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Private equity’s experiment with worker ownership

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This is an audio transcript of the Behind the Money podcast episode: ‘Private equity’s experiment with worker ownership’

Michela Tindera
Private equity has long held a reputation for being ruthless. A no-holds-barred industry. 

Antoine Gara
These were very scrappy, mercenary dealmakers. And with their really iconic investments of that era, like RJR Nabisco, they had no real compulsion about breaking up a company and selling off different parts, which really struck a nerve in the mainstream of America. 

Michela Tindera
My colleague Antoine Gara says that in the 1980s, the private equity industry relied on deals that use lots of debt. That kind of strategy often led to collateral damage for workers, while PE executives took home massive windfalls. 

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Antoine Gara
In the mid-1980s, the private equity firm KKR did a leveraged buyout of grocery store chain Safeway. And they used a very small sliver of equity to buy what was one of America’s biggest companies. And after they acquired the supermarket, the company went through brutal lay-offs and salary cuts, and it became hugely controversial. 

Michela Tindera
But now a new strategy is gaining some ground that has some firms deciding to share a bit of that wealth with their workers. But why are firms doing this and what’s in it for them?

[MUSIC PLAYING]

I’m Michela Tindera from the Financial Times. Today on Behind the Money, how private equity realised playing nice could be good for business.

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[MUSIC PLAYING]

This particular attempt by private equity to have a softer image begins with a guy named Pete. 

Pete Stavros
I’m Pete Stavros, co-head of global private equity at KKR. 

Michela Tindera
About 15 years ago, Pete took over running KKR as investments in the industrial sector. That’s like manufacturing businesses. And in that role, he noticed a problem. 

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Pete Stavros
In manufacturing, you often come up against the following situation: the workforce, they tend to not like their jobs but at the same time are responsible for much of your success or failure as a company because they are determining the quality of the product, whether the product is delivered on time, things that determine your efficiency as a manufacturer. 

Michela Tindera
So Pete started to think about how he could get workers from different kinds of industries more motivated. 

Pete Stavros
That led to experimenting with: are there different ways to engage with all colleagues, not just the senior folks, but could you engage with the entirety of a workforce, get them more engaged on the job, get them less likely to quit and have the company benefit as well? So could you come up with a programme that was both good for workers and good for companies? 

Michela Tindera
Pete found what he believes is a way to solve this problem. Let me explain. Take, for example, one company called GeoStabilization International or GSI for short. KKR invested in the company in 2018. 

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Pete Stavros
Geo Stabilisation at one point had a 50 per cent worker turnover rate. 

Michela Tindera
Now, GSI is an interesting company. It basically works on preventing landslides from happening or cleaning up after them if they do. 

Pete Stavros
It’s hard work. People sometimes have to be away from home for weeks at a time because it’s an emergency and they have to stay until it’s done. That’s tough. And if you’re not an owner and you don’t really have much of an incentive, you know, maybe you find something easier. 

Michela Tindera
And this is where Pete’s strategy comes into play. To encourage workers to stay, KKR offers GSI’s employees equity in the business as part of their compensation. And Pete says that more employees started to stick around despite the tough work. 

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Pete Stavros
Once you have, you know, more information being shared with you about the business and where we’re headed and why we’re headed there and how you can help — and by the way, you’re going to participate in all the value that you’re helping to create — that quit rate went from 50 per cent to 17 per cent. 

Michela Tindera
Flash forward to today, and many of GSI’s employees are recipients of a sizeable payday. In September, KKR announced that it was going to be selling GSI. The sale meant a $1bn payout and $75mn of that was going to the company’s blue-collar employees. That meant that a lot of GSI employees would be receiving six-figure sums. For many of these employees, this is life-changing money. It’s the chance to put a down payment on a house or to set themselves up for early retirement. And for Pete, it’s been good for KKR, too. 

Pete Stavros
We made five times our money. There aren’t a lot of five X returns in private equity period, but certainly not being exited right now. You know, you can unleash a lot of growth when you suddenly stop losing half your workforce every year. And so when we look at our performance in the deals where we’ve done this, not only has it been the right thing to do and allowed us to deliver wealth for workers and have more engaged people who are happier on the job, less likely to quit, but also deliver better investment outcomes and build stronger companies. 

