Designers Guild, the luxury home decor company founded by Tricia Guild in 1970, is closing after 56 years. Administrators from Interpath were appointed yesterday and 93 members of staff have been made redundant.

A small number of employees have been retained to assist with the wind down of the business, which had been struggling for several years.

The company sells luxury furnishing fabrics, wall coverings and bed and bathroom collections. Its flagship store was on King’s Road in London, and it produced a series of collections inspired by the interiors of royal residences including Buckingham Palace and Windsor Castle.

One of its vintage overdyed rugs in slate grey could cost about £2,500, while its Milan sofa range retails for up to £6,250.

In a statement yesterday, Guild, the English interior and textiles designer known for her use of colour and pattern, said it was with “great sadness” that she and her brother, Simon Jeffreys, the chief executive, had decided to shut the business down.

“Designers Guild Ltd has been so much more than a business to me. It is my passion and my life’s work,” she said. “The brand was built over decades with an unswerving belief in the power of creative design and a constant striving to achieve only the very best.”

Guild said the last few years had brought a “succession of challenges” and that “despite the best efforts of our team and others over numerous months, we have not been able to find a way forward”. She described the outcome as a “source of huge regret and sorrow for us”.

She added: “While we are closing the business, we hope the many positive and happy memories will be the ones that stay with us: the gorgeous fabrics, wonderful interiors, photoshoots in the most inspiring places around the world, daring and successful product launches, the opening of showrooms in Paris, Munich and Stockholm, the gradual growth and development of the King’s Road store.”

The company had been dealing with financial headwinds for a number of years, including Brexit-related red tape and cost pressures. Much of its customer base is in Europe.

In April 2025, Designers Guild sold its brand and design archive to the homeware retailer Dunelm. Under that arrangement, Dunelm licensed the brand and archive back to Designers Guild, which continued to trade independently under the creative direction of its founder.

Interpath had been running a sales process for several months leading up to this month, with at least one potential bidder, according to Sky News.

Rick Harrison, managing director at Interpath and joint administrator, said: “As a matter of priority, we will be supporting those members of staff who have been impacted by insolvency, while we also explore options for the company’s remaining assets, including leftover stock.”

Interpath has also handled other retail administrations this year. It was appointed to Russell & Bromley, whose brand was bought out of administration by Next in January, and is administrator to Claire’s, where administration costs are estimated at £7.2m following the jewellery chain’s second collapse.

About the author

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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A new report from Economic Intelligence Wales show there are more than 1,700 productivity heroes across numerous sectors.

Wales has more than 1,700 so called ‘productivity hero’ firms that are driving both productivity gains and job creation, although their number has fallen shows new research.

A report from Economic Intelligence Wales (EIW) identified 1,732 productivity heroes across Wales and drawn from numerous sectors, in 2024-25. Together, these businesses generated £6.04bn in turnover and created more than 5,200 jobs, demonstrating that businesses can improve productivity while continuing to grow employment. The findings offer practical insight for policymakers and delivery partners seeking to target support where it can have the greatest impact.

While the number of productivity heroes has fallen since a peak in 2022-23, the businesses that remain are becoming increasingly productive, the report shows.

Labour productivity increased by some 24%, rising from approximately £133,000 per employee to almost £165,000. The report highlights that productivity heroes are not confined to high-tech or knowledge-intensive industries. These businesses are found across manufacturing, construction, professional services, wholesale, hospitality and other sectors. Regardless of sector, the report finds that the most successful businesses consistently invest in three areas: a strong customer focus; developing people through leadership and skills; and embracing innovation and digital adoption.

The research also argues that identifying businesses through a productivity hero framework provides a more meaningful understanding of economic performance than measuring turnover or employment growth in isolation.

By identifying firms that are simultaneously growing turnover, employment and productivity, it offers a stronger evidence base to help inform future policy, investment and business support in Wales.

The report concludes that Wales can create more productivity heroes through targeted support focused on leadership, skills, finance, innovation and infrastructure, helping more businesses improve productivity while continuing to create jobs.

Swansea-based Zeal Innovation, which trades as Litelok is one example of the productivity-led growth highlighted in the report.

The company designs and manufactures possibly the most secure, high-security, grinder-resistant locks for bicycles and motorcycles. Since 2017, it has grown turnover per full-time employee from around £45,000 to around £350,000, with annual revenues now approaching £10m. Its growth demonstrates how innovation, investment and a strong product focus can help Welsh businesses scale while becoming more productive.

Adam Price, Cabinet Minister for Enterprise, Connectivity and Energy, said: “This research shows that Wales already has the businesses, ideas and ambition needed to build a stronger, more productive economy. Our national productivity mission is about backing that potential and turning it into higher pay, stronger firms and better opportunities in every part of Wales.

