Category: 3. Business

  • World Energy Outlook 2025 | Climate & Clean Air Coalition

    World Energy Outlook 2025 | Climate & Clean Air Coalition

    The IEA’s flagship World Energy Outlook (WEO) is the most authoritative source of global energy analysis and projections. Updated annually to reflect the latest energy data, technology and market trends, and government policies, it explores a range of possible energy futures and their implications for energy security, access and emissions.

    The WEO covers the whole energy system, using a scenario-based approach to highlight the central choices, consequences and contingencies that lie ahead. It includes exploratory scenarios that flow from different assumptions about existing policies, as well as normative pathways that achieve energy and emissions goals in full. The multi-scenario approach illustrates how the course of the energy system might be affected by changing key variables, including the energy policies adopted by governments around the world.

    This year’s edition comes amid major shifts in global energy policies and markets, and acute geopolitical strains. Governments are reaching different conclusions about the best ways to tackle concerns about energy security, affordability and sustainability. As always, the World Energy Outlook provides unrivalled insights into the consequences of different energy policy and investment choices. An important theme in this year’s WEO is security of supply of critical minerals.

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  • Norway wealth fund to vote for human rights report at Microsoft AGM, against management

    Norway wealth fund to vote for human rights report at Microsoft AGM, against management

    Microsoft CEO Satya Nadella departs following a meeting of the White House Task Force on AI Education in the East Room of the White House in Washington on Sept. 4, 2025.

    Eric Lee | Bloomberg | Getty Images

    Norway’s $2 trillion wealth fund said on Sunday it would vote for a shareholder proposal at the upcoming Microsoft annual general meeting requiring for a report on the risks of operating in countries with significant human rights concerns.

    Microsoft management had recommended shareholders voted against the motion.

    The fund also said it would vote against the re-appointment of CEO Satya Nadella as chair of the board, as well as against his pay package.

    The fund owned a 1.35% stake worth $50 billion in the company as of June 30, according to fund data, making it the fund’s second-largest equity holding overall, after Nvidia.

    It is Microsoft’s eighth-largest shareholder, according to LSEG data.

    Investors in the U.S. tech company will decide whether to ratify the proposed motions at the AGM on Dec. 5.

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  • Assessing Valuation After Q3 Earnings Beat and Renewed M&A, Wealth Management Momentum

    Assessing Valuation After Q3 Earnings Beat and Renewed M&A, Wealth Management Momentum

    Goldman Sachs Group is riding a wave of renewed strength in its mergers and acquisitions business, together with substantial asset and wealth management inflows. This momentum, along with solid Q3 earnings, has caught investor attention lately.

    See our latest analysis for Goldman Sachs Group.

    Momentum around Goldman Sachs isn’t just headline-driven. The stock’s year-to-date share price return of 43.67% really stands out, especially as it recently reported Q3 earnings ahead of expectations and completed a string of new fixed-income offerings. Investor sentiment looks increasingly favorable, with the 38.5% total shareholder return over the past year and a remarkable 286% total shareholder return over five years both reflecting renewed optimism about Goldman’s growth trajectory and resilience as economic conditions shift.

    If you want to see other financial sector names with momentum and strong insider alignment, now is a great time to discover fast growing stocks with high insider ownership

    Despite these impressive numbers, investors are left wondering whether Goldman Sachs shares are still undervalued given the company’s operational momentum, or if the current price already reflects all the growth investors can expect.

    Compared to the last closing price, the most followed narrative values Goldman Sachs at just below current trading levels. This suggests that any future upside may depend more on continued execution than on a change in valuation.

    Record growth and momentum in Asset & Wealth Management, including strong fee-based net inflows for 30 consecutive quarters and rising demand for alternative assets from high-net-worth and institutional clients, are shifting the revenue mix toward less volatile, high-margin streams. This supports higher and more durable net margins.

    Read the complete narrative.

    Curious what financial levers drive this precise valuation? The answer lies in a combination of analyst forecasts, management of margins, and the potential durability of future revenues. If you want to know which trends really influence the fair value for Goldman Sachs, you need to see the numbers that shaped this narrative.

