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The future of The Fat Duck and other restaurants founded by Heston Blumenthal is in doubt after HM Revenue & Customs issued a winding-up petition against the chef’s parent company.

HMRC has moved against SL6 Ltd, which owns The Fat Duck in Bray, Berkshire, alongside the one-Michelin-starred The Hinds Head and several affiliated ventures. Around 130 staff are understood to be at risk should the petition proceed.

The action follows a further deterioration in the group’s finances. Accounts filed at Companies House show SL6 Ltd recorded a loss of £2.05m for the year to 2024, up from £1.39m the previous year, despite turnover of £8.9m.

Administrative expenses totalled £8.4m, including £2.3m in cost of sales, while staff costs rose to £4.07m, reflecting inflationary pressure and higher wage bills.

The company’s accounts reveal total debts of £2.7m, including £1.67m owed in taxation and social security and £5,417 in corporation tax. It also reported a bank overdraft of £806,091, more than the £697,605 held in cash, alongside several outstanding bank loans.

A strategic report signed by Ronald Lowenthal, who now controls SL6 Ltd after Blumenthal sold his stake in 2006, acknowledged a year of “tough economic conditions”, citing inflation across the supply chain, recruitment challenges and rising wage costs.

Lowenthal said the company had chosen not to pass the full burden of inflation on to customers, despite the impact on profitability. The Fat Duck’s signature 13-course tasting menu, “The Journey”, is currently priced at £350 per head.

Auditors Lawfords Consulting previously described the business as a “going concern”, noting management was seeking long-term funding to stabilise operations. However, HMRC’s decision to file a winding-up petition suggests negotiations may not have secured sufficient support.

A spokesperson for HMRC said it could not comment on individual cases but added that winding-up petitions are only filed after other recovery options have been exhausted.

The development comes at a difficult time for the UK hospitality sector, which has faced rising energy bills, food inflation and higher employment costs in recent years. Fine dining establishments have been particularly exposed to fluctuations in discretionary spending.

The timing is also notable given fresh political debate around the value of the hospitality sector. Comments this week from a senior government adviser suggesting Britain does not “need any more restaurants” have drawn criticism from industry figures already grappling with higher taxes and regulatory pressures.

Blumenthal, famed for inventive dishes such as snail porridge and “Sound of the Sea”, became one of Britain’s most recognisable chefs through The Fat Duck’s experimental cuisine and television appearances. The restaurant has long been regarded as a cornerstone of modern British gastronomy.

If the winding-up petition proceeds and the company cannot secure funding or reach a settlement with HMRC, the case could result in compulsory liquidation, placing one of Britain’s most celebrated culinary brands in jeopardy, however a spokesperson for SL6 Limited, has said: “This was an administrative oversight during our transition to a new accounting system, which we are working to resolve. Our restaurants are busier than ever, and there will be no impact on our operations. From our side, it is business as usual.”

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Cisco Systems Inc.’s stock held firm near $64.50 in late February 2026, closing at $64.48 on February 24 after a 0.78% gain, as the networking giant continued to benefit from strong demand for AI infrastructure, a solid second-quarter earnings beat, and a 3% dividend increase announced earlier in the month.

As of February 24, 2026, Cisco (NASDAQ: CSCO) traded in a session range of $63.92 to $64.85 with volume of approximately 18.4 million shares. The shares have risen about 12% year-to-date in 2026, trading near the upper end of their 52-week range from $44.50 to $65.20. Market capitalization stands around $260 billion, reflecting investor confidence in Cisco’s transition toward high-growth areas such as AI networking, security, and observability.

The recent stability follows Cisco’s second-quarter fiscal 2026 results released February 12, 2026 (for the quarter ended January 25, 2026). The company reported revenue of $14.0 billion, down 6% year-over-year but beating analyst expectations of $13.7 billion. Adjusted earnings per share reached $0.96, topping consensus estimates of $0.92. Product orders grew 11% year-over-year, driven by strong demand for AI-related networking solutions, while remaining performance obligations (RPO) increased 18% to a record $42.3 billion.

