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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

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
Producer: Olie D'Albertanson
Editor: Henry Jones

00:00 Pod start
02:04 Tom Beahon joins the pod & discusses Xmas performance 
07:12 Physical stores outperforming e-commerce
08:46 Technology, AI, and the future of retail
13:43 CEOs are preparing for AI-Driven Job Losses in 2026
23:57 The Northwest as a hub for innovation
35:37 The challenger brand mindset
39:47 The cost of replica kits and counterfeits

#18 Castore CEO: Replica Kits Aren’t Too Expensive

Mark Constantine, founder and chief executive of Lush, discusses the Christmas rush, family run businesses, being "woke" and his love of birdsong in an amazing interview for Big Boss. He offers a festive perspective on the realities of retail during the Christmas season and describes the intense preparations for the holiday rush as akin to “preparing for war,” highlighting the logistical challenges and the need for resilience as customers descend on shops in the final days before Christmas.

He also discusses the importance of personal support in business, revealing that he works with a psychologist who helps him navigate the complexities of leadership and decision-making. He explains how regular sessions provide accountability and clarity, underscoring the value of ongoing self-development for business leaders.

Mark founded Lush with his wife, Mo, and their children have all been involved in the company in various ways. He reflects on the significance of family businesses in the British economy, outlining the strengths and challenges of running a family enterprise and considering succession, longevity, and the unique dynamics that shape these organisations.

Mark has followed in the footsteps of his business mentor and confidante Anita Roddick (Body Shop founder) and decided early on that you can run a business and be outspoken about the issues you care about. As well as shutting his shops in the UK for 24 hours to protest against the war in Gaza, Lush has also been vehemently opposed to animal testing from the outset, and even closed down its social media presence—despite costing the company £9 million annually in lost revenue. He explains the reasoning behind this move, citing concerns about the impact of social media on young people and the company’s commitment to ethical responsibility.

He also reveals a deep personal interest in both poetry and birdsong, describing the former as a source of wisdom and a means of distilling complex thoughts into concise, memorable lines, noting its value for those in business. He is a self-confessed nerd who loves learning and maintains one of the world’s largest private collections of birdsong recordings

#18 Lush CEO: I Enjoy Being a Woke Nerd

Rupert Soames speaks to Felicity Hannah for his final interview before he stands down as Chair of the Confederation of British Industry (CBI). He describes his surprise at the limited understanding many ministers and policymakers have of the realities faced by business leaders, particularly when it comes to employment, investment, and economic growth. 

With the Employment Rights Bills ping-ponging its way between the House of Lords and the House of Commons, Soames expresses concern over measures that have increased the cost and risk of employing people, particularly younger workers. He points to the Bill as a source of uncertainty, saying that while compromise was reached on some aspects, the overall effect may be to discourage job creation and make it harder for those with gaps in their employment history to find work, especially post-covid. 

Brexit and its economic consequences are explored with Soames describing the outcome as “really, really, really bad" for the UK’s economic prospects. However, he acknowledged the need to move forward and reset the UK’s relationship with the European Union, but expresses concern about the slow pace of doing so, and the persistence of unproductive patterns in UK-EU relations, calling this "Code Red".

Soames does credit the Labour government with progress in areas such as global trade agreements and regulatory reform, insisting they've done better in this regard than many before, but highlights a persistent gap between rhetoric and action. 

The interview also covers the challenges faced by Soames when he joined the CBI in 2024, following allegations of sexual abuse that were reported April 2023 in the Guardian. He reflects on restoring the reputation of the organisation and convincing swathes of major organisation to re-join, after many quit or suspended their memberships.

Presenter: Felicity Hannah
Producer: Olie D'Albertanson
Editor: Henry Jones

00:00 Sean Farrington and Fliss set up interview
02:40 Rupert Soames joins pod and discusses CBI scandal
13:40 Budget impact on business
20:00 Employment Rights Bill
23:55 Is government creating climate for growth?
25:00 Civil service has grown too large
27:15 Shocking how little government understands business
29:00 Government doing better than EU and US on AI adoption
30:00 Some people were seduced by then opposition govt; It was performative
32:53 Brexit has played out really, really, really badly
38:00 What is Rupert optimistic about?

#17 CBI Chair: I'm Shocked at Government's Lack of Business Understanding

Dame Emma Walmsley, Chief Executive one of Britain's biggest pharmaceutical companies GSK (GlaxoSmithKline), says the company is prioritising the United States for product launches and investment, citing its scale, commercial opportunities and favourable business environment. She confirms GSK will invest four times more in the US than in the UK over the coming years, making America the company’s primary growth and innovation focus.

