like his can afford to take on. "Business are not going to be employing as many people because of the cost and it stifles growth. A lot of salons are still reeling from the impact of Covid and the problems are being compounded by these other financial challenges." The entrepreneur says salons are "cautious" about hiking prices, but rising costs may mean there is no option but to do it. "If nothing is announced [in the Spring Statement], it will lead to more closures within the sector. It’s a micro industry and run generally by owner operators who are on the floor… people are still feeling the impact of Covid and any additional pressure is coming out of the bottom line. So what do you do?" According to analysis commissioned by independent consultancy CBI Economics, unless changes are made within the industry there will be no new apprenticeships by 2027 and a 93% fall in employment by 2030. The British Hair Consortium, which represents 50,000 UK hairdressing professionals, is calling for Rachel Reeves to halve the VAT salons pay on labour costs to 10% to help them overcome recruitment challenges. “Our industry has been ignored for years and we’re calling on the government to correct decades of mismanagement,” said Toby Dicker, co-founder of the British Hair Consortium. “Most owners haven’t had a pay rise in many years and simply can’t consider expanding their business, let alone take on an apprentice. “A one-size-fits-all tax system doesn’t work and has created an unlevel playing field. Increasing numbers of owners are either closing their salons or changing their employment practices and are renting chairs to contractors just to survive. This report shows how cutting VAT to 10% won’t cost the Government a penny. It would save salons across the country and ensure the future of our industry which sits at the heart of the high street.”

Club L London almost triples in size as it targets international expansion

Fashion retailer Club L London is eyeing international expansion after its sales and workforce nearly tripled over two years. The Manchester-based company reported a turnover of £44.4m for the 14 months ending 31 March, 2024, according to recent filings with Companies House, as reported by City AM. This surge in revenue follows a previous year's turnover of £29.5m and £15.7m the year before that. The firm also saw its staff numbers grow from 64 to 94 in the latest financial period, up from 35 employees in January 2022. Despite the impressive sales growth, Club L London experienced a slight decline in pre-tax profits, dropping from £3.6m to £3m. The company attributed this dip to "poor consumer confidence" driven by "high and persistent inflation and a cost-of-living crisis". Nevertheless, the directors remain optimistic, expecting pre-tax profits to exceed the levels seen in January 2023 by 2025. The business anticipates further growth both domestically and internationally. The board's statement highlighted the brand's continued growth during the extended 14-month financial period, despite economic challenges: "The extended 14-month financial period... was a period of continued growth for the brand." It also acknowledged the difficult economic environment: "This is despite a backdrop of poor consumer confidence caused by high and persistent inflation and a cost-of-living crisis."

Hair salons tell Chancellor to cut VAT to save industry from 'existential crisis'

