SOFIAH NICHOLE SALIVIO

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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.

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.

ACI Worldwide has published UK survey findings showing low consumer trust in AI shopping agents and AI-powered payments. The research is based on responses from more than 2,000 UK adults collected by YouGov.

The survey found that 60% of consumers would stop using an AI shopping agent after a single mistake, highlighting how little tolerance users have for errors in purchasing decisions. It also found that 69% do not trust AI even when it follows rules they have set. Only 19% trust AI assistants to make everyday purchasing decisions, compared with 55% who trust a human expert or adviser.

AI shopping agents are tools that can search for products, compare options and complete purchases with a consumer’s permission. The findings suggest many UK consumers are willing to accept AI as a support tool, but draw a clear line at letting it make decisions or handle money without close oversight.

Half of those surveyed said they trust AI to find the best available price, and 43% said they trust it to follow spending limits. Trust fell sharply on more sensitive tasks: only 18% said they trust AI to act in their financial best interests, 17% to keep personal and payment information secure, and 15% to deal with problems when something goes wrong.

The study also suggests lower prices alone may not be enough to change minds. Some 44% of respondents said they would not trust an AI shopping agent regardless of any savings, while one in four said it would need to save them more than 15% before they would trust it.

Control concerns

Resistance increased when the survey tested more autonomous uses of AI. Seven in ten respondents said purchases made without asking would affect their willingness to use an AI shopping agent. Another 61% said linking it to a bank account would have an impact, and 54% said tracking everything they browse online would do the same.

These findings point to a broader concern about losing control over spending and personal data. They also highlight the challenge facing merchants, payment providers and technology groups as they try to move AI tools from helping users discover products to taking a more direct role in checkout and payment.

Trust in institutions was also weak. Nearly six in ten respondents, or 59%, said they would not trust any organisation to manage AI-powered shopping and payments.

Banks were the most trusted option, but only 20% of consumers chose them. Technology companies and retailers each drew support from just 4% of respondents, suggesting that no part of the market starts from a position of strength when asking users to hand over purchasing authority to AI systems.

Who gets blamed

Consumers place responsibility for mistakes mainly on the companies behind the AI tools rather than on retailers or financial providers. A majority of respondents, 54%, said the technology or AI company that built the shopping agent should be accountable for refunds.

By contrast, only 9% said the retailer should be blamed, while 3% pointed to banks or card issuers. That matters because questions around refunds, liability and accountability remain unresolved in many AI-led commerce models.

Adriana Iordan, Head of Merchant and Payments Intelligence at ACI Worldwide, said the results show that control remains central to whether consumers will use such tools. “The findings clearly show that consumers are open to AI helping them shop smarter, but only if they remain firmly in control of both the decision-making and their money,” she said.

She added that the industry will need to respond directly to those concerns if it wants wider use of AI in shopping and payments. “They’re telling us very clearly that they won’t hand control of their finances to an autonomous agent without safeguards. This isn’t a capability gap; it’s a trust and confidence gap. If the industry wants adoption, it must prioritise control over capability: explicit approvals, hard spending limits, protected payment details and clear accountability when things go wrong.”

The figures add to wider questions about how consumers will react as AI tools move closer to financial transactions rather than simply offering recommendations. In this survey, the strongest support was reserved for narrow, clearly defined tasks such as finding the best price, while confidence fell once the same systems were asked to handle money, hold sensitive data or make independent choices.

That leaves banks, merchants and technology groups facing a difficult balance as they test more automated shopping journeys. For now, the clearest message from respondents is that convenience alone will not overcome caution, with 59% saying they would not trust any organisation to manage AI-powered shopping and payments.