Explaining GSK’s investment strategy, Dame Emma Walmsley points to the US market’s scale and competitiveness, boosted by recent government policy. She welcomes a new UK-US agreement removing tariffs and recognising pharmaceutical innovation, but warns of challenges for Britain’s life sciences sector. Despite the UK’s strong scientific heritage, she notes it accounts for just 2% of GSK’s sales, compared with more than half in the US.

Dame Emma Walmsley stresses the UK must stay competitive to attract foreign investment, warning that other countries increasingly treat life sciences as a strategic industry. She confirms the UK will pay more for medicines under the new agreement, with NHS costs for new drugs expected to rise by 25%. While medicines make up only 9% of NHS spending—lower than in many countries—she acknowledges budget pressures and the need for careful prioritisation.

Dame Emma Walmsley also reveals GSK is close to winning approval for the world’s first six-monthly asthma drug, expected to cut the most severe attacks requiring hospitalisation by more than 70%. She calls the breakthrough a major advance for patients and healthcare systems, with the potential to deliver significant cost savings and improve quality of life for millions worldwide. She also comments on the surge in obesity and weight-loss treatments, noting GSK is not a major player but admires the scientific progress. Instead, the company is focusing on high-burden diseases such as liver disease and chronic obstructive pulmonary disease (COPD), with trials under way and hopes for further breakthroughs.

Finally, Dame Emma Walmsley reflects on a turbulent period when activist investors questioned her leadership and forced her to reapply for her own job, amid concerns over GSK’s share price performance versus rivals.

Presenter: Simon Jack
Producer: Ollie Smith/ Olie D'Albertanson

00:00 Sean Farrington and BBC Business Editor Simon Jack intro pod
03:00 Dame Emma Walmsley joins the pod
03:53 Change agenda & US market focus and investment
07:18 New asthma drug approval on the horizon
08:19 GSK’s scale and global impact
12:03 GSK to invest four times more in the US than the UK
14:54 UK to pay more for drugs after UK-US deal
16:56 GSK new asthma drug breakthrough
19:48 GSK’s approach to obesity and weight loss drugs
28:23 Women in leadership at GSK
32:47 Shareholder revolt and leadership challenges

#16: GSK CEO: Why We Prioritise USA Over UK

James Daunt, CEO of Waterstones and Barnes & Noble, offers his take on the evolving landscape of bookselling in the United Kingdom and United States. Whilst he has a "natural and instinctive disdain" for literature generated by AI, he says that if they are clearly labelled as such he would sell them, if people wanted them. 

The conversation also examines the economic environment for bookshops, with Daunt commenting on Chancellor Rachel Reeves' budget and its implications for the high street. He acknowledges what he see's as the positive impact of government policy on business rates and retail sustainability, suggesting that these measures could contribute to a more vibrant and resilient high street.

Daunt also covers the reading habits of young people, noting a sustained interest in books among younger generations, despite the proliferation of digital media. He says young readers continue to engage with literature, supporting the ongoing relevance of physical bookshops, but he bemoans the closure of libraries as this has stopped some younger people being able to access free books.

And as a self proclaimed "professional reader" also tells us what books he's currently reading, and flags up some to be aware of in 2026; but also admits he has a terrible habit of not finishing books he's started. 

Presenter: Fliss Hannah
Producer: Olie D'Albertanson
Editor: Henry Jones

#15 Waterstones CEO: I Disdain AI Written Books, But Might Sell Them If Labelled

Speculation surrounding the UK budget hurt the UK pension industry, that's according to Mark Fitzpatrick, Chief Executive of St. James’s Place, the UK's biggest wealth management company. He highlights how uncertainty in government policy has led to premature pension withdrawals, with many individuals acting on speculation rather than long-term strategy. 

Fitzpatrick also delivers a comparison between the UK and the USA investors saying there's a marked difference in cultural attitudes towards investing. He observes that Americans are more likely to discuss and celebrate investment, viewing wealth as a sign of progress and success, while in the UK, there is a greater tendency towards risk aversion and reluctance to talk about money. This cultural divide is reflected in the proportion of adults investing in stocks, with the US showing much higher participation rates. 