The North’s hair and beauty industry could face a long-term crisis unless the Government cuts VAT – that’s the message from the owners of salons across Merseyside. The British Hair Consortium (BHC) says the tax system is “crushing” high street salons and that the whole industry so vital to the region’s economy is facing an "existential crisis". Collinge & Co has been in Liverpool city centre for decades and every year trains dozens of apprentices who will be the future of the industry. But its boss Charlie Collinge says his company has already had to close one salon as rising costs bite – and warns that without more Government support the flow of apprentices to the industry could stop altogether. Like other high street companies, hair and beauty firms are also coping with the upcoming rise in National Insurance costs. Collinge & Co said that rise in costs was a factor in the closure of its Ormskirk salon. Meanwhile the owner of three Sefton salons says VAT is her biggest challenge and says she fears for the future of the industry. The BHC is today issuing a report by consultancy CBI Economics saying the Government must “urgently halve the VAT salons pay on labour costs to 10%” to help salons stay competitive. It says that because hair and beauty work is labour-intensive, taxes on labour hit salons harder than other high street businesses. More hairdressers are choosing to work on their own rather than being employed at salons – such as by renting chairs at a shared salon – to save money. But the BHC says sole traders are generally not taking on apprentices, unlike traditional salons. It says that if the trend goes on then "by 2027 there may be no new apprenticeships offered". Charlie Collinge, managing director of Liverpool’s Collinge & Co, said last year the business had 300 applications for 64 apprenticeship places. It managed to fill 60 of those places. This year’s apprenticeship scheme has been open for two months and has already had more than 120 applications. But so far it has only had 17 businesses express an interest in taking an apprentice. Charlie told BusinessLive: “If you've got over 300 people applying for an apprenticeship. You should be able to fill 64 places, you really should. But I really don't think we will. “Realistically, we could be looking at not being able to afford to run as a training provider if we can't fill or get close to filling 64 places. And then there's no apprenticeships. Then you're talking about there being no apprenticeships offered in all of Liverpool City Region.” Charlie said the industry offered a great career and good pay – but that he was worried the pipeline of trainees could slow dramatically unless training providers like his were offered support. He said: “We've offered amazing opportunities to people. It really does give people a good career. There's good progression, good career security. There's always going to be demand for hairdressing. The current hairdressers are okay. But if we don't have apprentices coming through, there's going to be a really big issue.” Charlie says he wants Chancellor Rachel Reeves to use her spring statement next month to cut VAT for hair salons. He said: “We believe we're unique. We believe we've got the highest wage bill on the high streets. For some businesses, over 60% of their turnover is going on wages. So when there is something like an NI increase, that's hitting us twice as hard as the hospitality business, it's hitting us three times as hard as a retail business. So these increases aren't equal. “ The Collinge family has worked in hairdressing since the 1940s. Peter Collinge opened his city centre salon in 1954 and became one of Britain’s most famous hairdressers. His son Andrew followed in his footsteps, becoming a regular on ITV’s This Morning alongside wife Liz. Andrew was also passionate about training in the industry – as his son Charlie, who now leads the business. As well as its flagship Castle Street salon, Collinge & Co also has a salon and training academy at Bold Street in Liverpool city centre, a salon in Heswall in Wirral, and a concession in Selfridges at the Trafford Centre. Its Ormskirk salon will close next month. Mr Collinge estimates 70% of the industry is now self-employed rather than working in or running salons. He said: “An owner of a wholesaler told me that there's no less hairdressers out there, because they know that from the amount of product they're selling to people, but they don't know where the hairdressers are operating.” And he added: “Therefore, there's less and less salons that even operate a PAYE system so that therefore are offering apprenticeships. So that's the challenge. “So let's say 70% of the industry is self-employed. Because that's dominant and it's cheaper, it makes it very difficult for you (as a salon owner) to then grow your business. “I could put a job out for this salon… and we probably won't get many applications because people want to be self-employed, so it's very difficult for you to grow your business. So our succession plan is apprentices. Without apprentices, we cannot bring hairdressers into our business.” The NI increase means Collinge & Co’s NI bill will rise 37%. But for its Ormskirk salon alone, the NI bill will rise 70% because it has several staff who work part-time and enjoy working flexible hours. Mr Collinge said: “That NI threshold change hits that side of the business so much harder than a large business with full-time employees or people on high salaries. The hairdressing industry has always offered flexi working and it feels like we're getting hammered for it with this NI bill.” And he added: “It's a labour intensive industry. Someone comes in, they've got someone's undivided attention for the entire time they're in. There's not many other businesses where you go in and you have that one-on-one relationship… there isn't, basically, is there?” Denise Thomas has hair salons in Litherland, Crosby and Netherton. She said: “I’ve been a hairdresser for almost 47 years and a salon owner for 25 years and one of the biggest challenges I’ve faced over the years has been VAT. “A growing number of salons now operate with chair renters who don’t have to pay VAT, which allows them to keep their prices low and creates an uneven playing field. “I also worry about the future for the next generation of stylists. Who will train them? Recently I had to make the difficult decision to let my two newest apprentices go because I simply can’t afford them. “My training provider has no salons on their books looking for apprentices this year, as chair rental salons don’t typically train apprentices. If salons like mine continue to be squeezed, they’ll become less and less viable, making it even harder for employers like me to secure a stable future.” The British Hair Consortium represents 50,000 UK hairdressing professionals. Its co-founder Toby Dicker said: “Our industry has been ignored for years and we’re calling on the Government to correct decades of mismanagement. Most owners haven’t had a pay rise in many years and simply can’t consider expanding their business, let alone take on an apprentice. “A ‘one size fits all’ tax system doesn’t work and has created an unlevel playing field. Increasing numbers of owners are either closing their salons or changing their employment practices and are renting chairs to contractors just to survive. This report shows how cutting VAT to 10% won’t cost the Government a penny. It would save salons across the country and ensure the future of our industry which sits at the heart of the high street. “Ireland has recognised this and dropped its VAT on labour intensive businesses in hairdressing and hospitality to nine percent. The change is working – new salons are popping up and paying tax while workers are also benefiting from improved employment rights.”

