Tony Blair closing down business network to focus on not-for-profit work
Former prime minister Tony Blair is to shut down his business network and concentrate on his not-for-profit work.
The former Labour leader will close Tony Blair Associates and wind up the Firerush and Windrush structures in which he is involved.
It comes two months after he was heavily criticised by the Chilcot report, which highlighted failings in the decision to invade Iraq.
In an email to staff, Mr Blair said: "Over the past nine years we have built a group of organisations employing around 200 people and working in more than 20 different countries round the world.
"It is time to take this to a new level.
"I also want now to concentrate the vast bulk of my time on the not-for-profit work which we do.
"De facto, this has been the case in the past two years but we need to reflect this change in the way we are structured."
The latest accounts for Windrush, which manages Mr Blair's business interests, showed it more than tripled its profits in the 2014/15 financial year to £2.6 million.
Turnover increased to £19.6 million, up from £14.2 million the year before.
Firerush had more than £1 million in the bank at the close of the last financial year.
In an announcement posted on his website, Mr Blair said he will retain some personal consultancies for his own income.
He added that 80% of his time will be spent on not-for-profit work. These projects will be gifted the substantial reserves his business interests have generated.
Mr Blair has earned a small fortune since leaving office as an official adviser to governments and private firms, including JP Morgan, the investment bank.
He runs his global consultancies through Windrush Ventures and Firerush Ventures.
Windrush channels money for Mr Blair's government advisory business, which has contracts with countries including Kazakhstan and Abu Dhabi.
Firerush administers the funding for Mr Blair and his team's work advising companies and sovereign wealth funds.
Both firms operate under the umbrella of Tony Blair Associates.