    Result: Fair Value of $802.53 (OVERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent geopolitical tensions or unexpected regulatory shifts could quickly undermine current optimism about Goldman’s projected earnings and valuation.

    Find out about the key risks to this Goldman Sachs Group narrative.

    While market multiples point to Goldman Sachs being slightly overvalued compared to its peers, our DCF model, which estimates fair value based on future cash flows, suggests a very different picture. The stock is trading well above its intrinsic value of $498.31. This gap raises questions: is the optimism reflected in the share price really justified, or is the market overlooking risks?

    Look into how the SWS DCF model arrives at its fair value.

    GS Discounted Cash Flow as at Nov 2025

    If you would rather draw your own conclusions or take a closer look at the numbers yourself, it’s easy to construct a personal narrative in just a few minutes. Do it your way

    A good starting point is our analysis highlighting 5 key rewards investors are optimistic about regarding Goldman Sachs Group.

    Act now and give yourself the best chance to find tomorrow’s standout stocks. Missing out could mean overlooking the next big winner in your portfolio.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include GS.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • A Closer Look at Henlius (SEHK:2696) Valuation Following Recent Market Moves

    A Closer Look at Henlius (SEHK:2696) Valuation Following Recent Market Moves

    Shanghai Henlius Biotech (SEHK:2696) shares have caught investors’ attention following recent trading activity. Although the company did not issue any formal announcements, the stock’s movements this week invite a closer look at the drivers behind its current valuation.

    See our latest analysis for Shanghai Henlius Biotech.

    This week’s surge has propelled Shanghai Henlius Biotech further into the spotlight, with short-term momentum helping to reverse some of the volatility seen over the past quarter. While the share price has pulled back 1.36% in the last day, it is still up 8.23% for the week and stands out with a remarkable year-to-date share price return of 193.83%. In the bigger picture, long-term investors have enjoyed a stellar 221.16% total shareholder return over the past year, reflecting both capital gains and income. The stock’s strong run suggests renewed optimism about its growth potential and market position.

    If the recent rally in biotech has sparked your curiosity, consider expanding your search with our healthcare stocks screener See the full list for free.

    Yet with this impressive rally and the stock currently trading nearly 47% below consensus analyst targets, investors are left to wonder whether Shanghai Henlius Biotech remains undervalued, or if the market is already factoring in all future growth.

    Shanghai Henlius Biotech is currently trading at a price-to-earnings (P/E) ratio of 41.4x, putting the stock above both the industry and peer averages. With a last close price of HK$69.05, investors are paying a premium compared to other Asian biotech companies.

    The P/E ratio measures how much investors are willing to pay today for a dollar of future earnings. In high-growth industries like biotech, a higher P/E can sometimes be justified if the market expects rapid profit expansion. However, this figure should be weighed against the company’s actual growth prospects and risks.

    Shanghai Henlius Biotech’s P/E ratio exceeds the Asian Biotechs industry average of 40.8x and the peer group average of 37.9x. Even when considering the estimated fair P/E ratio of 23.5x, the current valuation remains elevated, suggesting the market is pricing in strong future growth or other catalysts. Significant deviation from the fair ratio could mean the market expects exceptional performance, or it may signal over-optimism that could correct.

    Explore the SWS fair ratio for Shanghai Henlius Biotech

    Result: Price-to-Earnings of 41.4x (OVERVALUED)

    However, slower than expected revenue growth or increased competition could quickly undermine the optimism currently reflected in Shanghai Henlius Biotech’s share price.

    Find out about the key risks to this Shanghai Henlius Biotech narrative.

    While the market assigns a premium price-to-earnings ratio to Shanghai Henlius Biotech, our DCF model reaches a different conclusion. The SWS DCF model indicates the shares are trading about 45.5% below their fair value. This suggests the stock may be undervalued on a cash flow basis. Could the market be missing something, or is it simply cautious about future growth?

    Look into how the SWS DCF model arrives at its fair value.

