Business & Technology
Gresham names Spiros Giannaros as Chief Executive Officer
SOFIAH NICHOLE SALIVIO
News Editor
Gresham has appointed Spiros Giannaros as Chief Executive Officer, succeeding Mark Hepsworth, who will move to the board.
The change follows Gresham’s acquisition of S&P Global’s Enterprise Data Management business, which expanded the company’s presence among financial institutions.
Giannaros brings more than 25 years of experience in capital markets technology and enterprise software. Most recently, he served as President and Chief Executive Officer of Charles River Development and also led platform strategy for State Street Alpha.
At Charles River, he oversaw an investment management platform serving more than USD 59 trillion in assets under management and a global workforce of 2,400. Earlier in his career, he was Partner and Senior Vice President at Markit, now part of S&P Global, where he ran the Markit EDM business.
That background gives him direct experience with the enterprise data management products Gresham acquired earlier this year. Since February, he has also worked with Gresham and its owner, STG, as an Operating Advisor, contributing to product strategy and operational planning.
The appointment comes as Gresham integrates the former S&P Global unit into its wider business. The deal broadened Gresham’s reach in data management, reconciliation, control, and regulatory reporting software used by large financial firms.
STG, Gresham’s private equity owner, said Giannaros was selected for his experience in both capital markets software and the specific data management business now within Gresham. The firm has backed more than 50 companies across data, software, and analytics.
Marc Bala, Managing Director at STG, said: “We are thrilled to introduce Spiros as the new Chief Executive Officer of Gresham. Spiros is an exceptional leader with an outstanding track record of driving growth and innovation in capital markets technology businesses.
“His prior leadership of the Markit EDM business gives him exceptional familiarity with Gresham’s products, customers, and competitive position. Spiros is the right leader to drive Gresham’s next chapter of growth and product innovation.
“We would also like to thank Mark for his partnership in building Gresham into the business it is today and are pleased he will continue to support the company going forward.”
Leadership shift
Hepsworth’s move to the board provides continuity as Gresham integrates a major acquisition and reshapes its management structure. The company focuses on software and managed services for financial institutions handling large volumes of operational and regulatory data.
Gresham has built its business around enterprise data management and automation tools for the financial services sector. Customers use these systems across investment operations, controls, reconciliation, and compliance.
Giannaros said Gresham’s position in the market and STG’s backing would support its next phase under new leadership.
He said: “Gresham is extremely well positioned to leverage the power of AI within its products and services to provide greater value and expanded benefits to customers. The company occupies a crucially important position in the financial services ecosystem, delivering intelligent business processes and data automation capabilities that global institutions depend on for their critical investment and regulatory operations.
“Having delivered for customers across these segments for over 25 years and gained a deep understanding of the financial platform ecosystem, I have conviction and belief in the quality of this platform and the strength of its customer relationships.
“STG’s significant investment in accelerating our product strategy will allow us to continue to build on our market-leading position and deliver the next generation of AI-driven capabilities and products. I am excited to work with this talented team and with STG to realize that potential and deliver increased value and innovation for our customers.”
Giannaros takes charge as Gresham combines its existing product set with the acquired enterprise data management business. His earlier role running Markit EDM gives him prior knowledge of the software line, its client base, and its market position.
That familiarity may prove important as financial institutions continue reviewing the systems they use to manage data quality, reporting, and operational controls. Gresham is now placing a long-time capital markets software executive at the center of its next stage.
Business & Technology
Oxford corner shop with zero hygiene rating shut down
Red Sky, which used to be called Euro Foods, was a convenience store selling Polish cuisine from a premises at 115 London Road in Headington.
The convenience store has now closed down, and signage has gone up in its place for Master Butchers.
READ MORE: A34 miles of traffic after northbound crash
The Halal butchers shop previously operated from Holyoake Hall in the same road, but closed in April after trading for just 11 months.
The Holyoake Hall premises has been put up for sale to a new business leasehold, while it appears Master Butchers plans to open in the former Red Sky shop.
Master Butchers at its old shop premises in Holyoake Hall, London Road (Image: Google)
Red Sky was visited by Oxford City Council’s Environmental Health team on Monday, July 14 last year, and inspectors were not impressed by what they found.
It received the shockingly low food hygiene rating of zero, the only business in the Headington neighbourhood to have such a rating.
One key problem on the day was the management of food safety, which was deemed to require “urgent improvement”.
Another big issue was the hygienic handling of food, which includes the preparation, cooking, reheating, cooling and storage of food sold onsite.
READ MORE: Oxford hospital maternity failures exposed in report
Inspectors suggested that “major improvement” was needed in this regard, dragging the overall score down to a zero.
