Tony Blair says any possible float of his son’s billion-dollar education tech firm Multiverse is still “some way off”, while shying away from an answer on whether he thought the firm should list in London when it does eventually go public.
In an interview with Bloomberg TV, the ex-Prime Minister was asked about whether Multiverse - founded by Euan Blair in 2016 - would float in London or look elsewhere, as UK tech firms shun the City in favour of New York.
Multiverse, which helps to apprenticeships for people who have not been to university, was valued at more than $1 billion in a funding round last year, making it one of the UK’s most recent tech unicorns. But the longtime Labour leader said an IPO would be too far in the future to think about a location.
“I suspect that’s some way off,” Blair said, though he added that he was a long way from making any decisions about the firm. “It’s his decision. I think he’s got people much better qualified to give him financial advice than me.”
Speaking more broadly about the future of the City, Blair said London was at risk of slipping behind international rivals if something didn’t change.
“The serious point is we’re in a position, if we’re not careful, we’re going to lose altitude even with the City of London,” Blair said. “No matter how much people complain about the financial services sector, it’s a major part of our economy, we’ve got to keep it strong, we’ve got to keep is pre-eminent.”
Euan Blair is worth £350.7 million according to the Evening Standard Tech Rich List.
