Charles Tyrwhitt founder Nick Wheeler has blamed the Labour Party’s “anti-business” policies for his decision to curb investment in the UK.
The businessman, who launched the menswear retailer 38 years ago, said policies like the National Insurance changes and minimum wage increases have pushed him to focus on expanding overseas instead.
Wheeler criticised Labour’s economic stance, particularly comments by Chancellor Rachel Reeves claiming the party is friendly to business.
Speaking to the Telegraph, he said “With the National Insurance changes, the minimum wage increase and the bureaucracy that they’re putting into businesses, it’s just ridiculous.”
Wheeler also took issue with Reeves’ recent push for ideas to drive growth from regulators, calling it misguided. “Regulators know how to stop growth,” he said. “What they know is how to regulate the hell out of the country and stop everything.”
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Despite his frustrations with the UK’s business environment, Wheeler confirmed that Charles Tyrwhitt would still open a few stores in the UK this year, but overseas markets like the US, Germany, and Australia would see more investment.
“Given the choice, I will invest overseas, which is a real shame,” he added.
Wheeler, who owns 95% of the business, pointed out that Charles Tyrwhitt has grown every year except three since its founding and plans to continue expanding with 10 new stores annually.
The retailer posted strong results, with sales growing by over 45% to £269m in the year to July 2023.
While Wheeler has managed to grow the business internationally, he emphasised that the UK’s increasing regulatory burden is a challenge.
Reflecting on his long-term vision for the business, Wheeler concluded: “I’m not thinking about next year, I’m thinking about 30 years’ time. If I ever think a store looks tired, I’ll just redo it. We’re building for the future, and the UK’s current policies make it a harder place to do so.”
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