Michela Tindera
They’ve implemented this employee ownership programme in about 50 KKR portfolio companies and they’ve exited about 10. In that process, they say they’ve generated more than $1.6bn for workers. While this idea of employee ownership got its start at KKR, my colleague Antoine Gara, whom you heard at the beginning of the episode, says that it’s picked up some traction among other big firms, too. 

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Antoine Gara
The industry itself has sort of begun to really adopt this, and it’s really moving ever more into the mainstream. 

Michela Tindera
Pete Stavros from KKR started a non-profit called Ownership Works. That group’s brought other PE firms on board to evangelise this idea of employee ownership and equity. 

Antoine Gara
In a lot of the largest private equity firms in the industry — you know, from Apollo to Advent — have become supporters of ownership works. And then there are other firms that are doing it their own way. So Blackstone is not a part of ownership works, but it’s starting to implement, you know, very broad-based equity awards across all of the large companies it buys in the US. 

Michela Tindera
So KKR, one of the firms that pioneered private equity’s tough image, is charting a new path, and it seems to be catching on among other major firms.

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[MUSIC PLAYING]

Coming up, we’ll take a closer look at why this strategy’s expansion is happening at an opportune time for the industry. 

[SWAMP NOTES PODCAST TRAILER PLAYING]

Michela Tindera
It’s important to note that while KKR has been building out this employee ownership programme, private equity on the whole has been undergoing a lot of changes. Antoine says those heavily leveraged buyouts of the 1980s and 90s are mostly a thing of the past. 

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Antoine Gara
I mean, back in the 1980s, it seems like there was just a lot more low-hanging fruit for your average private equity investor. The secret sauce hadn’t really gotten out and markets weren’t so efficient. 

Michela Tindera
After the financial crisis, the way private equity structured deals shifted.

Antoine Gara
Post-crisis, it’s been much greater amounts of equity, lower ratios of leverage. In an investment case, that’s much more oriented around growing a business. 

Michela Tindera
The equity programme that KKR is offering plays into this idea of business-building that’s now become a key part of PE’s general strategy. 

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Antoine Gara
Now, when you’re doing a buyout, you know, they own companies for five to 10 years and most of the time they’re thinking, how can I double a company’s size? And so they’re much more into business-building now, either using a business to acquire other businesses or figuring out how to grow different business lines or push businesses into new markets all over the world. 

Michela Tindera
But PE firms haven’t only had to change the way they do buyouts in recent years. They’ve also had to change how they present themselves to the world. 

Antoine Gara
Private equity has sort of, you know, morphed from people focused on, you know, deal-by-deal basis to where is their firm going, you know, on a much longer arc of time and how can they continue to build even more broadly into the fabric of the financial system. These firms have grown into large, mainstream financial institutions. They are every bit as powerful as like the largest banks in America now, if not, at times, more powerful.

Michela Tindera
Strategies like offering equity to employees can play a role in softening PE’s image to regulators and lawmakers. 

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Antoine Gara
They can go to Washington when these deals work out and they can say, here are, you know, tens of thousands of happy employees in your state or in your industry. They believe in what we’re doing and that really helps you when, you know, Washington is not a place that can be very friendly to private equity oftentimes. 

Michela Tindera
And there is another factor. Business for PE hasn’t exactly been thriving in recent years. Ever since 2022, when interest rates started going up, PE markets have been in a tough place. 

Antoine Gara
I personally think it’s a test that’s not that far off from what they faced during the financial crisis. They are managing balance sheets that . . . the financing costs have increased substantially. And they’ve also not been able to sell many companies either to other private equity firms or to corporations or taking them public. So investors in private equity funds have not gotten a lot of money back and have seen, you know, almost like a historically bad run of cash coming back to them. And it’s come at a time when the public market just keeps going up and up and up. It’s sort of almost a slow-motion crisis, you know, that gets kind of worse and worse year by year. 

Michela Tindera
So if private equity is looking at some tough years ahead, then there’s a business case for rewarding workers. Motivated workers can help a company perform better and boost its value, which is good for the private equity firms that own them. Plus, it doesn’t actually cost the PE firms any cash. 

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Antoine Gara
The other interesting component of these employee awards is it’s either given as a restricted stock unit or some form of option, which really has no cash value at the very beginning. 