    2696 Discounted Cash Flow as at Nov 2025

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Shanghai Henlius Biotech for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 914 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

    If you think there’s another angle to Shanghai Henlius Biotech’s story, you can dive into the numbers and craft your own perspective in just a few minutes. Do it your way

    A great starting point for your Shanghai Henlius Biotech research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

    Missing out on new opportunities could mean leaving gains on the table. Turn the latest market insights into action with these hand-picked stock ideas:

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include 2696.HK.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • The Polish ‘magicians of glass’ who create Christmas baubles for clients worldwide

    The Polish ‘magicians of glass’ who create Christmas baubles for clients worldwide

    CZĘSTOCHOWA, Poland — If you could design a bauble for your own Christmas tree, what would it be — a teddy bear dressed as a ballerina, a hummingbird, or a crimson phoenix?

    The workers at GlitterLab, a company producing Christmas decorations in southern Poland, vow to turn those fantasies into reality.

    Calling themselves “the magicians of glass,” their clients have included Swarovski, the French chain Galeries Lafayette, and Harrods, the iconic London department store.

    “We have the ability to create shapes and designs that glass will not normally take,” the company promises on its website.

    And the whole production process, “our closely guarded trade secret,” is manual, making each product unique, it says.

    “In an age when you can buy anything anywhere for next to nothing, something made from scratch here in a European country, with honest work and thoughtfulness, is truly valued by customers,” company owner Barbara Mostowska told The Associated Press.

    Despite its modest appearance, GlitterLab’s workshop has been operating for more than 80 years in Częstochowa, a town of 200,000 in southern Poland.

    It was founded by Mostowska’s grandparents in the aftermath of World War II, making her the third generation in the family to manage the business.

    “They produced glass cigarette holders, then ‘eprouvettes’ — I think that’s the word — tiny bottles for cake flavors,” Barbara Mostowska said, fondly reminiscing about how the workshop operated when she was a child.

    “And then tiny baubles, then slow-blown baubles, the ones we all know from childhood, some swans, mushrooms, pine cones, that sort of thing,” she recalled.

    When the company accessed the U.S. market, it started producing more molded ornaments, such as angels or Santa Claus.

    On its website, the firm also draws from the history of the town, where a local monastery holds the icon of the Black Madonna, an important object of Catholic devotion since the 14th century. Pilgrims visiting the icon would come back home with souvenirs made by local artisans.

    “We are their heirs,” the owners of GlitterLab claim. “The techniques we’re using can’t simply be learned. They need to run in your DNA.”

    The company’s mix of artisanal methods, new technologies and savvy marketing is very lucrative. One of their exclusive designs for Harrods, the “Yellow Floral Bauble,” is priced at 125 pounds (around $168).

    It is Mostowska’s dream that the ornaments won’t just be displayed on the Christmas, but instead “our customers have them in their homes, whether on hangers or in display cases, year-round.”

    The company’s products are “jewelry for the home,” she said.

    To create a unique design, GlitterLab workers take a client’s drawing on paper and turn it at first into a soft clay sculpture, which can be modified until the client’s vision is accurately represented.

    Only then do they choose the unique combination of materials that transforms a particular shape into a bauble.

    Mariola Koła, the company’s most seasoned designer, has been working for 42 years at GlitterLab. She says the most satisfying moment in her day comes when a client approves a design with “no corrections.”

    “It means I’ve met their expectations, their taste,” she says. “That’s the greatest joy for me. I couldn’t ask for a greater reward.”

    The designers work not only with glass but with materials like resin, wood, crystals, and metal, enabling them to craft shapes that go beyond conventional baubles.

    But the products also tell a story, often invoking childhood nostalgia.

    “Hungry for sweets and play,” says the description of a teddy bear holding a gulf club, part of a series of similar figures in different poses. “These Teddy Bears are a time machine to a happy childhood when nothing tasted as sweet as candy floss licked straight from sticky fingers.”

    Amid a heavy reality, a return to childhood and the joy of play may be precisely what Christmas calls for.

    “The customers are nice, because how can people get upset and be angry or mean when we’re talking about Christmas baubles?” Magdalena Kucharska, the company’s customer service representative, wonders.

    “The fact that we produce a product that brings happiness means these customers are nice too, and it’s a very pleasant job.”

