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BBC News

Big Boss Interview is where the most high-profile chief executives and entrepreneurs come to give you their insights and experiences of running the world's biggest and well-known businesses. The series is presented by Sean Farrington, Felicity Hannah and Will Bain, who you'd normally hear presenting the business news on BBC Radio 4's Today programme as well as BBC 5 Live's Wake Up To Money. Each week they'll be finding out just what it takes to run a huge organisation and what the day to day challenges and opportunities are. You can get in contact with the team by emailing bigboss@bbc.co.uk

Business Matters

Charles Stewart, chief executive of Sotheby's, joins the Big Boss Interview and discusses the scrutiny facing the art market over money laundering, the growth of digital art and NFTs, the expansion of sports collectibles, and how the conflict in the Middle East could affect the industry.

Stewart, who previously served as chief executive of a small bank before joining Sotheby’s, describes the characterisation of the industry as working with illicit money as a “misjudged notion”. He argues the company’s client base consists largely of established collectors, museum trustees and philanthropists who buy works to live with them rather than to obscure wealth.

Russian buyers — often cited in discussions about opaque art transactions — represented less than 1% of Sotheby’s global business when sanctions were imposed following the invasion of Ukraine, he says, challenging assumptions about the role of Russian money in the market.

Geopolitics is also shaping the art market. The Middle East has become an increasingly important region for Sotheby’s, with auctions in Riyadh and Abu Dhabi reflecting years of market development across the Gulf. Stewart says the company’s immediate priority amid escalating regional tensions is the safety of staff working there, though he notes market reaction to the latest conflict has so far been “somewhat muted”.

Stewart notes that countries including the United Arab Emirates, Qatar and Saudi Arabia are investing heavily in cultural infrastructure as part of longer-term economic diversification strategies. Institutions such as the Louvre Abu Dhabi — open for nearly a decade — and the forthcoming Guggenheim Abu Dhabi form part of plans to establish new global cultural destinations.

Despite these shifts, London remains central to Sotheby’s global operations. The company’s New Bond Street headquarters reflects more than 280 years of British heritage and the city continues to function as Sotheby’s second-largest sales centre after New York. A recent London auction achieved a 100% sell-through rate with bidders from 40 countries, demonstrating sustained international participation despite post-Brexit complications around import and export logistics.

The conversation also examines how technology is changing the art market. Stewart argues digital art represents a natural evolution in artistic practice rather than simply a speculative phenomenon linked to the boom and collapse of NFTs. He distinguishes between cryptocurrency speculation, the blockchain technology underlying NFTs, and the broader creative shift as artists adopt digital tools. 

Sports memorabilia has also become a growing category for Sotheby’s. The market now extends beyond historic trophies and medals to include game-worn shirts and collectibles authenticated through technology that can match items to specific moments in matches. Stewart attributes the expansion partly to generational wealth transfer and to younger collectors’ interest in pre-owned objects with personal and cultural significance.

Presenter: Sean Farrington
Producer: Olie D'Albertanson
Editor: Henry Jones

02:12 - Middle East conflict impact
15:30 - Anti-Money laundering regulations 
17:29 - Russian sanctions 
19:30 - "Misguided Notion" of art world bad behaviour
23:34 - Digital Art as natural evolution
29:30 - Sports memorabilia growth

#29 Sotheby's CEO: Art World Money Laundering Claims Are Misguided

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
Producer: Olie D'Albertanson
Editor: Henry Jones

00:16 Will and Sean intro pod
01:40 Anthony Houghton joins BBI 
02:00 The growth of H&B
03:30 Self-diagnosing via social media 
05:17 Decision to invest in dedicated science team
05:56 2,700 products reformulated in last couple of years
08:42 Which? found supplement doses higher than recommended intake
12:31 Product & label concerns 
18:40 Growth in magnesium, creatine and fibre.
23:40 Loyalty schemes
29:31 The High St isn't dead
34:00 Impact of National Living Wage
41:00 Retail as a career choice

#28 Holland & Barrett CEO: Social Media Self-Diagnosis Reshaping Health Retail

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.