New Look to close all stores in Republic of Ireland in 'difficult but necessary' decision

High street fashion behemoth New Look has announced its complete withdrawal from the Republic of Ireland, putting all of its employees in the country at risk of redundancy. The retailer's Irish division, which employs approximately 347 individuals, has initiated redundancy procedures following years of sustained losses, as reported by City AM. The privately-owned firm cited an increasingly unpredictable external environment as the reason for its decision to cease trading in the Republic of Ireland, according to the BBC. "We have adapted to this evolving landscape by investing in our product proposition and digital offer. However, due to the increasingly volatile trading conditions we needed to expedite our existing plans, which included conducting a review of our operations in the Republic of Ireland," the company stated. New Look has faced a turbulent few years, with job cuts at its head office, a reduction in total store count from 800 to 400, and a shift in focus towards online shopping. Staff were informed immediately after the appointment of liquidators at the High Court and a 30-day staff consultation process has begun, reports suggest. The change will reportedly not affect its parent company in the UK, which will continue to trade both online and in-store. The retail sector has been grappling with challenges for over a decade, with the shift towards online shopping being exacerbated by the aftermath of Covid-19 and high taxation. As early as 2023, customer footfall was down by 10% compared to 2019 levels, and even lower in major cities. According to the British Retail Consortium, retail costs are expected to rise by an additional £7bn across the industry next year due to a combination of the minimum wage increase, the packaging levy and higher national insurance costs. The Centre for Retail Research (CRR) has forecasted that over 200,000 retail jobs and more than 17,000 stores are set to vanish next year. A spokesperson for New Look stated: " Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable. While we have adapted to this evolving landscape by investing in our product proposition and digital offer, the increasingly volatile trading conditions have meant we need to expedite our existing plans." "Following a review of our operations in the Republic of Ireland, we concluded it was no longer viable to continue trading so had to make the difficult but necessary decision to put the business into liquidation."

Historic cider maker Thatchers posts record sales after Aldi legal battle win

Family-owned cider maker Thatchers has reported record-breaking sales, surpassing the £200m mark for the first time in its 120-year history. The Somerset-based business, established in 1904, recorded sales of £203.9m for the year ending 31 August, 2024, as reported by City AM. This is a significant increase from the previous financial year's turnover of £175.2m. Since 2018, when it posted a turnover of £99.2m, Thatchers has more than doubled its sales. Recent filings with Companies House reveal that the firm's pre-tax profit marginally increased from £15.6m to £15.8m over the year. Despite absorbing input costs and investing in new production facilities, brands, and personnel, the company's operating profit only rose by 3.4 per cent to £15.6m. The business, currently managed by the fourth generation of the Thatchers family and chaired by Martin Thatcher, continues to face rising costs. A statement approved by the board read: "The cost-of-living crisis has continued to impact consumers and an ongoing trend towards premiumisation has seen budget brands decline, while quality, trusted brands like Thatchers are growing in value and volume, with Thatchers outperforming the category every quarter." However, the company acknowledged that its success has not fully shielded it from recent economic challenges. "Like many companies, Thatchers has been affected by inflationary cost pressures such as rising raw material costs, increasing wage bills and additional taxes. "This has led to significantly reduced margins, however, mindful of the cost-of-living crisis, Thatchers has worked hard to limit the impact on customers, and where possible absorbed a significant proportion of those costs. "Additionally, the predicted increase in cider sales due with the 'summer of sort' was offset by poor weather conditions, with both on and off trade markets feeling the impact. "The cider market saw a lot of change this year, with some producers moving products into the lower ABV [alcohol by volume] tier to maximise on the change in duty, and others running aggressive promotional pricing campaigns. "Thatchers took the decision to simply remain focussed on producing great quality cider." During the year, the company grew its market share by 1.7 per cent, taking its total to 17.2 per cent. It also invested £14m in the 12 months in its cider production facilities and the completion of its automated warehouse system, up from £7m. The company has also committed to spend £24m during its current financial year on products such as a new canning line. During the year dividends of £7m were paid out, the same as in 2023 and 2022, while the average number of people employed by Thatchers increased from 253 to 261. The verdict arrives a month after the Court of Appeal ruled that Aldi had violated Thatchers' trademark with its cloudy lemon cider product. Thatchers initiated a legal dispute against the German supermarket chain in 2022, alleging that Aldi had breached its trademark by producing and selling a cloudy lemon cider similar to Thatchers' own product. Aldi's Taurus cloudy lemon cider hit the market in May 2022. Thatchers contended that Aldi's product was strikingly similar to its own lemon cider, pointing out that the colour scheme of yellows and greens and the creamy yellow backdrop could mislead consumers. However, in January 2024, High Court judge Melissa Clarke ruled in favour of Aldi, determining that it had not infringed on Thatchers' trademark. In her judgement, she observed that there was no likelihood of confusion between the brands, it bore a low degree of similarity to the trademark, and Aldi's usage did not unjustly exploit the trademark.