One category noted as being “generally satisfactory”, however, was the cleanliness and condition of both the facilities and building.
The rating came soon after the shop was reportedly taken over by new management last summer, as an application had been submitted to transfer the premises licence.
Business & Technology
Why the freelance economy might be the smartest tool a tech founder never considers
When people ask how I built a successful tech start up, they expect me to talk about, investors, funding and headhunting. What I actually talk about is a business model based on freelance expertise – a PHP developer I found on Upwork, a designer who showed up at a freelancer meetup, and a sole trader web developer.
I started Echo3 a decade ago with £1,500 and the aim of building a business that gave me the flexibility to travel to the US several times a year to visit my daughter. That constraint forced me to think differently about how to build.
What I found was Edinburgh’s freelance tech community – a group of people with a solution focused mindset, and a way of looking at highly effective modular collaboration.
The standard startup process is typically formulaic – you raise money, you employ staff and build a team. The freelance model inverts this. Instead of building capacity and hoping the work fills it, you bring in expertise precisely when you need it, at the level you need it.
This allows quality to be prioritised, without a cost overhead in the crucial early days.
Over the past decade, Echo3 has been built by a lean network of Edinburgh-based specialists; a backend developer, a UX designer, a growth strategist, a subject matter expert in ergonomics and workplace safety. None of them are on the payroll. All of them have been instrumental.
Edinburgh’s freelance tech scene has been the key to our growth. This is a professional community of people who know each other, refer each other and crucially, are selective with those referrals – as they want to work with people they like and respect.
One introduction led to another. The developer knew the designer. The designer had worked with the strategist. It’s almost like have a team with chemistry built in, before the work even starts.
There’s a broader point here about how we think about startup ecosystems. Scotland has invested meaningfully in the infrastructure around tech founders. The are a number of programmes and funding routes – Techscaler, the RBS Accelerator and university spin-out programmes.
But the informal layer underneath them, where expertise and knowledge are shared, often as people are still learning and growing, rarely gets discussed as a startup resource.
For an early-stage founder, access to a trusted freelance network has the potential to be incredibly valuable. Especially when that network has ideas and expertise that directly impacts growth. Good freelancers push back on bad ideas and are open to putting forward alternative solutions. The relationship is more like a collaboration between professionals than an employer-employee dynamic, and that changes the quality of the work.
Echo3 has now sold over 80,000 health and safety courses. Our clients include NHS Trusts, the Scottish Parliament and Rolls Royce. Seventy percent of our customers are individuals – freelancers, sole traders, people running small businesses who need affordable, accredited training.
It’s not lost on me that the business is, in a sense, a product of the same economy it serves. A business built by freelancers, for freelancers.
Business & Technology
TG Jones at risk of collapse due to £8 million shortfall
TG Jones, formerly known as WH Smith, could face insolvency without a rescue deal, according to a High Court hearing held on Monday (June 29).
The company is seeking approval for a restructuring plan that would unlock a further £15 million loan from its owners, Modella Capital, who already loaned £10 million in April.
TG Jones at risk of collapse due to £8 million shortfall
Tom Smith KC, representing TG Jones, said: “The business is highly distressed after suffering long-term sales decline.”
He told the court that without support, the company would face an £8 million shortfall this week after paying tax, rent, suppliers, and payroll.
He added: “As is well known, the UK retail sector has faced serious trading difficulties in recent years.
“The problems facing the sector have their roots in macroeconomic factors such as high inflation, the shift to online shopping, reduced consumer spending, higher labour costs and increased taxes.”
TG Jones, which employs 4,700 staff across 450 stores, rebranded last year after being acquired by Modella.
WH Smith retained its travel-focused outlets in airports and train stations.
If the restructuring plan is approved, around 150 shops are expected to close.
Mr Smith said: “That will assist in ensuring the future of the group.”
Landlords will have the choice to terminate leases rather than accept reduced rents under the proposed plan.
Ben Shaw KC, representing landlords, said they are not opposed to the restructuring following negotiations over deferred rent payments in the plan’s first year.
A decision from Mr Justice Hildyard is expected on Wednesday (July 1).
UK companies that have closed or entered administration/liquidation in 2026
It has been a tough year for the UK high street, with several retailers entering administration and others announcing widespread store closures.
Major high street brands LK Bennett and Claire’s both closed all their stores in April, having previously fallen into administration.
UK fashion retailers Leading Labels and Quiz have also closed down after falling into liquidation.
Other retailers forced to close stores this year include:
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It’s also been reported that Morrisons is looking to sell some of its in-store pharmacies as it continues to cut costs.
Despite this, several major brands have announced new store openings for 2026, including Aldi, M&S, and Superdrug.
Which UK business that has closed this year were you most sad about? Let us know in the comments.
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