Tech start-up run by Tony Blair’s son cuts dozens of jobs

Losses at Euan Blair’s technology start-up have widened as the company cut staff numbers for the first time.Multiverse, founded in 2016 by Sir Tony Blair’s son to give apprentices roles at technology companies, said it had made dozens of roles redundant last year, with its total headcount falling from 822 to 813.The job losses were disclosed in Multiverse’s latest accounts, which showed losses at the company hit £63.3m in the year to March 2025, up from £60.6m a year earlier.It came despite revenue surging 36pc to £79.6m amid a boom in demand for AI skills, and the company saying it was “trending towards profitability”.Multiverse, which has been valued at $1.7bn (£1.3bn), places apprentices at companies including Microsoft and Jaguar Land Rover.Mr Blair has championed apprentices, in contrast to the widespread university education sought by his father when he was in No 10.Despite having fewer employees, Multiverse boosted salaries significantly. Its wage bill grew by 17pc with its staff earning on average £117,000.Multiverse said its employees were becoming more valuable.A spokesman said: “Companies are looking for ways to create genuine productivity improvements from their AI investments. We’re delivering that both for our growing customer base, and at Multiverse, where revenue per employee is up 37pc.”“Our revenue growth is accelerating, and our key earnings metric, Ebitda [earnings before interest, taxes, depreciation and amortisation], has further improved as we deploy our strategy towards profitability.”Multiverse said its loss on an Ebitda basis, which strips out costs such as interest payments and taxes, had improved slightly.Mr Blair’s own pay fell slightly, from £253,339 to £246,053. He owns just under 19pc of the company, making his stake worth around £240m.Multiverse has concentrated largely on the UK market after reversing its US expansion plans.The company recently launched a tie-up with US technology giant Palantir to train thousands of NHS staff on how to use AI.Mr Blair told The Telegraph in November that the NHS risked falling into a “productivity doom loop” unless the health service embraces the technology.Multiverse’s cash reserves fell from £135.4m to £81.8m last year, suggesting the company may have to go to investors for cash if its current losses continue.