Corporate finance

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.

Connections April 2026: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance 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.

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.

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.

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.

Vince and Vince [2024] EWFC 389

The Vince judgment offers a rare look at how the Family Court grapples with business valuation across cohabitation, marriage and post separation periods. With debates over springboards, passive growth and the fragility of private company valuations, the case shows how even convergent expert evidence can be treated with caution and how a judge’s straight line approach reshaped the division of a £153m green energy business.

Northamber PLC and Genee World Limited, Mr R Singh and others

Northamber v Genee offers a sharp reminder of how messy the numbers can get when unreliable records, deleted invoices and credibility issues collide. This case note highlights how the court weighed conflicting expert evidence, assessed “unique” accounting practices and ultimately distilled a £1.6m claim down to a £24k loss, an instructive study in forensic valuation under hostile conditions.

Connections February 2026: legal advisory appointments and promotions

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

Connections February 2026: private equity appointments and promotions

Recruitment and promotions in private equity.

Connections February 2026: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance advisory.

Roadshow: Valley of the deals

Outside London, the Thames Valley is one of the busiest deal regions in the country. Jason Sinclair finds out what keeps it buzzing.

On a care hunt

For rehab business Providence Projects, it was all about finding the right buyer and the right price, says Oliver Aspinall, corporate finance manager at S&W.

New year, new deals

It’s a new year – and maybe the one thing 2025 taught us is to expect the unexpected, says David Petrie.

Effecting causes

Growth in impact investing is outstripping all other forms of investment. Jo Russell reports on a strategy that balances profits and values.

Long read: Grease the gears

Investing in a business is just the beginning of the private equity process. Nicholas Neveling examines how non-executive directors and observers help management teams drive growth through to a successful exit.

Fail to plan, plan to fail

Management incentive plans (MIPs) can be modelled to three decimal places, and breeze through HMRC approval, but if CFOs don’t trust them and the management team don’t believe in them, they’re doomed from the start. Burges Salmon partner Nigel Watson and Francis Moore of Wyvern Partners, explain how to plan to succeed.

Man for all seasons

All elements of the private equity cycle excite Thomas Dutton, investment director at WestBridge, as he continues to build his network in the north.

Capital at a crossroads

Subdued growth and persistent inflation means something has to give. AI will be the differentiator in 2026, says Jackie Bowie.

In for infra

An independent business for 200 years, Hill & Smith, a provider of solutions to the infrastructure and built environment sectors, received the much-coveted corporate development award at last year’s Annual Reception. Marc Mullen talks to Joel Whitehouse, group head of corporate development at Hill & Smith, about its M&A strategy.

Connections December 2025: private equity appointments and promotions

Recruitment and promotions in private equity.

Connections December 2025: legal advisory appointments and promotions

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

Connections December 2025: corporate finance advisory appointments and promotions

Promotions and those on the move in corporate finance advisory.

Trendwatch: Back to schools

From nursery buy-and-builds to private school consolidation and university mergers, each education sub-sector is responding to its own specific challenges. Jason Sinclair looks at what’s driving activity in this busy UK market.

On my CV: Deal delivered

Transparency and a collaborative approach were key to ensuring the successful Unifiedpost MBO, says Daniel Brecker, partner at FRP Corporate Finance

Career paths: Never stop learning

For Grace Delluc, director at 3i, investing in and supporting portfolio companies to grow is a continual source of personal development.