Michela Tindera
Yeah, when they buy the business, they’re handing employees just like a piece of paper that says: we’ll pay you later. 

Antoine Gara
Right. Yeah. So in the case of someone like a GSI, you know, their annual salary, let’s say, it would have been $80,000 a year or something like that. By giving the contract, and this was done in the format of an option, you know, your typical employee was making a payout. You know, if you worked there for three years of $110,000. So that’s a sum of money that the business wouldn’t have been able to afford on an annual basis or even on a three- or four-year rolling basis. But, you know, as the whole deal was paying out very profitably also for KKR and its investors, that $100,000, you know, across the employees who worked three years longer, that didn’t feel painful to KKR or its investors. 

[MUSIC PLAYING]

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Michela Tindera
Of course, workers only get these payouts if deals work out, and that’s not guaranteed. 

Antoine Gara
You know, if a company goes bankrupt, those employees who got the RSU or the equity award or the option, they’re not going to see any money from it. 

Michela Tindera
Pete acknowledges this reality, too. I asked him how KKR would handle that kind of a situation. 

Pete Stavros
It hasn’t happened yet, but it will happen. You know, we invest in lots of companies. I mentioned we’ve got 50 live examples of this and it’s not going to be 50 out of 50 that are home-run investments. It’s just not the way the world works. So that will happen. It hasn’t happened yet. We’re always very upfront and honest with people. This is free to you. You’re not paying for it. It’s not a trade-off for wages or benefits, but it’s also not a guarantee. We have to perform. We got to do our jobs. And if we do, you’ll participate. 

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Michela Tindera
For his part, Antoine wonders how valuable the strategy will be for private equity’s investors. 

Antoine Gara
What I’ll be interested to see is, are the companies with the broad equity awards, do they wind up performing as better investments through this tough period than the companies that don’t have it because the incentives were aligned better and so on? But I’ll be interested to see the sort of cohort analysis from firms like KKR. How did firms with equity awards perform as investments versus those that didn’t have them? 

Michela Tindera
Antoine, what’s your take on all this? I mean, is this just some kind of big PR effort from these firms? 

Antoine Gara
This all seems very practical to me, actually. The idea that you’re giving a worker some broad-based incentives and ownership in a company and that that will cause them to think about how to make the company more profitable or find new business opportunities — that just strikes me as common sense. It’s also not a huge breakthrough in capitalism. There are a lot of tech companies, the Facebooks and Googles of the world, that in their earliest days really incentivised most of their employees, mostly with stock awards and pieces of ownership in their companies because they didn’t have that much cash to just give away with high salaries. So, you know, I almost wonder why didn’t this all happen sooner? 

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Michela Tindera
Now, you might be thinking about what happens next for those workers at GSI. After all, KKR sold the company to new owners. 

Antoine Gara
So KKR is selling GSI to another private equity firm, Leonard Green & Partners, another longtime private equity firm that’s also a part of Ownership Works. So what’s interesting is Leonard Green will create a whole new set of equity awards for GSI employees. And it shows that there can actually be a recurring incentive structure and that, you know, as companies change hands between private equity firms, you know, these equity awards can be fairly consistent. 

[MUSIC PLAYING]

Michela Tindera
Behind the Money is hosted by me, Michela Tindera. Saffeya Ahmed is our producer. Sound design and mixing by Sam Giovinco. Special thanks to Mischa Frankl-Duval. Topher Forhecz is our executive producer. Cheryl Brumley is the global head of audio. Original music is by Hannis Brown. Thanks for listening. See you next week.

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Trump’s foreign policy plan: embrace unpredictability

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Trump’s foreign policy plan: embrace unpredictability

The former president has a radical global agenda for his second term, say allies and advisers — from Ukraine and the Middle East to pressurising America’s friends and foes

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Money

Vinted app went down leaving shoppers and sellers unable to log in

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Vinted app went down leaving shoppers and sellers unable to log in

VINTED went down this morning, leaving hundreds of shoppers and sellers locked out of their accounts.

Between 9am and 10.40am, over 717 users reported issues with the second-hand marketplace on DownDetector.