“The message from these businesses is clear: with the right support for skills, leadership and innovation, more Welsh firms can grow, create jobs and become more productive. Our new national development agency will be central to making that support simpler, sharper and more effective.”

Professor Melanie Jones, Professor of economics at Cardiff Business School and academic lead for the Wales Productivity Forum said: “Productivity growth is critical to improving the things people care about including real wage growth, business profitability, and public service delivery. Narrowing the existing and persistent 15% productivity gap between Wales and the rest of the UK will require a step change in Wales’ productivity growth.

Professor Mark Hart, deputy director of the Enterprise Research Centre, and lead author of the report, said: “Productivity Heroes demonstrate that businesses do not have to choose between creating jobs and improving productivity. These firms are successfully achieving both, making them important to Wales’ long-term economic performance. Better understanding what they are doing well can help create more of them.

“Our research shows that the strongest-performing businesses invest just as much in leadership, workforce development and organisational culture as they do in innovation. By understanding what sets these firms apart, we can better identify the practical support that enables more businesses to grow, improve productivity and create sustainable employment.”

Giles Thorley, chief executive of the Development Bank of Wales, said: “This research provides valuable evidence about the businesses helping to strengthen Wales’ economy and, crucially, what enables them to succeed.

“As a trusted delivery partner, our role is to turn that evidence into practical support. Working alongside Welsh Government, we can help ensure ambitious businesses have access to the finance, leadership support and investment they need to improve productivity, retain value in Wales and create long-term economic impact.

“The productivity hero framework gives us a clearer understanding of where support can have the greatest impact, helping us translate evidence into practical action that builds a stronger, more productive Welsh economy.”

John Hurst, chair of FSB Wales said: “As small business owners, action on productivity needs to be practical, accessible and reflect the day-to-day realities of starting and growing a business. Real progress means creating an environment that supports investment and giving founders the know-how to unlock extra value from what we already have, whether that’s adopting new tech, rethinking how we use skills within the business, or making better use of our space.

“Proposals for a new development agency offer a vital chance to cut through a fragmented system and deliver the direct, grounded support that delivers successful Welsh firms.”

EIW is a collaboration between the Development Bank of Wales, the Enterprise Research Centre at Warwick Business School, Cardiff Business School, Bangor Business School and the Office for National Statistics. It provides independent economic intelligence to help improve understanding of the Welsh economy and support evidence-led decision making.

The proposals would establish requirements for payment stablecoin issuers that are supervised by the Federal Reserve, including rules on reserves, capital and risk management. The Fed said the framework is intended to carry out responsibilities assigned to it under the GENIUS Act.

Also Read | Why bond yields are rising and why everyone should care

Stablecoins to be fully backed by reserves

Under the proposed rules, Fed-supervised payment stablecoin issuers would be required to fully back their tokens with permitted reserve assets. These would include short-term US Treasury bills and other high-quality, liquid assets, according to the Federal Reserve.
The requirement is designed to ensure that issuers maintain sufficient assets to support the value of stablecoins issued under the federal framework.

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Capital requirements for issuers

The proposal would also introduce standardized capital requirements for stablecoin activities. The requirements are intended to address credit and operational risks associated with payment stablecoin issuance.
Also Read | US stocks: S&P 500 ends nearly flat as US-Iran talks help stocks pare lossesThe Fed would additionally establish risk-management standards for supervised firms involved in stablecoin activities.

Rules for banks holding stablecoin reserves

The proposed framework would extend beyond stablecoin issuers to Fed-supervised banks that safeguard assets backing the tokens.

The rules would establish requirements for banks that provide custody services for stablecoin reserves and clarify which stablecoin-related activities Fed-supervised banks would be permitted to conduct.

Path for banks to issue stablecoins

The Fed is also proposing a separate application process for Board-supervised banks seeking approval to issue their own payment stablecoins.

Banks applying under the framework would have to provide information including a business plan and financial details. The proposal would also establish procedures covering appeals, hearings and final decisions on applications, according to a report by Reuters.

60-day public comment period

The Federal Reserve will accept public comments on the proposed rules for 60 days after their publication in the Federal Register.

The proposals represent a key step in putting the GENIUS Act’s federal stablecoin framework into practice and defining how banks and other supervised institutions can participate in the growing digital-asset payments market.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

NEW YORK — New York City officials issued a travel advisory Friday as a nor’easter approaches the region, with the storm’s forecast track shifting closer to the city and expected to bring heavy rain, strong winds and coastal flooding through Sunday morning.