The conversation also turns to the role of technology and the potential for an artificial intelligence bubble and its impact on the investment world. He considers whether current enthusiasm for AI could lead to overvaluation and what measures they've taken to soften the impact of any AI bubble bursting. The interview explores the impact of AI on personal finance, the importance of human relationships in financial advice, and the need for balanced perspectives as technology continues to shape the future of investing and pensions.

0:00 – Fliss and Sean welcome 
2:30 – Mark Fitzpatrick joins the pod & discuss UK attitudes toward investing
10:00 – Growth of female investment
14:00 – Crypto investing & generational wealth
18:00 – Budget impact on pensions
27:00 – SJP fees issue and cultural changes 
36:00 – Ai bubble

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

#14: St James's Place CEO: Budget Speculation Damaged People's Pensions

Vodafone’s chief executive, Margherita Della Valle, highlights the growing risks to Europe’s submarine cables, and calls for international cooperation to ensure the security and resilience of digital infrastructure. Addressing the recent threats posed by Russia, she calls for cross-border collaboration, and the implications for national and European security. 

Discussing the impact of the merger with Three, Della Valle examines the UK’s persistent “not spots”—areas with little or no mobile coverage—and the company’s commitment to eliminating these gaps through an £11billion pound investment. Della Valle also notes that Vodafone is set to launch a rival to Elon Musk's Starlink in 2026, providing total broadband coverage to the UK via satellite to standard mobile phones. Launching this first in the UK, she says you will even be able to get the internet at sea and in the most remote parts of the UK.

The demands of artificial intelligence on telecoms infrastructure are also addressed, with Della Valle acknowledging that while progress has been made, the UK’s mobile networks are not yet fully prepared to support the scale and speed required for widespread AI adoption.

The interview also addresses the reduction in the number of female chief executives in the FTSE 100, and the ongoing challenges faced by women in senior roles, with 

00:00 Sean Farrington and Will Bain introduce BBI
02:04 Start of Interview with Margherita & early days at Vodafone
07:56 Impact of the UK merger with Three
09:29 Eliminating Not Spots in the UK
11:12 Satellite Technology & competition to Elon Musk's Starlink
19:00 Infrastructure for mobile use of AI is not there yet. 
26 - Female FTSE CEOs
34 - the need to work closer with Europe on sea-cable/telecoms security co-operation

Presenter: Will Bain
Producer: Olie D'Albertanson
Editor: Henry Jones

#13: Vodafone CEO: International Cooperation Needed For Sea Cable Security

The UK automotive sector is navigating a period of significant change, with government policy, economic pressures, and international competition shaping the landscape. Ford UK boss Lisa Brankin outlines the risks posed by reported government measures, including a “pay per mile” on EVs, one of the measures the Chancellor is supposedly looking to address. Brankin tells Sean Farrington that these changes could further suppress demand for electric vehicles at a time when the market is already fragile. She also draws attention to the role of employee car benefit schemes, explaining that any reduction in these incentives could have a substantial impact on the auto industry.

Ambitious climate targets set by the government are juxtaposed with the realities of consumer demand, as Brankin describes a market where regulatory ambition outpaces public appetite for electric vehicles. She calls for a coordinated and consistent approach to policy, stressing that ongoing government support is essential for the industry to meet net zero objectives. The interview also addresses the effects of economic uncertainty and the increasing influence of Chinese car manufacturers, which present additional challenges for established brands like Ford.

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

00:00 Introduction and welcome from Fliss and Sean
02:39 Lisa Brankin joins pod discusses tough UK car industry 
06:36 Electric vehicle targets and government policy impact
15:29 Chinese car manufacturers and competition
21:21 Brand loyalty and UK manufacturing footprint
26:16 Northern Ireland’s economy and opportunities

#12 Ford UK's Lisa Brankin: Pay Per Mile Tax Could Suppress EV Uptake.

Sundar Pichai, chief executive of Google and Alphabet, acknowledges that no company is immune from the risks of an AI investment bubble, including Google itself, and warns that the rapid growth of artificial intelligence will lead to significant societal disruptions. Speaking to BBC Economics Editor Faisal Islam he explains that, despite the company’s scale and diversified approach, overinvestment in artificial intelligence could still require Google to navigate challenging phases, just as any other business would. This admission comes as Google’s annual AI infrastructure spending surpasses $90 billion, reflecting the extraordinary scale and pace of global investment in the sector.