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  • With 69% ownership of the shares, Begbies Traynor Group plc (LON:BEG) is heavily dominated by institutional owners

    With 69% ownership of the shares, Begbies Traynor Group plc (LON:BEG) is heavily dominated by institutional owners

    • Institutions’ substantial holdings in Begbies Traynor Group implies that they have significant influence over the company’s share price

    • The top 11 shareholders own 51% of the company

    • Ownership research along with analyst forecasts data help provide a good understanding of opportunities in a stock

    We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

    To get a sense of who is truly in control of Begbies Traynor Group plc (LON:BEG), it is important to understand the ownership structure of the business. We can see that institutions own the lion’s share in the company with 69% ownership. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).

    Since institutional have access to huge amounts of capital, their market moves tend to receive a lot of scrutiny by retail or individual investors. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future.

    Let’s take a closer look to see what the different types of shareholders can tell us about Begbies Traynor Group.

    Check out our latest analysis for Begbies Traynor Group

    AIM:BEG Ownership Breakdown November 30th 2025

    Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.

    We can see that Begbies Traynor Group does have institutional investors; and they hold a good portion of the company’s stock. This suggests some credibility amongst professional investors. But we can’t rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Begbies Traynor Group, (below). Of course, keep in mind that there are other factors to consider, too.

    earnings-and-revenue-growth
    AIM:BEG Earnings and Revenue Growth November 30th 2025

    Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Begbies Traynor Group is not owned by hedge funds. The company’s largest shareholder is Begbies Traynor National Partnership, with ownership of 11%. With 7.7% and 5.7% of the shares outstanding respectively, TrinityBridge Limited and Hargreaves Lansdown Asset Management Ltd. are the second and third largest shareholders. Additionally, the company’s CEO Mark Fry directly holds 0.7% of the total shares outstanding.

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  • China factory activity edges up in November but remains in contraction

    China factory activity edges up in November but remains in contraction

    A worker walks past molten steel at a steel factory in Huai’an, in China’s eastern Jiangsu province on July 22, 2025.

    – | Afp | Getty Images

    China’s factory activity edged higher in November but remained stuck in contraction for the eighth consecutive month, while services weakened as the boost from earlier holidays faded, according to official data released Sunday.

    The manufacturing purchasing managers’ index rose to 49.2, up 0.2 points from October, the National Bureau of Statistics said. The figures were in line with economists’ expectations in a Reuters poll, but remained below the 50-point mark that separates expansion from contraction.

    The non-manufacturing business activity index fell to 49.5, down 0.6 points from October, while the composite PMI output index eased to 49.7, indicating a slight pullback in both manufacturing and services activities.

    Supply and demand in manufacturing improved modestly, said Huo Lihui, chief statistician at the bureau’s Service Industry Survey Center, with the production index reaching the 50 threshold and new orders rising to 49.2.

    High-tech manufacturing stayed in expansion for a tenth straight month at 50.1, even as equipment manufacturing and consumer goods producers slipped below 50. Energy-intensive industries posted a mild rebound to 48.4, up 1.1 percentage points from October.

    Smaller factories recorded the strongest improvement. The PMI for small enterprises jumped to 49.1, its highest in nearly six months, while medium-sized firms edged up to 48.9. Large manufacturers weakened, falling to 49.3.

    Market confidence showed a slight uptick. The index measuring expectations for production and operations rose to 53.1. Industries including non-ferrous metal smelting and aerospace-related equipment reported particularly strong sentiment, with readings above 57.

    Holiday boost fades

    Non-manufacturing activity, covering construction and services, softened, weighed down by services. Huo attributed the decline partly to the fading impact of earlier holiday-driven spending.

    China’s Golden Week holiday, which typically lifts travel and consumer spending before activity normalizes in the following months, ran from Oct. 1 to 8 this year.

    Service-sector activity fell to 49.5, down 0.6 percentage points from October, though pockets of strength remained: railway transportation, telecommunications, broadcasting and satellite transmission, and financial services all posted readings above 55.

    Real estate and residential services continued to lag below the 50 mark, underscoring persistent weakness in property-related activity. Construction activity improved to 49.6, aided by stronger expectations for near-term growth, with that sector’s sentiment index climbing to 57.9.