CEO Chuck Robbins highlighted the acceleration of AI infrastructure deployments as a key driver, with networking orders up significantly due to hyperscaler and enterprise investments in AI data centers. Security revenue grew 8%, and observability products continued gaining traction. The company noted improved supply chain dynamics and a shift toward software and subscription models, which contributed to gross margin expansion to 68.4% on an adjusted basis.

On February 12, Cisco announced a 3% increase in its quarterly dividend to $0.41 per share, payable April 23, 2026, to shareholders of record April 2. The move underscores the company’s strong cash generation and commitment to shareholder returns, with a current yield around 2.5%. Cisco also repurchased $2.5 billion in stock during the quarter under its ongoing authorization.

Analysts remain predominantly bullish. Consensus among 25-30 firms rates CSCO a Moderate Buy to Buy, with average 12-month price targets around $68 to $72—implying 5-12% upside from current levels. High targets reach $80 from firms like Morgan Stanley and JPMorgan, citing AI tailwinds and margin expansion. Some caution persists around legacy product declines and competition from Arista Networks and others in high-speed switching for AI clusters.

Cisco guided for third-quarter fiscal 2026 revenue of $13.6 billion to $13.8 billion and adjusted EPS of $0.83 to $0.85, aligning with or slightly above consensus. Management emphasized continued AI networking momentum, security resilience, and progress toward its $1 billion annualized run rate target for observability products.

The company continues investing heavily in AI, including silicon advancements through its Silicon One platform and partnerships with hyperscalers for next-generation data center fabrics. Recent announcements include expanded collaboration with NVIDIA on AI infrastructure and new observability tools for generative AI workloads.

Challenges include a transitional period in traditional enterprise networking, where some customers delay upgrades amid economic uncertainty. However, Cisco’s diversified portfolio—spanning networking, security, collaboration (Webex), and observability—provides resilience. The shift toward software and recurring revenue streams supports improving margins and predictability.

The next earnings report, for third-quarter fiscal 2026, is expected in mid-May 2026. Investors will scrutinize AI order trends, security growth, margin progress, and any updates on full-year guidance or strategic initiatives.

Cisco Systems, a foundational player in global networking, has successfully pivoted toward AI-driven opportunities while maintaining strong cash flow and shareholder returns. Record RPO, dividend growth, and AI tailwinds position the company for sustained performance in 2026, even as legacy segments face headwinds. With shares trading at attractive multiples relative to historical averages and peers, Cisco remains a core holding for investors seeking exposure to AI infrastructure and enterprise technology.

Authorities investigating the disappearance of 84-year-old Nancy Guthrie acknowledged February 26, 2026, that DNA evidence recovered from her Catalina Foothills home may be “unusable” due to degradation or contamination, while confirming that a backpack found miles away has no connection to the case, as the search for the missing mother of NBC “Today” show co-anchor Savannah Guthrie entered its 26th day with no new arrests or major breakthroughs.

Pima County Sheriff Chris Nanos provided the updates during a brief media briefing, stating that forensic analysis of blood drops found on the front porch and other samples from inside the residence has yielded inconclusive or degraded results. “Some of the DNA evidence is not usable at this time due to environmental factors and the age of the samples,” Nanos said. “We continue to work with state and federal labs to explore any additional testing options, but we are not relying solely on DNA to move the investigation forward.”

The sheriff also addressed persistent speculation about a backpack discovered in a nearby desert area shortly after Guthrie vanished on February 1. “The backpack recovered early in the search has been fully processed and ruled out as related to this case,” Nanos confirmed. “It does not match the description provided by the surveillance footage, and no forensic links were found.” The clarification follows weeks of public theories tying the item to the suspect seen on Nancy Guthrie’s Nest doorbell camera.

