Euan Blair, the CEO of Multiverse, admitted that the company had expanded too rapidly in the United States, leading to significant financial losses amounting to over £60 million. Founded in 2016 by Mr. Blair, Multiverse connects apprentices with tech companies and experienced a revenue growth of 29% to £58.4 million in the year ended March the previous year.

Despite this growth, losses increased from £45 million to £60.6 million. Recognizing the need for a more sustainable approach, the company laid off employees in the US after realizing they had over-expanded in that market. Multiverse, valued at $1.7 billion (£1.3 billion), departed from a federally-approved apprenticeship system due to low interest and trimmed down staff numbers accordingly.

The company, which partners with tech giants like Microsoft and Google, has historically shown losses, partly influenced by recent acquisitions and a rise in overall staff count. Although the workforce increased from 690 to 822, Multiverse saw a net decrease of 103 employees including US redundancies.

Aiming to highlight the importance of supporting underprivileged individuals through apprenticeships, Mr. Blair advocates for less emphasis on traditional academia to create more opportunities. In contrast to his father's goals as Prime Minister, who promoted higher education, Mr. Blair has focused on fostering vocational training.

Multiverse's investors include the Walton family, StepStone, Lightspeed Venture Partners, and General Catalyst, who led a $220 million funding round in 2022. The company disclosed that it had trained 18,521 apprentices, marking an increase from the previous year's 13,300.