    The non-manufacturing new orders index slipped to 45.7, reflecting softer demand. Input prices rose to 50.4, and service-sector sales prices, while still below 50, narrowed their decline.

    Manufacturing employment ticked up slightly to 48.4, while non-manufacturing employment rose marginally to 45.3. Supplier delivery times for factories improved to 50.1.

    China surveys roughly 3,200 manufacturers and 4,300 non-manufacturing firms for the monthly PMI readings, which are seasonally adjusted and considered a leading indicator for economic momentum.

    Trade strains

    China’s manufacturing activity has contracted since April, when U.S. President Donald Trump launched new tariffs that squeezed producers.

    Industrial profits fell 5.5% in October, the sharpest drop since June, reversing the strong gains seen in late summer. Earnings for the first ten months at major industrial firms rose 1.9%, slowing from the January–September pace.

    The broader Chinese economy has cooled as growth slipped to 4.8% in the third quarter.

    Trade tensions with the U.S. spiked in October as Washington threatened new 100% tariffs before both sides reached a late-month deal in South Korea. The agreement cut U.S. fentanyl-linked tariffs to 10% from 20%, paused Beijing’s rare-earth controls for a year and reopened China’s purchases of American soybeans and other farm goods.

    Despite the truce, demand at home remains soft. A drawn-out property slump and weak labor conditions are weighing on consumer spending. Policymakers have signaled a longer-term push to lift consumption and tech self-reliance but have avoided major new stimulus as the economy remains on track to meet its 5% growth target.

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  • Harper Adams University gets £500,000 for AI and engineering

    Harper Adams University gets £500,000 for AI and engineering

    A university has received £500,000 to improve teaching of artificial intelligence and engineering.

    Harper Adams University, said £400,000 would be spent on developing a new centre in Telford for artificial intelligence in manufacturing, agricultural technology and engineering.

    The rest would be spent at its Edgmond campus to develop its simulation laboratory, where it tested products before they are produced.

    Harper Adams is one of 60 universities or colleges to receive funding from the Office for Students, England’s higher education regulator.

    University Vice-Chancellor Professor Ken Sloan, said: “This funding will help us to deliver high-quality AI learning in the heart of the community we serve.”

    The university’s base in Telford town centre, in a building known as the Quad, will house “high-specification IT equipment, including AI workstations, immersive learning pods, edge computing servers, and VR/AR devices” it said.

    Its Collaborative Simulation Laboratory at its main campus was “already at the heart of engineering teaching and research”, it said, and used “advanced simulation techniques to test and refine products before physical versions are made”.

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  • Rail users warned of longer journeys due to ‘vital’ Cornwall work

    Rail users warned of longer journeys due to ‘vital’ Cornwall work

    Rail passengers have been warned of longer journey times while travelling through Cornwall due to “vital” engineering work.

    Network Rail said the work would take place between Truro and Penzance from Monday, 1 December, until Friday, 5 December.

    It said buses would replace trains between Truro and Penzance, and rail tickets would be accepted on local buses between St Erth and St Ives.

    Mark Parker, Network Rail lead portfolio manager, said: “I’d like to thank passengers in advance for their patience as we carry out this vital work to make journeys better and more reliable in Cornwall.”

    Network Rail said new track, sleepers and ballast would be installed near Redruth, with track replaced near Camborne, and track equipment also upgraded near Penzance and St Erth.

    Lee Goodson, Great Western Railway station manager for west Cornwall, said: “During these dates no trains can stop at Redruth, Camborne, Hayle, St Erth or Penzance or at any of the stations on the St Ives Bay Line.

    “Trains will still be able to run at Truro for Falmouth Docks as well as trains for Exeter St Davids or London Paddington. But CrossCountry trains will not be operating between Truro and Plymouth.”

    Mr Goodson added: “It’s important that customers are aware these alternative travel arrangements will make journey times much longer.”

