5Mins raises $5.7M to reinvent employee upskilling 

5Mins AI, the gamified learning platform reinventing employee upskilling, has raised $5.7M in a seed round led by AlbionVC.

AlbionVC has been joined by Chalfen Ventures, Portfolio Ventures, Blue Lion Global and Edenred Capital Partners – the venture arm of the global employee benefits leader, Edenred along with a number of notable angel investors.

5Mins aims to solve the number one cause of employee churn in the last decade – poor growth and development opportunities. HR teams list L&D as one of their most difficult and time-consuming challenges, due to very low engagement from employees. Online corporate learning course completion rates are between 5 to 20%, whilst monthly engagement rates are less than 10% for traditional workplace learning platforms. By removing key friction points, 5Mins has an average course completion rate of 85% and monthly engagement rate of over 50%. In businesses where employees are allocated individual learning budgets, less … Read more

One UK nightclub closing every two days over soaring costs, industry says

Nightclubs are closing at a rate of one every two days amid soaring inflation, according to figures from the Night Time Industries Association (NTIA).

Data shows 123 nightclubs have closed down over the past nine months, a rate of 14 a month – higher than during the Covid pandemic.

Between December 2019 and December 2021, the period covering all Covid lockdowns, nightclubs closed down at a rate of 10.63 a month.

There are now 1,068 nightclubs in the UK, down from 1,446 in December 2019 before the pandemic began. The NTIA has predicted that on the current trajectory, by the end of the year a third of nightclubs will have disappeared.

Michael Kill, the chief executive of the trade body, said: “The government is ripping the heart out of nightlife.

“This inflationary circle is taking its toll on our sector, with businesses trading 15% down across the board, costs up … Read more

Hunt’s capital punishment for small businesses as chancellor looks to increase dividend taxes to fill £50billion economic black hole

Jeremy Hunt is considering a multi-billion-pound tax raid on profits under plans to make those ‘with the broadest shoulders’ bear the brunt of fiscal tightening he is planning to bring in within days to try to revive the economy.

The Treasury is mulling increases to Capital Gains Tax and Dividend Tax as he seeks to make fair changes to fill a £50billion gap in the UK’s finances.

The mooted proposal is likely to dismay well-off multiple homeowners, including landlords, who pay CGT on sales of property and other assets, as well as executives who sell stocks and bonds.

The dividend move will deal a blow to the many small business owners who pay themselves through dividends as an alternative to a salary that would be subject to Income Tax.

Mr Sunak raised dividend tax rates by 1.25 percentage points this year to help fund the new Health and Social Care … Read more