New Lidl supermarket to be built on edge of Somerset town

As many as 40 new jobs are set to be created on the southern outskirts of Bridgwater following approval for a new Lidl supermarket near the M5. Lidl GB Ltd submitted an application in January 2024 to construct a new store on Carnival Way within the Bridgwater Gateway site, which is slated to eventually house nearly 500 new homes and commercial units just a stone's throw from junction 24 of the motorway. After about a year of consultation, Somerset Council has greenlit the plans, meaning construction could commence before the year's end. This approval will also expedite the creation of a new pedestrian crossing over Wilstock Way, ensuring safer access between the new homes and local amenities via the Wilstock and Stockmoor Country Park. The new store will be situated on the southern side of Carnival Way – just east of the Costa Coffee drive-thru outlet, where Domino's Pizza and Greggs are also planning to open new units – and south of new industrial units which received planning consent in May 2023. Access will be from Carnival Way, with provision for 105 parking spaces – including six accessible spaces, nine parent and child spaces, two electric vehicle charging bays and 12 motorcycle spaces. Pedestrian access will be facilitated along Carnival Way and the A38 Taunton Road using the existing walking and cycling network. German supermarket group Lidl, has consented to contribute some £31,200 towards the creation of a new signal-controlled crossing over Wilstock Way. This crossing will connect the Wilstock and Stockmoor housing estates to the A38, facilitating access to the store for local residents and enabling future inhabitants of the Bridgwater Gateway homes to walk or cycle to Somerset Bridge Primary School without traversing the bustling main road. Dan Templeton, director of Planning Potential and acting on behalf of the supermarket, said: "It is not within Lidl's gift to provide a pedestrian access directly from Wilstock Way. "Lidl has committed to providing a financial contribution towards the delivery of a new light-controlled pedestrian crossing on Wilstock Way, which will be secured through a Section 106 agreement. "This will ensure that an improved crossing point is provided for customers visiting the store from the Wilstock and Stockmoor area to the north. "The crossing itself will be delivered by Somerset Council's highways department as part of planned improvements to the local area." Lidl also recently contributed to the extension of the Strawberry Line active travel route with its new, larger outlet on the A39 Strawberry Way in Wells, which opened in late January. The plans for Carnival Way were approved via the council's planning officers' delegated powers, rather than by a public decision by its north planning committee, which typically handles major applications within the former Sedgemoor area. Construction on the new store is anticipated to start later in the year.