The suspect, captured in black-and-white footage released by the FBI on February 10, is described as a male approximately 5 feet 9 inches to 5 feet 10 inches tall with an average build. He wore a balaclava, gloves, and carried a 25-liter Ozark Trail “Hiker Pack” backpack while approaching the door with a holstered firearm visible. Sources told ABC News and NBC News on February 23–24 that some released images show the individual without the backpack or gun, prompting speculation of multiple visits to the property. Sheriff Nanos reiterated February 26 that the photos lack date or time stamps, calling any conclusion about separate dates “purely speculative.”

Investigators have canvassed thousands of hours of surveillance footage from the greater Tucson area and requested additional recordings from neighbors, with particular emphasis on January 11 (9 p.m.–midnight) and January 31 (9:30 a.m.–11 a.m.). A neighbor, Aldine Meister, told Fox News Digital on February 25 that she observed a “suspicious” younger man walking in the neighborhood about two weeks before the disappearance. “He didn’t have your typical walking gear on, and he had his hat pulled really far over his eyes,” Meister said. “He just didn’t fit.” She reported the sighting to authorities after the case became public.

The family, led by Savannah Guthrie, announced a reward of up to $1 million for information leading to Nancy Guthrie’s recovery, matching FBI criteria for payment. Savannah shared an emotional video on Instagram February 24, saying, “We still believe in a miracle, we still believe that she can come home — hope against hope.” She acknowledged the possibility that her mother “may be lost” or “already be gone,” but urged anyone with information to contact the FBI at 1-800-CALL-FBI or tips.fbi.gov, or submit tips anonymously through 88-Crime.

The FBI continues offering up to $50,000 for information leading to recovery and the arrest of those responsible, while 88-Crime provides an additional $102,500 reward. The agency has received thousands of tips since releasing the suspect footage, though officials have not confirmed any credible ransom demands or bitcoin-related communications reported by some media outlets.

Nancy Guthrie was last seen on the evening of January 31 after her son-in-law dropped her off following dinner. She failed to join a scheduled virtual church service the next morning, prompting family concern. Blood drops on the porch and tampering with the doorbell camera suggest foul play. All immediate family members, including Savannah Guthrie and her siblings, have been cleared as suspects.

The quiet, affluent Catalina Foothills neighborhood remains on edge, with residents placing flowers and notes outside the home. The area’s spaced-out properties, dark skies, and limited surveillance have hindered progress. Investigators continue forensic work, digital analysis, and canvassing while limiting public updates to significant developments to preserve resources.

As the case stretches into its fourth week, the Guthrie family and authorities maintain hope that new leads will emerge. Anyone with information is urged to contact the FBI or Pima County Sheriff’s Department. The investigation remains active and ongoing, with no persons of interest publicly identified and no arrests made.

President Donald Trump on Tuesday outlined a new retirement plan that would see the federal government match a portion of the contributions made by American workers to retirement plans that aren’t matched by their employers.

Trump discussed the proposal during his State of the Union address to a joint session of Congress on Tuesday night, when he said that the federal government will start providing up to $1,000 in matching contributions to the retirement plans of workers whose employers aren’t providing a match.

“Since I took office, the typical 401(k) balance is up by at least $30,000. That’s a lot of money,” Trump said. “We have millions and millions of people, because the stock market has done so well, setting all those records – your 401(k)s are way up. Yet half of all working Americans still do not have access to a retirement plan with matching contributions from an employer.”

“To remedy this gross disparity, I’m announcing that next year, my administration will give these often forgotten American workers – great people, the people that built our country – access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market,” the president said.

THE TYPICAL AMERICAN WORKER HAS JUST $955 SAVED FOR RETIREMENT, STUDY SHOWS

President Donald Trump unveiled a new retirement plan for Americans during his State of the Union address. (Nathan Posner/Anadolu via Getty Images)

Trump’s proposal would build off an existing federal policy that allows the government to make a matching contribution to private sector workers’ retirement plans if they meet certain income criteria.