The Vinted app went down for hundreds of customers

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The Vinted app went down for hundreds of customersCredit: Getty
Customers logging into the app were greeted by this message

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Customers logging into the app were greeted by this message

According to the website, over 78% of customers could not use the app.

Another 19% said they could not log in to their account on the website.

It soon became clear that the issue was not due to a glitch but rather “scheduled maintenance”.

Affected users received the following message when trying to log in: “Vinted is temporarily down for scheduled maintenance.

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“We’re making improvements to Vinted which will take a few hours to successfully complete.

“This will delay some of the activities you may be running on the platform, but they will resume once the system is back up.

“We’re sorry for the inconvenience caused by this. Thanks for your patience.”

People took to X (formally Twitter) to complain.

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One user said: “Vinted is down are you kidding me.”

Another said: “Is there an issue with the app today? I keep getting an error.”

I’ve made £1.5k on Vinted – the mistake that affects the algorithm and the EXACT number of pictures to take to make cash

“The scheduled maintenance better improve the servers and add a feature to filter by price,” said a third user.

One customer told The Sun that they’re still getting notifications about sales but can’t click through to view what items have been purchased.

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We’re making improvements to Vinted which will take a few hours to successfully complete

Vinted

However, others joked about the temporary outage, with one user saying: “The amount of money I’m saving right now because Vinted is down is crazy.”

Vinted last went down at the end of October when more than 1,000 users complained about being unable to use the second-hand marketplace.

Payments won’t be affected

As the issue was related to scheduled maintenance, the temporary outage should not have affected your payments.

However, if you’re struggling to get your cash from Vinted, get in touch through the app (once it’s back up) and let customer service know you haven’t received your money.

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You’ll usually need to provide evidence to show you haven’t received the money, such as your latest bank statements.

This will delay some of the activities you may be running on the platform, but they will resume once the system is back up

Vinted

There is also information on Vinted’s help page for users who haven’t seen their money hit their bank account.

Visit vinted.co.uk/help/73-my-withdrawal-has-failed to find out more.

You can contact the website’s member support team directly via the app if you are still experiencing issues.

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If you’re still having issues or aren’t happy with how you have been treated, you may be able to complain to a third-party dispute resolution service, such as Complain.biz.

More Vinted news

Vinted launched a “pro” version of the app last month, which allows sellers to register as sole traders and be identified as professional sellers

The upgrade is free to use and users can sell unlimited items for free.

However, The Sun revealed the second-hand seller had paused new registrations to its professional selling feature after it made some users’ National Insurance (NI) numbers available, putting them at risk of fraud.

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HM Revenue & Customs (HMRC) advises that you should not share your NI number with anyone who does not need it to prevent identity fraud.

The Sun has learned that the Independent Commissioner’s Office (ICO) is investigating the breach after several sellers reported it.

Commenting on the issue, a spokesperson for Vinted said: “For a small number of Vinted Pro members, their NI number was visible on their profile page.

“While our teams were working on fixing the issue completely, we temporarily halted the ability to upgrade accounts to Vinted Pro.

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“We apologise to anyone that was affected and encourage members who have questions to reach out to our member support team.”

Do you need to pay tax on items sold on Vinted?

QUICK facts on tax from the team at Vinted…

  • The only time that an item might be taxable is if it sells for more than £6,000 and there is profit (sells for more than you paid for it). Even then, you can use your capital gains tax-free allowance of £3,000 to offset it.
  • Generally, only business sellers trading for profit (buying goods with the purpose of selling for more than they paid for them) might need to pay tax. Business sellers who trade for profit can use a tax-free allowance of £1,000, which has been in place since 2017.
  • More information here: vinted.co.uk/no-changes-to-taxes

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Quincy Jones, music producer, 1933-2024

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A man wearing sunglasses and holding cap sits leaning back in a chair giving directions

The 1994 movie Forrest Gump starred Tom Hanks as a man who randomly encounters legendary figures from 20th-century history: Elvis, John F Kennedy, Lyndon Johnson, Abbie Hoffman, John Lennon and Richard Nixon. Quincy Jones, who has died at the age of 91, liked to refer to himself as the “ghetto Gump”. It’s easy to see why. 