Fashion firm Barbour launches second clothing collection with TV star Alexa Chung

Tyneside fashion firm Barbour has teamed up with TV presenter and model Alexa Chung to launch a new clothing collection. The South Shields firm, which can trace its history back to 1894, may have started out making waxed jackets for fishermen but its quilted coats and jackets are now worn by everyone from farmers and footballers to rock stars and royalty. And in more recent years Barbour has worked with famous names including ceramics designer Emma Bridgewater, House of Hackney, William Morris and film director Sir Ridley Scott, as it looks to widen the appeal of its clothing beyond its traditional base in rural communities. Now the firm – which has seen its star rise with young people after its jackets were worn by pop star Dua Lipa, Arctic Monkeys, Lily Allen,and Rufus Wainwright – has teamed up with TV star Alexa Chung for a second time, launching a new capsule collection and a campaign starring the presenter herself. Ms Chung, collaborated closely with the in-house design tea but was creative director and designer for the clothing collection, which draws inspiration from nostalgic camping days as well as Ms Chung’s festival styling. The collection includes outerwear, clothing and wellington boots, with showerproof jackets with tartan liners, bomber jackets with cord collars and knitwear made by Harleys of Scotland. It also includes rubber footwear, including a slip-on clog and a wedged wellington boot. She said: “I’m in love with the second collection I have designed for Barbour. I think the codes and language we have built together are now well established in that we create playful takes on Barbour’s heritage. My particular favourites in the collection are the bright yellow jacket and fire engine red raincoat. I really focused on colour and fun and I think that idea carried through to our camping trip themed shoot, with the legendary Tim Walker. This collection brings me so much joy and I hope you like it as much as I do.”

Plans to demolish entire row of shops and flats in Bristol

Plans to demolish and rebuild an entire row of shops and flats as part of a multi-million regeneration scheme are inching closer to approval. A revised set of proposals for the west side of Filwood Broadway has been submitted to council planning officers, with work potentially starting this year if approved. The scheme involves the demolition of all buildings from 4 to 16 Filwood Broadway, including shop units and flats above on the western curve, facing the play space and community centre. Behind the shops, a larger residential development is already under way on land that once housed the area's art deco 1930s cinema building. The shops will be replaced by new business units and 18 'affordable' flats, built to high-tech specifications with eco-features like solar panels and heat pumps. The plans were first submitted in November as part of the wider Filwood Broadway regeneration scheme, which received £14m from the Government's Levelling Up fund in 2023. This funding is being used for a complete refurbishment of the community centre, this residential development, and other enhancements to the area. The proposal has received only one formal objection, although the Bristol Civic Society expressed its support in principle, with a single issue concerning the internal layout of the flats. This week, the council's housing department, which is spearheading the project, submitted an entirely new set of documents detailing improvements to the area's water, sewage and drainage systems, solar panel designs, and revised plans for the building's facade, reports Bristol Live.

Wetherspoons boss warns prices 'certain to rise' following national insurance hike

The boss of pub chain Wetherspoons has warned that prices are "certain to rise" when the national insurance (NI) hike comes into force in April. Devon-based entrepreneur Sir Tim Martin told Sky News the chancellor's plan to increase employers' NI contributions would cost his business £1.2m a week. In the Autumn Budget, Rachel Reeves confirmed NI for companies would rise from 13.8% to 15%, alongside a reduction in the threshold for employee wage eligibility for the tax from £9,500 to £5,000 a year. "There will definitely be an increase [in prices], and an increase in inflation as a result of the tax increase," he told Sky on Wednesday. Sir Tim also slammed the "level of taxes" the hospitality industry is facing. He said: "It's more for pubs and hospitality than for supermarkets because we've got more labour costs per pint." The pub tycoon criticised "modern politicians", saying "they don't understand and have a natural feel for the importance of free enterprise". In October, Wetherspoons revealed its profits had rebounded as strong customer demand boosted revenues. Pre-tax profits jumped 73.5% to £73.9m for the year to July 28, compared with the previous year. Last summer, Sir Tim netted nearly £10m after selling more than one million shares in his company. The outspoken entrepreneur sold 1.36 million ordinary shares at a price of 739p apiece. His comments come as businesses across the UK brace for an increase in NI contributions from April. Business leaders in the beauty industry have warned the changes to NI will "stifle growth", and have called for Rachel Reeves to provide support in the Spring Statement.