Charles Tyrwhitt founder curbs investment in UK due to Labour

The founder of Charles Tyrwhitt has said that Labour's "anti-business" policies are to blame for his decision to cut his investment in the UK.

Nick Wheeler, who founded the premium men's clothing and formalwear retailer 38 years ago, told The Telegraph that policies such as the National Insurance changes and minimum wage increases have pushed him to focus on overseas expansion.

Wheeler criticised Chancellor Rachel Reeves' claim that the party is friendly to business, and Labour's overall economic stance.

"With the National Insurance changes, the minimum wage increase and the bureaucracy that they’re putting into businesses, it’s just ridiculous," he told the publication.

Wheeler also took umbrage with Reeves' recent "misguided" push for ways to drive growth from regulators.

"Regulators know how to stop growth," he said. "What they know is how to regulate the hell out of the country and stop everything."

Despite this, Wheeler, who owns 95% of the business, confirmed that Charles Tyrwhitt would still open a handful of stores in the UK this year, but would focus more investment in overseas markets including the US, Australia and Germany.

"Given the choice, I will invest overseas, which is a real shame," he continued.

Since its founding in 1986, Charles Tyrwhitt has grown every year apart from three. Wheeler said it plans to continue expanding with 10 new stores annually.

Sales at the retailer grew over 45% to £269 million in the year to July 2023.

Although he has been able to grow the business internationally, Wheeler stressed that the UK's increasing regulatory burden is a challenge.

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."

Charles Tyrwhitt opened its 51st store in Norwich last week, following a swathe of new UK store openings last year.