2025/26: Winter update
Highlighting our recent deals, key developments within our teams, and insights into the trends shaping the market.
Welcome to the FRP Corporate Finance Winter update.
As the evenings start to stretch out and the first signs of spring appear, we’re taking a fresh look at the past few months – highlighting our latest deals, company news and sector insights.
Partner Adrian Alexander, from our Brighton office, shares his perspective on how growing policy stability, renewed buyer engagement and shifting sector dynamics are shaping the current UK M&A market.
Newly appointed Debt Advisory Partner Stuart Bates, from our Manchester office, shares his views on how rising lender appetite, a strengthening ABL market and renewed dealmaking momentum are shaping funding opportunities for businesses in 2026.
After another year of strong momentum, we kicked off January with the launch of our 2025: A Year in Review, featuring video updates from M&A Advisory and Debt Advisory, our full‑year deal numbers, company news and video case studies.
We are proud to once again be shortlisted for Corporate Finance House of the Year at the Real Deals Private Equity Awards 2026, following our win in 2025. The winners are set to be announced on 15 April 2026.
Adrian Alexander explores the latest developments in the M&A market
The last few months have brought a welcome period of policy certainty to the M&A market in the UK – and that stability is translating into growing confidence.
Part of this is because firms now have a firmer near-term understanding of tax policy. While the pre-planned increase to Capital Gains Tax rates on disposals qualify for Business Asset Disposal Relief – rising from 14% to 18% in April – is accelerating activity at the lower end of the market, the broader M&A landscape is benefiting from the understanding that there won’t be any significant fiscal changes in the upcoming Spring Statement.
Momentum is also being supported by stronger engagement from buyers, both from overseas and, increasingly, closer to home.
While domestic trade buyers were relatively cautious through much of 2025, international acquirers stepped in to fill the gap. We saw strong interest from across Europe – Dutch, Swedish, Spanish and Italian buyers, among others, have all featured in recent transactions – as well as continued engagement from European private equity backed UK companies. In fact, 45% of our sell-side mandates in 2025 were sold to international buyers, underlining the strength of cross‑border appetite during the year.
Preparation key for combatting funding uncertainty
In recent years, many businesses have used debt funding to focus on resilience in the face of uncertainty, preserving cash, tightening working capital and keeping lender relationships steady.
This is changing. As trading patterns have become clearer and lenders have started to show greater appetite, debt is increasingly back on the agenda as a way for management teams to support growth plans, not just manage pressure.
ABL in a strong place
The mid-market asset-based lending (ABL) landscape is holding more opportunities for borrowers. Over the past two to three years, lenders have broadened their offering and become more confident in supporting mid-market sponsors, entrepreneurs and owner-managed businesses. For borrowers, that means a better chance of finding a facility that fits how the business actually trades, and one that can flex as working-capital needs change.
Wenjie joined FRP in 2024 as a Manager in the Debt Advisory team and is based in our London office.
Can you tell us a little about your professional background?
What drew me to Debt Advisory is the breadth and variety of the businesses and transactions we support. The role offers exposure to companies across multiple sectors, giving real insight into how different organisations operate, scale, and navigate their financing needs. I’ve particularly enjoyed the blend of technical work — from financial modelling to reviewing and negotiating term sheets — alongside the relationship‑driven side of the job, collaborating closely with clients and management teams to help them achieve their strategic goals.
Tell us a little about some of the deals you’ve worked on recently?
Over the past 18 months, I’ve supported several transactions, each with its own dynamics and learning opportunities. Key highlights include securing an acquisition financing package for Apposite Capital backed Kelso Pharma, where we arranged a scalable facility that provides the business with a strong runway for future growth. Another notable transaction involved supporting SilverTree Equity Partners in raising debt financing for its acquisition of mhance, where I worked closely with the team to deliver a competitive and flexible financing package for the client.
Is there a particular skill or experience that has shaped the way you work today?
My approach has been shaped by the people I’ve worked with and the different leadership and advisory styles I’ve seen. I aim to stay approachable and responsive, and I focus on genuinely understanding each client’s business so we can support them in the most effective way. I’ve also learned the value of developing my own style – one that feels authentic – while consistently maintaining a high level of professionalism.
Are there any trends in the debt market that are influencing your work at the moment?
When I joined, the market was working through the tail end of the post-COVID cycle, which meant refinancing dominated much of the deal flow. Since then, we’ve seen momentum shift toward new platform deals, underpinned by a recovering M&A environment. Staying close to sponsors, lenders, lawyers, our corporate finance colleagues and fellow advisors has been key to maintaining an up-to-date view of the market and understanding what’s coming through the pipeline.
Tell us a little about what you like to do in your spare time?
I’m a member of FRP Thrive, our employee wellbeing initiative and have recently volunteered with The Connection at St Martins charity, serving lunch to people in need, which has been a meaningful way to give back. Outside of work, I gravitate toward anything that helps me recentre — being outdoors, long walks, and peaceful green spaces. I also love staying active and have recently taken up hot yoga.