Over a seven-decade career, Jones enjoyed stellar success as a record producer, film composer and entertainment mogul. Along the way, he rubbed shoulders with, among others, Ray Charles, Frank Sinatra, Miles Davis, Pablo Picasso, Michael Jackson, Oprah Winfrey and Elon Musk.

The ghetto bit was only kind-of true. Jones was born in Chicago in 1933 to working-class parents. After his mother, who had schizophrenia, was institutionalised, he was sent to Kentucky for a while to live with his grandmother, who sent him down to the local river to catch rats for her to kill and cook.

Moving to Seattle with his father, having survived a car crash in which the other four people in the vehicle died, Jones got hooked on music and became a trumpeter. Friends with another local schoolboy, Ray Charles, at 18 he joined Lionel Hampton’s jazz band and toured the US. 

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Jones’s next move was to New York, where he worked as a musical arranger for Count Basie and others. He travelled the world with Dizzy Gillespie’s band, then lived in France, where he regularly dined with Picasso, a neighbour. In 1958, Grace Kelly asked him to conduct and arrange for Frank Sinatra at a charity concert in Monaco.

This launched a relationship with the singer during which Jones produced many of his greatest works, including the acclaimed 1966 album Sinatra at the Sands. Back in the US in the early 1960s, he also worked with Ella Fitzgerald, Miles Davis and Sammy Davis Jr, proving himself a dexterous producer able to work with sometimes monstrous egos.

Joining Mercury Records, Jones soon rose to vice-president. He could see that jazz was in retreat and pop was on the rise, and produced several million-selling singles for teenage starlet Leslie Gore, including her 1963 US number one “It’s My Party”.

But he craved work in the movies. Moving to Los Angeles, he scored dozens of films, including In The Heat of the Night (1967) and The Italian Job (1969) and wrote music for TV shows, including the theme from Ironside, and won an Emmy for his work on Roots.

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A man wearing sunglasses and holding cap sits leaning back in a chair giving directions
Jones on the set of the TV special ‘Duke Ellington… We Love You Madly’ in 1973 © David Redfern/Getty

Surviving a 1974 brain aneurysm that forced him to give up his beloved trumpet, Jones embraced soul and funk, producing hit albums for Aretha Franklin, Donna Summer and George Benson. He also found time to make his own music, enjoying US top 10 albums with Body Heat and The Dude.

Yet Jones will, for many people, forever be associated with the 1980s, and in particular his collaborations with Michael Jackson. Having worked with Jackson on the 1978 movie The Wiz, Jones became the superstar’s studio producer and helmed his three career-defining albums.

Off the Wall (1979), Thriller (1982) and Bad (1987) have, in total, sold more than 100mn copies. Thriller spent 37 weeks at the top of the Billboard chart and remains the best-selling album of all time (and, in the streaming era, will probably remain so). Jones also found time to produce the multi-artist 1985 charity single “We Are the World” to raise funds to help fight famine in Ethiopia.

He had a laser eye for talent. In 1985, he plucked Oprah Winfrey from local TV in Chicago to star in Steven Spielberg’s The Color Purple (1985), which Jones also co-produced and scored. Five years later, he linked with Time Warner to form Quincy Jones Entertainment, which created hit TV show The Fresh Prince of Bel-Air and launched the career of Will Smith.

Jones’ personal life was as busy as his career. He married, and divorced, three times, and is survived by seven children, including the actress Rashida Jones.

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In more recent times, he was a neighbour of Elon Musk, and claimed to have frequently enjoyed dinner with him, Mark Zuckerberg, Sergey Brin and Jeff Bezos.

Fittingly for the Ghetto Gump, tributes have been paid by Paul McCartney (“He had a twinkle in his eye”), Michael Caine, Elton John and two US presidents, Joe Biden and Barack Obama. Stevie Wonder told Rolling Stone: “Quincy should be remembered as one of God’s greatest gifts to the world.”

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Six ways to save water and slash energy bills by £200 a year including money-guzzling device to switch off

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Six ways to save water and slash energy bills by £200 a year including money-guzzling device to switch off

MILLIONS of households could save money on their water bills by making just six simple changes to how they use water.

Annual water bills are set to rise by about £27.40 to £473 from next year, according to water regulator Ofwat. 