A bipartisan law known as the SECURE 2.0 Act was signed into law by President Joe Biden in 2022 and created a Saver’s Match that would match 50% of retirement contributions made by eligible workers up to $1,000 for individuals and $2,000 for couples starting in 2027.

HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

The federal retirement match would apply to a variety of low-cost index funds. (Angela Weiss/AFP via Getty Images / Getty Images)

Under the SECURE 2.0 Act, the Saver’s Match would be distributed through a federal tax credit deposited directly into a qualified pre-tax retirement account, such as a traditional IRA or traditional 401(k), though after-tax accounts like the Roth IRA or Roth 401(k) wouldn’t be eligible to receive the funds.

The existing Saver’s Match phases out for income in the $20,501 to $35,500 range for single filers, $30,751 to $53,250 for heads of households, and $41,001 to $71,000 for married couples filing jointly.

IRS REVEALS UPDATED RETIREMENT CONTRIBUTION LIMITS FOR 2026

The White House’s plan builds on an existing match scheduled to take effect in 2027. (iStock)

The White House indicated that the president’s proposal would have a similar structure to the Thrift Savings Plan that federal employees can enroll in, which allows them to invest in several low-cost index funds, including U.S. Treasury bonds, an aggregate U.S. bond fund, the S&P 500, a U.S. total stock market index, and an international stock index that excludes China and Hong Kong.

A 2025 analysis by the Pew Charitable Trusts found that almost 57 million American workers – which amounts to almost half of the private sector workforce – don’t receive retirement benefits through their workplace.

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Pew’s analysis estimated that the cost to federal and state governments of Americans’ insufficient retirement savings would amount to $1.3 trillion over a 20-year period, as insufficient retirement savings decreases household spending and increases demand on social assistance programs that can strain a shrinking tax base.

John Lewis Partnership has abandoned its build-to-rent housing ambitions, retreating from a high-profile property diversification strategy as the group pivots back towards its core retail business.

The employee-owned retailer confirmed it would withdraw from the rental housing scheme first championed by its former chair, Sharon White, who had sought to reduce reliance on retail by generating 40 per cent of profits from non-retail ventures by 2030. That target was later scrapped.

The build-to-rent initiative, launched in partnership with Aberdeen, aimed to deliver around 1,000 rental homes across sites in Ealing and Bromley in London and Reading in Berkshire. Aberdeen had pledged to raise £500m from institutional investors to fund the developments.

However, John Lewis said that the funds were never secured due to shifting macroeconomic conditions.

“Our rental property ambition was based on a very different financial environment: one with more stable investment returns, lower borrowing costs and more affordable construction costs,” a spokesman said. “The current climate, higher interest rates, inflationary pressures and a more cautious property market, means the model no longer meets our investment criteria.”

The decision marks a significant strategic reset under Jason Tarry (pictured), the former Tesco executive who became chair in 2024. Tarry has sought to restore the partnership’s focus on retail performance after several years of financial strain and cancelled staff bonuses.

The group is now pursuing an £800m investment programme aimed at revitalising its department stores, alongside a £1bn investment in its Waitrose estate of 320 shops. Recent initiatives include a high-profile partnership to bring Topshop concessions into John Lewis stores as it seeks to win back younger customers.

The build-to-rent strategy had originally been positioned as a way to unlock value from surplus Waitrose land and car parks while creating a more stable, long-term income stream less exposed to retail volatility.

However, the proposals were controversial from the outset. Local communities and planning authorities raised concerns over building heights, density and the proportion of affordable housing. Although several schemes ultimately secured planning approval, in some cases after appeals and intervention by government inspectors, the projects required significant upfront investment.

While John Lewis has not disclosed how much has been spent to date, it is understood that several million pounds were invested in design, planning and legal costs before the scheme was halted.

The withdrawal underlines the pressure facing retailers that diversified into property during the era of low interest rates. Higher borrowing costs have eroded returns on residential development, while construction inflation has increased project risk.