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  • ‘I started a bakery over pain of kids’ intolerances’

    ‘I started a bakery over pain of kids’ intolerances’

    Eleanor LawsonWest Midlands

    Borough 22 Doughnuts A man in a blue hoodie laughs as he stands in front of a grey wall with a blue stripe painted on it.Borough 22 Doughnuts

    Ryan Panchoo started Borough 22 Doughnuts after his own children struggled to find food that they enjoyed

    “My kids would be so excited to see their friends, but as soon as the food came out, it was just disappointment and segregation because they were so isolated.”

    Ryan Panchoo set out to develop his own allergy friendly products out of the “heartbreak” of his two children’s intolerances, despite having had no previous background in cookery or baking.

    More than a decade later and Mr Panchoo has scooped several awards for Borough 22 Doughnuts, his vegan, gluten-free and nut-free bakery, which is also Halal and Kosher-certified.

    Having previously only been based in London with a website shipping nationwide, Borough 22 Doughnuts now has a six-week pop-up in Birmingham’s Selfridges, with the possibility of staying in the city on the horizon.

    He set out on his endeavour after his own children, now aged 15 and 19, struggled when they were younger to find allergen-free food that was also tasty.

    Products containing either gluten or dairy caused them to react – the reaction to dairy being particularly violent.

    Mr Panchoo, 46, said it led to a “pain point as a parent”.

    “They can’t eat what their friends are eating, which looks amazing, and they can’t be part of that bigger picture,” he said.

    “The food they have is safe for them but it’s just boring, it’s bland, it’s kind of dry and it just really used to break my heart as a parent. I really felt for them, and that was the catalyst for kickstarting the company.”

    Borough 22 Doughnuts A stand of different coloured doughnuts with a blue sign saying 'Borough 22' in white writing on it.Borough 22 Doughnuts

    Borough 22 Doughnuts began as a “side project” in 2014

    Mr Panchoo, from Brockley in south London, had worked for a property investment company after starting out as a bricklayer, so baking was a whole new world.

    He started making and selling baked gluten and dairy free doughnuts in October 2014 as “a side project”, which became award-winning, but he still wanted to master the art of an allergen-friendly deep-fried doughnut.

    “After eight years of trial and error, I finally cracked it on 1 May 2022,” he said.

    “It’s just phenomenal how that changed the face of the business.”

    Having perfected his fried doughnuts, Mr Panchoo registered Borough 22 Doughnuts as an official company in February 2023.

    ‘Inclusive as possible’

    All of the doughnuts are dairy-free and gluten-free, with the company sourcing oats from the only certified gluten-free oat farm in the UK. They are also and made in a completely nut-free environment.

    Mr Panchoo said they were almost completely free of the UK’s main 14 allergens, excluding soya in some of the doughnuts’ toppings.

    “The aim for me is to make these doughnuts as inclusive as possible so that nobody has to feel like they’re isolated, like I experienced with my children,” he said.

    Since setting up in 2014, the “free from” sector has become huge business.

    According to the Grocer magazine it is worth £4.2bn to the UK economy annually, and in May the British Baker magazine said the sector was one of the fastest growing in the bakery industry.

    Borough 22 Doughnuts Three men stand in front of a blue food truck in Selfridges which says Borough 22 on it in white writing. Several doughnuts of different colours are on display.Borough 22 Doughnuts

    Borough 22 Doughnuts could ultimately set up a permanent base in Birmingham, Mr Panchoo said

    Mr Panchoo said Birmingham was a natural next step for the company, with large numbers of online orders coming to the city already, and having sold more than 3,000 doughnuts in two days at a festival in Digbeth this year.

    If the brand sells well in Selfridges, he said there was an opportunity for the firm to stay permanently in Birmingham.

    More than a decade on from first starting the business, Mr Panchoo said things had improved for people with allergies and intolerances in the UK, especially since the introduction of Natasha’s Law – named after Natasha Ednan-Laperouse, who died aged 15 after eating a baguette containing hidden sesame seeds.

    “Natasha’s Law forced people to wake up and recognise that these things are serious,” he said.

    But while awareness is growing, he believes for many companies, catering for allergies is done with a “tick box mentality”.

    “A lot of brands are jumping on it just because of the commercials, to make some money,” he said.

    “We really want to just make amazing food that just happens to be free from. We don’t want to be niche. There’s a lot of stigma around free-from food being sub-par and we want to change that.”

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