You could shave hundreds off your bill with these six simple tips

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You could shave hundreds off your bill with these six simple tipsCredit: Alamy

Between 2025 and 2030 they are forecast to rise again by an average of £19 a year.

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The increases will put pressure on households already finding it difficult to make ends meet.

Around 18% of households are already struggling to pay their bills but this will climb to 40% if the changes go ahead, according to the Consumer Council for Water.

But experts at bathroom supplier Wholesale Domestic say a family of four who make small changes to their home could save more than £200 a year.

Read more on household bills

Switch to water-efficient fixtures – £50

“One of the simplest and most effective ways to save money on your energy bills is to use water-efficient fixtures,” said Brian Toward from Wholesale Domestic.

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“Modern showers and taps come with aerators and flow restrictors that reduce water usage without compromising on pressure.”

The devices are very easy to install and can be fitted either inside the spout of a tap or attached to the end of it.

Prices start at around £6.50 for four.

Meanwhile, a shower head aerator is installed in the same way as a basic shower head, which means they are one of the easiest ways to reduce your water consumption.

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You can pick up one of the devices for about £8.

Save money on your energy bills with these cold weather tips

Switching to a water-saving shower head could reduce the water you use by up to 40%.

Overall, a family of four could save around £50 a year by cutting down their water consumption with these efficient fixtures.

Lower the temperature of your water heater – £50

Your water heater temperature controls how hot water will be when it comes out of your tap or shower head.

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But most households have it set far higher than needed explains Mr Toward.

How to save on your energy bills

SWITCHING energy providers can sound like a hassle – but fortunately it’s pretty straight forward to change supplier – and save lots of cash.

Shop around – If you’re on an SVT deal you are likely throwing away up to £250 a year. Use a comparion site such as MoneySuperMarket.com, uSwitch or EnergyHelpline.com to see what deals are available to you.

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The cheapest deals are usually found online and are fixed deals – meaning you’ll pay a fixed amount usually for 12 months.

Switch – When you’ve found one, all you have to do is contact the new supplier.

It helps to have the following information – which you can find on your bill –  to hand to give the new supplier.

  • Your postcode
  • Name of your existing supplier
  • Name of your existing deal and how much you payAn up-to-date meter reading

It will then notify your current supplier and begin the switch.

It should take no longer than three weeks to complete the switch and your supply won’t be interrupted in that time.

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“By reducing your water heater temperature to around 55°C you can still have hot showers without wasting excess energy,” he said.

“Lowering the thermostat even slightly can make a significant difference over time and save you around £45-50 a year.

Most water heaters will have a knob on the front which controls the water temperature.

Turn this to the left to reduce its flow temperature.

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Do not turn your temperature down too much as this could cause harmful bacteria to grow in the water.

Take shorter showers – £20

It’s an age old tip but reducing the length of your shower can help you to save significantly on your water bills.

Heating accounts for a large part of every household’s energy consumption.

“If every member of your household reduces their shower time by just one minute, you could save hundreds of litres of water each month,” Mr Toward suggests.

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“Based on a family of four this could be a saving of around £20 a year in energy bills.”

Fix dripping and leaking fixtures – £35

Although the amount of water coming out of a leaking tap may look small, it can slowly add up over the course of a year.

“A slow-dripping tap can waste up to 5,500 litres of water a year,” Mr Toward warns.

“Not only is it a waste of water but it’s a direct hit to your energy bills if it’s a hot tap.”

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If you get it fixed you could save up to £35 a year based on UK water heating costs.

Leaking toilets are another culprit.

Toilets take up about 30% of the total water used in a household according to water saving organisation Save Water Save Money.

A constantly running toilet can waste over 200 litres of water a day.

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Install a thermostatic mixer shower – £30

If you have an electric shower, consider changing to a thermostatic mixer shower.

These showers mix hot and cold water more precisely than an electric shower which can prevent overheating and wasted energy.

By doing so they can help to regulate water temperature more effectively and reduce the energy needed to heat the water.

Prices start from around £75.

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Swapping to a thermostatic shower can shave around £30 a year off your energy bill, especially if combined with a more efficient boiler.

Use your towel dryer wisely – £20

Towel radiators and heated towel rails have become popular in many bathrooms but they can waste energy if not used wisely.

Mr Toward advises: “Limit the time you have your towel rail on as many are left running for far longer than necessary, which can eat up electricity.”