For John Lewis, the move signals a return to fundamentals after what some critics inside and outside the partnership viewed as a distraction from its core business.

With the cost-of-living crisis squeezing consumer spending and competition intensifying across both fashion and grocery, the partnership is betting that renewed focus on shopkeeping, rather than landlord ambitions, offers a clearer path to restoring profitability and rebuilding confidence among its employee-owners.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

NVIDIA Corp. faces one of its most anticipated quarterly reports on February 25, 2026, after market close, as investors scrutinize whether the AI chip leader can sustain explosive growth amid soaring expectations and a stock trading near $197 ahead of the release.

As of February 25, 2026, NVIDIA (NASDAQ: NVDA) shares traded around $196-$197 in pre-earnings activity, up modestly from the prior close of $192.85 on February 24. The stock has gained significantly in 2026, building on 2025’s massive rally driven by AI infrastructure demand. Market capitalization exceeds $4.7 trillion, making NVIDIA the world’s most valuable company by a wide margin.

The company is scheduled to release fiscal fourth-quarter 2026 results (ended January 25, 2026) after the bell, followed by a conference call at 5:00 p.m. ET. Wall Street consensus, compiled from Bloomberg, LSEG, and other sources, projects adjusted earnings per share of $1.53 and revenue of approximately $65.9 billion to $66.2 billion—a 68% year-over-year increase from $39.3 billion in the year-ago quarter. Data center revenue, the primary growth engine, is expected to reach $60.36 billion or higher, reflecting continued hyperscaler spending on AI accelerators.

Analysts anticipate another strong beat-and-raise quarter, marking potentially the 11th consecutive period of growth exceeding 55%. Gross margins are projected at around 75%, with adjusted operating income near $44.56 billion. The report arrives at a pivotal time for the broader market, where NVIDIA’s performance has become a proxy for the AI boom’s health. A solid beat could reinforce confidence in AI infrastructure plays, while any shortfall in guidance might spark volatility across tech stocks.

CEO Jensen Huang and CFO Colette Kress are expected to provide commentary on Blackwell GPU ramp-up, demand from major cloud providers (Microsoft, Google, Meta, Amazon), and the upcoming Rubin architecture. Blackwell orders have reportedly crossed $350 billion in some estimates, with hyperscaler capex projected to hit $600 billion for 2026—much of it flowing to NVIDIA chips. The company faces scrutiny on whether AI spending remains robust or shows signs of moderation.

NVIDIA’s third-quarter fiscal 2026 results (reported November 19, 2025) set a high bar: record revenue of $57.0 billion (up 62% year-over-year), data center revenue of $51.2 billion (up 66%), and strong guidance for Q4 at $65.0 billion plus or minus 2%. That outlook has held firm, with some analysts raising estimates slightly in recent weeks.

The earnings call will also address supply chain dynamics, competition from AMD and custom silicon efforts by hyperscalers, and any updates on energy-efficient designs for next-generation AI workloads. Options markets have priced in a potential 5-6% stock swing post-earnings, reflecting the high stakes for a company whose moves often influence the S&P 500 and Nasdaq.

Analyst sentiment remains bullish overall. Consensus price targets sit well above current levels, with many firms highlighting NVIDIA’s dominance in AI accelerators and long-term secular tailwinds. However, valuation concerns persist—trading at around 41 times forward earnings in some calculations—amid worries about potential AI spending slowdowns or execution risks on Blackwell ramp.

NVIDIA’s trajectory in 2026 hinges on proving the AI supercycle endures. With the GTC 2026 event approaching in March, where major announcements are expected, the February 25 report serves as a critical checkpoint. A beat-and-raise scenario could propel shares higher, reinforcing the narrative of sustained hyperscaler demand, while any cautious guidance might trigger a pullback in a market increasingly sensitive to AI-related developments.

As the closing bell approaches, all eyes remain on NVIDIA to deliver clarity on the pace of AI infrastructure buildout and its implications for the broader tech sector.