The interview explores the implications of this rapid growth, with Pichai highlighting the unprecedented demand for energy and the need for new sources of power to support AI development. He outlines Google’s efforts to invest in renewables, nuclear, and geothermal energy, and describes the company’s commitment to achieving 95% carbon-free operations in the UK by 2026. Pichai notes that the speed of AI expansion is testing the limits of existing sustainability targets, but maintains that technological progress can support both economic and environmental objectives.

He also addresses the evolution of copyright frameworks, and the responsibilities of technology companies. He discusses the UK’s ambition to become an AI superpower, the importance of scaling energy infrastructure, and the need for responsible development to ensure that the benefits of AI are widely shared.

00:20 Felicity and Faisal set out interview
02:00 Sundar Pichai joins the interview
03:30 Google now spending 90 billion dollars annually on AI 
04:05 Is AI a Bubble?
05:51 Google’s AI strategy 
07:03 The power and potential of AI agents
08:34 Automation, jobs, and societal Impact
11:07 Advice for the next generation
11:50 AI accuracy, and truth 
14:22 Energy demands & climate impact
16:48 Google’s UK investments 
18:25 Copyright issues 
22:26 Immigration, talent, and innovation
23:12 AI as Open Source 
25:31 Quantum computing & future technologies

#11 Google CEO: AI Will Cause Societal Disruptions

Centrica CEO Chris O’Shea provides a comprehensive overview of the challenges and opportunities facing the UK energy sector. He begins by addressing the recent collapse of Tomato Energy, emphasising that when energy suppliers fail, the costs are ultimately borne by consumers. He calls for stronger regulation and greater financial resilience among energy companies, criticising Ofgem for a lack of transparency. He argues that the current system allows "profits to be privatised while losses are socialised".

O’Shea discusses the government’s net zero by 2030 target, describing it as “unbelievably ambitious” but necessary to drive progress in the industry. He stresses the importance of a balanced and paced transition, warning that moving too quickly could leave communities behind, as happened with the closure of coal mines in Fife. The interview explores the decline of the North Sea oil industry and its impact on Aberdeen, with O’Shea noting that the full effects on jobs have yet to be felt. He highlights Centrica’s commitment to job creation and apprenticeships, aiming to take on one apprentice every day for the next decade.

Drawing on his own experience of job insecurity as a graduate, he underscores the need for careful planning and investment in skills to ensure a just transition. He also addresses the challenges of the energy transition, acknowledging that it will be neither cheap nor easy, but insisting that it is essential for the country’s future.

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

Timecodes:
02:54 Collapse of Tomato Energy
05:52 Regulation and financial resilience in the energy sector
12:05 Centrica’s investment strategy and shareholder returns
14:07 Profits in energy retail vs. other business segments
21:15 Net Zero 2030 aspirations
24:36 Government policy on renewables, net zero, and North Sea licenses
29:39 The impact of the North Sea’s decline on Aberdeen and job creation
34:00 Graduate programs and youth employment
37:19 Redundancies and management cuts

#10 Centrica CEO, Chris O'Shea: The Impact of North Sea Demise is Understated

Fiona Eastwood, CEO of Merlin Entertainments tells Sean Farrington what it is like running one of the world’s leading entertainment companies. Merlin runs over a hundred theme parks and attractions around the world from Thorpe Park and Chessington World of Adventures, to Sea Life and Madame Tussauds. She explains how the main competition to her business is the amount of screen-time kids have, and how that influences the partnerships that they make with the likes of Lego, Peppa Pig, Bluey and now, most recently, Minecraft. But the industry has been struggling - from covid lockdowns to the cost of living crisis, in fact Merlin's credit rating was recently even downgraded; Fiona addresses this and calls for a reduction in VAT on the Tourism and Leisure industry and says that there is too much red tape when it comes to planning reforms. And despite being the Big Boss, find out which ride Fiona can't stomach.

00:00 Fliss and Sean Intro
02:15 Interview starts
03:54 Our competition is the home and screen time
04:50 Trends of customer spending 
09:35 The growth and importance of Halloween
12:45 Credit rating downgrade of Merlin Entertainments
15:55 Impact of a late Autumn Budget
17:00 We need a VAT cut in Leisure and Tourism sector
20:35 How Merlin develop partnerships with Peppa Pig and now Minecraft
27:00 The role of Madame Tussauds for the business
30:20 Merlin operating in China for 25 years
31:45 How does Chief Operating Officer differ from Chief Exec

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

(Picture credit: Getty)

#5 Merlin Entertainments CEO, Fiona Eastwood: Our Biggest Competition? Kids On Screens

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