Corporate finance

PN and SA [2025] EWFC 141

This case before the family court related to a couple whose fortune was stated to be in excess of £1.5 billion at the time of separation. It had since shrunk to £460 -£540 million. The husband was described as a serial entrepreneur who had accumulated significant venture capital investments. Company A had been floated on Nasdaq, generating huge wealth.

IN and CH [2025] EWFC 265

In this case, the court had to determine a fair divorce settlement where the couple’s once enormous wealth had been severely affected by war, creating exceptional uncertainty over the value of the husband’s complex business interests. The case highlights the practical difficulties of valuing businesses amid wartime conflict and limited financial information.

The future of deal modelling: fundamentals, judgement and automation

In this webinar recording we will explore how deal modelling is evolving, the emerging tools shaping its future and why strong Excel foundations and effective governance remain essential.

About the Guildhall

Chair's address

Alistair Brew, Chair of the Faculty, shares his address.

Guests

The Corporate Finance Faculty is pleased to have representatives from many organisations to our 2026 Annual Reception, including from:

On My CV: Servo-assisted

Beth Warner, associate director at FRP Corporate Finance, says aerospace and defence component maker HT Servo needed to be well prepared to attract the right buyer.

Career Paths: Yaan Moulary

Yann Moulary came from France to the UK to complete his master’s degree, and stayed to build his career, originating deals and driving value from investments at Newable.

In numbers

M&A figures for Q1 2026 hit serious highs, recording the most megadeals since the global financial crisis of 2008, despite war in the Middle East.

Corporate finance advisory Legal advisory Private equity

Recruitment and promotions in private equity.

Connections May 2026: legal advisory appointments and promotions

Who’s on the move or been promoted in legal advisory.

Connections May 2026: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance advisory.

Trendwatch: Businesses on the move?

Flourishing e-commerce led to a boom in pandemic-era logistics, that’s since been tempered by insular policy making and shortening supply chains. David Prosser asks if the sector will be going places this year.

Roadshow: Western promise

Off the radar for many deal-makers, the South West boasts M&A stats that buck stuttering national trends. Rachel Willcox investigates what makes the region tick and whether its strong growth can be maintained.

Insider dealing: Growing panes

After a four-year hold period, BGF sold specialist windows manufacturer Victorian Sliders for £60m at the end of last year. Jason Sinclair reports on how its Swedish acquirer could open new markets for the south-west Wales business.

Cover story: The family way

As wealthy family businesses look to secure their legacies for future generations, family office investment vehicles are becoming a growing source of deals for advisers. Jo Russell finds out what makes them a different breed of investor.

On the road again?

It started as a charitable organisation, went private in 1999, became PE-owned in 2004, listed in 2014, and reverted to PE ownership in 2021. Is The AA now heading to a new home?

Book review: Sustaining sustainability

ESG-related investing is encountering significant headwinds, exacerbating the need for more rigorous methodology to assess how to drive long-term financial value. Marc Mullen speaks to Michel Driessen about his new book, co-authored with Sebastian Schmidt.

Connections April 2026: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance advisory.

Editor's letter: Ordering chaos

A long time ago I did a mathematics degree (not very well I must admit). Having excelled at maths pre-university, I found myself way out of my depth.

Night of the living LLMs

Tech business valuations are under pressure worldwide, driven by AI’s rampage through legacy software-as-a-service business offerings, says MarktoMarket’s Doug Lawson.

Column Jon Moulton: State of the nation

Regional policy is far from easy. Directing too much money into disadvantaged regions can be as bad as investing too little, warns Jon Moulton.

Connections: legal advisory appointments and promotions

Who’s on the move or been promoted in legal advisory.

ARC de Triomphe

LDC’s acquisition of building materials supplier ARC is all about guiding the company through the next stage of its growth journey. David Prosser investigates what the future holds for the company – and why Newable decided the time was right to dilute its stake.

Trendwatch: All back to mine

With gold and silver prices at an all-time high, and critical minerals such as lithium, copper and rare earths at the core of electrification, computing and defence systems, mining M&A is flying high.

Roadshow: Build and more will come

Stark stats for deals in the North East belie a region brimming with optimism that's attracting private equity firms. But government investment in infrastructure is sorely needed, says Nicholas Neveling.

On my CV: Electric dreams

Getting to know electronics manufacturer Arian’s business inside-out was key to finding a compatible acquirer, says UNW’s Meghan Phillips.

Editor’s letter: Beyond the pale ale

At the start of last year, James Watt, co-founder of BrewDog (with the sensibly more publicity-shy Martin Dickie), announced he was launching House of Unicorns, a reality show for start-ups with a £2m investment prize. It would be like Dragons’ Den, but for entrepreneurs identifying as punks.