Instead, set a timer or use a programmable rail to save between £15 and £20 annually.

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How else can I save on my household bills?

You could apply for a water meter to shave hundreds of pounds off your water bill every year.

Water meters charge you for the amount of water you use, so consider your household use before you get one.

If you get through a lot of water then it may not be worth getting one.

The Consumer Council for Water has a free water meter calculator which will tell you how much you could save.

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Meanwhile, you could get water-saving devices from your water company. 

Get in touch with your supplier for more information or visit savewatersavemoney.co.uk.

Companies also cap the bills of households who are struggling through the WaterSure scheme.

To apply you must be on benefits and need to use lots of water for medical reasons or because your household has a certain number of children.

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You must have a water meter or be waiting to get one installed.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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Hidden pub in the middle of the woods has its own Christmas market, mulled wine and live music

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There is a pub in the middle of the woods in the UK

THERE’S a pub in the middle of an English forest that people are calling a hidden gem.

Aptly named the Pub in the Woods, its found in Wild Park Derbyshire, an outdoor activity centre.

There is a pub in the middle of the woods in the UK

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There is a pub in the middle of the woods in the UKCredit: Instagram
Aptly named, it is found in Wild Park Derbyshire

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Aptly named, it is found in Wild Park DerbyshireCredit: Instagram
There is a fully stocked bar too

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There is a fully stocked bar tooCredit: Instagram

It opened in 2021, inspired by the outdoor drinking that was enforced during the pandemic.

Inside are a range of bookable tables, which is advised due to the small nature of the pub.

The cabana fire pit has space for up to 12 people, inside a purpose built wooden cabana so has a bit of shelter in case it rains.

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There are also tipi tents, also with shelter and fire pits, or tables on the veranda.

Otherwise you can risk it with an open-air table.

Prices range from £10 to £50.

There is a fully stocked bar, where you can find everything from beer and fizz to mulled wine and boozy hot chocolates.

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There’s food to soak up the alcohol too, ranging from burgers and hot dogs to pizzas and snacks.

Along with boozing, there are are live music nights, running once a week with two acts per night.

An on December 5 and 6, the pub has it’s own mini Christmas Market with more live music as well as gift stalls and food and drink.

Life at UK’s Most Remote Pub: Challenges and Charm on Easdale Island

The website says: ” Think live music; beer, mulled wine, hot chocolate (boozy & virgin); food; fire pits; festoon lights and friends – socialising outdoors in the fresh country air.

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“Get booked in, bring your coats, hats and long johns (blankets, hot water bottles, quilts – whatever you fancy!) and visit The Pub in The Woods.”

Previous punters have been left impressed by the pub, raving about the staff and the atmosphere.

One person said: “The photos don’t do it justice. Environment is outstanding, so so cozy, beautiful fairy lights dotted around, staff were approachable and really attentive.

You need to book a table ahead as it often sells out

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You need to book a table ahead as it often sells outCredit: Instagram
Thankfully there are fire pits to stay warm

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Thankfully there are fire pits to stay warmCredit: Instagram

“The people that repeatedly served us kept checking into see if we needed anything, lots of spare wood to add to the fire pits.

“Nothing was ever too much even filling up my hot water bottle for the journey home.”

Another said: “Truly unique experience and could not recommend highly enough.”

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A third called it “Derby’s best-kept secret”.

If you want to explore the adventure park while there, you can book both laser tag and paintball sessions as well as quad biking and archery.

Stay in the nearby ‘trending’ town of Ashbourne

Near the pub is the town of Ashbourne – which was named a trending destination this year.

Research from Independent Cottages revealed that it was the place that saw the largest increase in attention from Brits.

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It is known as “the gateway to Dovedale” a valley in the Peak District, named one of the seven wonders of the UK by the Royal Geographical society in 2021.

Ashbourne gingerbread is even famous with legend saying the recipe was given to a local by a chef of a captured French general during the Napoleonic War.

Another ‘hidden’ bar is Cafe Pacifico, the UK’s first ever Mexican cantina and tucked down a side street in London.

And here’s what its like to drink at the UK’s most isolated pubs.

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There is even live music during the nights

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There is even live music during the nightsCredit: Instagram

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