Ex-Labour supporter Yo! Sushi founder Simon Woodroffe 'scared' of party's business approach

The founder of the hugely successful restaurant chain Yo! Sushi has become the latest British company leader to speak out against the Labour party's approach to business.

Although Simon Woodroffe had previously appeared in a Labour Party political broadcast in 2004, he has since hit out at policies penalising wealthy company bosses.

"What I worry about with (Labour leader) Ed Miliband is that he is appealing to the popular by saying 'look at these fat cats' making lots of money, it should be for the workers," said Woodroffe on Newsnight.

"Actually I think the fat cats, generally, sometimes it annoys me, but they pay their taxes, you know.

"Actually they are paying over 50% a lot of the time with this new cap on national insurance.

"And the world is right as it is. And we need to get on as a country, UK PLC, and make lots of money, be very successful. And do things."

Woodroffe's comment comes shortly after Labour became embroiled with a row with Alliance Boots' CEO who said that if Britain's main opposition "acted on what they speak of" it would be a "catastrophe" for Britain.

Miliband hit back and said "I don't think people in Britain are going to take kindly to being lectured by someone who is avoiding his taxes, on how they should be voting in the UK general election."

Furthermore, shadow chancellor Ed Balls threw his support behind Miliband but reiterated that "of course business leaders should have a view".

Since the 2004 Labour Party political broadcast, Woodroffe has donated to Conservative MP Oliver Letwin.

"You know it scares me," said Woodroffe in response to a question about his thoughts on Labour's approach to business.

"I was a Labour Party supporter during the Blair-Brown thing, and I was a supporter because I am a believer that politics needs to make money, that UK PLC needs to be a profitable business and I thought they were a good management team.

"So that's what I'm looking for, now I'm not from the homelands of Labour, I'm not even from the homelands of the Conservatives.

"But I want somebody who really appreciates that business has got to succeed first before we can share out the money."