Cover story: carving out beauty

With activist investors pushing corporates for more focus, and falling interest rates making valuations more appealing to buyers, carve-outs are firmly on the agenda. But the process is far from simple, says Jason Sinclair.

Career paths: Lessons in life science

Keen to build experience as a life sciences lawyer, there was only one place to go for Nadege Serna of Taylor Wessing. She talks about life in the Cambridge ecosystem.

A busier business bank

At 11 years old, the British Business Bank has a new strategic plan, more capital at its disposal, and a new statement of intent. Marc Mullen speaks to its first-ever chief investment officer, Leandros Kalisperas, about the bank’s renewed purpose.

Connections April 2026: private equity appointments and promotions

Recruitment and promotions in private equity.

A new chapter for the ICAEW Valuation Community advisory group

Welcoming Thomas Rodwell as Chair and honouring Adam Sutton’s remarkable tenure.

Comment: You are what you eat

One of private equity’s oldest recipes is to buy a platform for investments, then consolidate for an immediate uplift in the value of the acquisitions, says MarktoMarket’s Doug Lawson, and more and more firms are dining out on it.

Connections March 2026: legal advisory appointments and promotions

Who’s on the move or been promoted in legal advisory.

Connections March 2026: private equity appointments and promotions

Recruitment and promotions in private equity.

Connections March 2026: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance advisory.

Trendwatch: Pack your bags

Businesses that faltered during the pandemic have bounced back stronger than ever, and five years on new niches are opening up, says Nicholas Neveling.

On my CV: New identity

A successful sale hinges on buyers seeing true potential, says Lucy Roberts, corporate finance associate director at RSM.

Roadshow: Blue skies ahead

Almost two decades on from the global financial crisis, Scotland’s big energy deals have signalled a return to form. With a strong pipeline of start-ups and high-quality mid-market businesses lined up for investment, it’s later-stage capital that is in high demand. By Nicholas Neveling.

Insider dealing: Enthused for Enfuse

Amid tariff changes, reversals of changes, and stockmarket wobbles, Enfuse Group remained a standout investment target for Agathos. Nicholas Neveling reports.

Cover story: To measure is to manage

HR due diligence is rapidly becoming a vital element of deal due diligence, as buyers seek out more accurate valuations. As its scope broadens, David Prosser looks at how the value of – and risk associated with – a workforce is quantified.

Career paths: Well-travelled lawyer

Rich experience of working in Paraguay, New York and London have made Magdalena Augé the M&A and private equity lawyer she is today at Gibson Dunn.

Analysis: On the horizon

The outlook for UK deals in infographics

Brief encounter: On demand

Netflix, Paramount Skydance and Comcast have all submitted bids to buy Warner Bros Discovery (WBD), meaning some epic plot twists could still be in store.

Your Valuation Community: what’s coming up this year?

With a strong finish to 2025, here’s what is to look forward to in the year ahead.

Financial Technology Ventures II (Q) LP v ETFS Capital and Tuckwell (Jersey) JRC 025 (January 2021) part two – blockage discounts, illiquidity and equitable value

Part two of the Financial Technology Ventures II v ETFS Capital review dives into the valuation of a 9.9% Nasdaq holding, the limits of option model DLOMs and why the court ultimately split the difference between blockage discounts and influence premiums – adding another key precedent to the growing body of equitable value case law.

Financial Technology Ventures II (Q) LP v ETFS Capital and Tuckwell (Jersey) JRC 025 (January 2021) part one – thoughts on discount for lack of control (DLOC) and discount for lack of marketability (DLOM)

The Financial Technology Ventures II v ETFS Capital decision offers a sharp reminder of how DLOC, DLOM and equitable value can radically reshape minority valuations – reviving debates on control premiums and exposing just how far methodologies can pull valuations apart.

The Economics of the Stock Market, Andrew Smithers, Oxford University Press, 2022

A book review from Paul Sinclair, highlighting Andrew Smithers’s challenge to orthodox cost of capital thinking. Questioning the usefulness of the equity risk premium and arguing that real equity returns mean revert around a long term constant, Smithers offers a provocative rethink of how markets function, one that valuers may find both unsettling and refreshing.

Family investment companies as successors to trusts? The value of voting rights

Family investment companies may be replacing trusts, but dual class share structures leave a difficult question: how much value sits in voting rights with no economics attached? This article tests market evidence, takeover premia and rare case law to illuminate what “control” may really be worth.