Moneybags Euan Blair’s firm suffers £18.8m loss
LIKE his moneybags father, Euan Blair is already said to be a multimillionaire on the back of his bluechip apprentice business, but I can disclose that the company has still amassed losses of more than £18 million.
His business, Multiverse Group Ltd, lost £10.9 million this year on top of more than £5 million in 2020, according to newly released figures. Including previous years’ losses, the total reaches £18.8 million.
The firm is being kept in the black after a huge influx of investment, including a reported £95 million from American investors this year, as it scales up its operation.
The 37-year-old son of former prime minister Tony Blair is chief executive of Multiverse, which matches talented apprentices with top employers including Facebook, the NHS and Morgan Stanley. It had revenues of £10 million, but operating and sales costs meant a loss for the year of £10.9 million.
Explaining the loss in the year to March, the company says: ‘The movement in net loss year-onyear reflects the ongoing investment in the business and our commitment to building support functions that will allow the organisation to scale.’
It adds: ‘We have made significant investments across all teams at Multiverse to set ourselves up for greater scale.’
The accounts signed off by Euan also say the company had ‘over-delivered’ and grown sales by 300 per cent, while employing 181 people earning a combined £14 million a year, including pension and social security costs.
Earlier this year, the company opened offices in New York and has provided apprentices to businesses including tech giant Google.
Euan is Blair’s eldest son and is now said to have a fortune worth £160 million — more than triple his father’s £44 million.
He founded the company in 2016 with Sophie Adelman, whom he met while working in investment bank Morgan Stanley’s graduate training scheme.
A spokesman for Multiverse Group could not be reached for comment.