Mayor Zohran Mamdani and New York City Emergency Management announced the advisory would take effect beginning at 2 p.m. Friday and remain in place through Sunday, after the National Weather Service updated the storm’s projected path closer to the city. Mamdani addressed the shifting forecast directly. “The forecast path of this storm has moved closer to our city, and it is bringing more rain and stronger winds with it,” Mamdani said. “City workers are clearing catch basins, preparing for downed trees and positioning emergency resources in areas that could see coastal flooding.”

Forecasters expect the storm to deliver 2 to 3 inches of rain citywide, with some localized areas potentially seeing 4 to 5 inches where heavy rain repeatedly moves over the same locations. The heaviest rainfall is expected to arrive Saturday, potentially beginning early in the day and continuing through the remainder of the weekend.

Wind gusts of 40 to 50 mph are forecast from Friday night through Saturday night, with a wind advisory taking effect at 2 p.m. Friday alongside the travel advisory. City officials warned that already-saturated ground, combined with trees still carrying their full canopy of leaves this time of year, could increase the likelihood of downed branches and power lines during the height of the storm.

Coastal flooding represents a significant concern tied to the storm’s timing around this weekend’s high tides. The city identified two specific windows of heightened risk: Friday evening between roughly 7:30 and 8:30 p.m., and Saturday morning between approximately 7:30 and 8:40 a.m. Southern Queens, including the Rockaways and the Jamaica Bay area, along with portions of Staten Island and Brooklyn’s shorelines, face the highest risk of moderate coastal flooding during those periods.

New York City Emergency Management Commissioner Christina Farrell detailed the specific areas of greatest concern and urged residents to take precautions ahead of the storm. “We are particularly watching the Friday evening and Saturday morning high tides, especially in the Rockaways, around Jamaica Bay and along the Staten Island and Brooklyn shorelines,” Farrell said. “Move your car away from streets that regularly flood, secure anything outside that could become airborne and never drive or walk through floodwater.”

The city has activated its flash flood emergency plan in response to the storm and is coordinating directly with the National Weather Service, state agencies and utility providers as the storm approaches. Officials are urging residents to allow extra time for travel throughout the weekend and to check the status of transit, ferry and flight schedules before heading out. Residents living in basement or ground-floor apartments located in flood-prone areas were specifically advised to identify multiple exit routes from their homes in advance and be prepared to move to higher floors if conditions worsen during the storm.

City beaches, which officially closed for the season on September 13, remain closed with no lifeguards on duty during the storm. Forecasters are warning of a high risk of rip currents and dangerous surf conditions through the weekend, and swimming remains prohibited at city beaches during this period.

Beyond the flooding and wind concerns, officials are advising residents to take general storm preparation steps, including securing loose outdoor items that could be blown around by the strong winds, fully charging electronic devices ahead of potential power outages, and checking in on neighbors who may need additional assistance during the storm.

City officials reiterated standard emergency reporting guidance amid the storm preparations: residents facing an immediate danger should call 911, while non-emergency issues, including reports of downed trees or minor flooding, can be reported to the city’s 311 information line. New Yorkers can also sign up to receive official city emergency alerts directly by texting NOTIFYNYC to 692692 or visiting the city’s NotifyNYC website.

The advisory comes as New York City continues to face increasingly frequent severe weather events, with coastal flooding and heavy rainfall events becoming a recurring seasonal concern for low-lying neighborhoods across the five boroughs. With the storm’s heaviest impacts expected to arrive Saturday and continue through Sunday morning, city officials are urging residents throughout the affected areas to remain alert to updated forecasts and follow any additional guidance issued by New York City Emergency Management as the storm develops over the coming days.

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Operator

Greetings, and welcome to the Select Water Solutions Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I’d now like to turn the call over to your host, Garrett Williams, Vice President, Corporate Finance and Investor Relations. Please go ahead, sir.

Garrett Williams
Vice President of Corporate Finance & Investor Relations

Thank you, operator, and good morning, everyone. We appreciate you joining us for Select Water Solutions conference call to discuss our announced acquisition of Pilot Water Solutions. With me today are John Schmitz, our Founder, Chairman, President and Chief Executive Officer; Chris George, Executive Vice President and Chief Financial Officer; Michael Skarke, Executive Vice President and Chief Commercial Officer; and Mike Lyons, Executive Vice President and Chief Strategy and Technology Officer.

Before I turn the call over to John, I have a few housekeeping items to cover. A replay of today’s call will be available by webcast and accessible from our website at selectwater.com. There will also be a recorded telephonic replay until October 9, 2026. The access information for this replay was also included in the acquisition press release. Please note that the information reported on this call speaks only as of today, September 25, 2026, and therefore, time-sensitive information may no longer be accurate as of