#27 Volvo UK: Battery Fire Risk Means We're Recalling 10,500 Vehicles

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
Producer: Jeevan Nerwan
Editor: Henry Jones

00:00 Sean and Will start pod
01:35 Mark Allan joins BBI
03:09 What does Landsec do?
04:56 Diversification into residential property
10:02 Gentrification
13:15 Investment outside of London and the South East
16:15 Affordable housing & planning
22:39 Demand for office space & AI 
32:48 Shopping centres & the future of retail
39:43 Business rates
41:09: Government decision making & political instability
50:16 End of pod

#26 Landsec CEO: Big Shopping Centres are the Future

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
Producer: Olie D'Albertanson
Editor: Henry Jones

00:00 Fliss and Sean intro pod
01:50 Clive joins BBI
03:30 Growth on Gen Z gym users
10:20 Women only spaces and safety
16:00 Low cost model
25:20 Govt's 10 Year Health Plan
28:40 Clive's cancer journey
39:15 Frustration at govt's growth promises

#25 PureGym CEO: Cancer Made Me a More Empathetic Leader

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 says these products are often engineered for what the industry calls the “bliss point” — the combination of salt, sugar and fat that keeps people coming back for more — and that the result is rising levels of obesity and diet-related illness.

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
Producer: Olie D'Albertanson
Editor: Henry Jones

00:00 Fliss and Sean start pod
01:39 Timo Boldt joins BBI
02:25 Obesity caused by ultra processed food and its impact
03:50 The cost of Gousto and whether it's too expensive
11:15 Farmer not paid enough.
19:56 Discount model in the industry
23:17 Setting up Gousto and hand delivering food
27:24 Tougher times and how they were navigated
32:20 Why is Gousto only in the UK and Ireland?
39:40 End of pod

#24 Gousto CEO: The UK's Food System is Broken.

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
Producers - John Mervin and Justin Bones
Editor - Henry Jones

01:40 Getting customers back to Starbucks. Says had lost focus and got distracted
07:22 Using technology such as AI taking orders and scheduling orders for customers
15:30 Partnering with 2028 LA Olympics
19:16 Should investors expect a slow rebuild or will the pace pick up this year
22:20 Giving power back to the store

Picture: Reuters

#23 Starbucks CEO: We lost our focus

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

#22 L&G CEO: 'This Is Our Moment' for the UK Economy

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
Producer: Olie D'Albertanson
Editor: Henry Jones

00:00 Fliss Hannah and Will Bain introduces the episode
01:31 Neil Clifford interview begins
02:46 Kurt Geiger's transformation from shoes to handbags
05:18 ADHD and dyslexia impact
07:52 Failed attempts at handbags and US expansion 
09:30 Strategy acceleration during pandemic
11:29 Trump tariffs discussion
15:34 UK vs international growth
20:03 50% higher conversion in US stores
23:21 Russell and Bromley discussion
24:05 One O-level in art
27:26 Academy origins from COVID
29:45 Education system "not fit for purpose"
35:37 UK hasn't grown in 10 years
35:54 - Brexit: "wasted 10 years"

#21 Kurt Geiger CEO: Education System Isn't Fit For Purpose

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
Producer: Olie D'Albertanson
Editor: Henry Jones

01:40 John Vincent joins the pod
03:00 Establishing Leon in 2004
11:20 Selling Leon to Issa brothers
15:00 Repurchasing Leon and taking it into administration
19:00 "Toxic tax regime" impacting industry
23:30 Expanding to direct to consumer model
24:40 Winner and losers of going into administration
25:50 Impact of weight loss medications on industry
32:00 Vincent's love of music and impact of ADHD

#20 LEON CEO: We Could Benefit From Weight-Loss Jab Revolution

Former Bank of Canada governor, Mark Carney, says he is running to replace Justin Trudeau as the leader of Canada's governing Liberal Party.
 
Donald Trump's pick as Treasury Secretary, Scott Bessent, has been defending his boss's economic plans at his confirmation hearing in the US Senate.
 
And, as China prepares to release GDP figures in the next hour, we'll ask how it can stimulate growth, and we will look at who's planning a trip to North Korea during the northern hemisphere holiday. The country has reopened one of its border cities to foreign tourists for the first time in five years.
 
We will be joined throughout the program by two guests on opposite sides of the world: Jessica Khine is in Malaysia and is Head of Asia for Astris Advisory Japan, and Dante Disparte is in Washington, DC—he's Chief Strategy Officer at Circle.

Former Bank of Canada governor runs to replace Justin Trudeau

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