2025: Autumn update
Highlighting our recent deals, key developments within our teams,
and insights into the trends shaping the market.
Welcome to the FRP Corporate Finance Autumn Update.
As we enter the final stretch of 2025, we reflect on recent activity and news from across our national team including recent deal completions, sector insight articles, award wins and team promotions.
Corporate Finance Partner Daniel Brecker explores the latest developments in the M&A market and considers why narrowing valuation gaps and greater flexibility from sellers could set the stage for renewed momentum as we head into 2026.
Debt Advisory Partner Simon Sherliker provides an overview of the latest trends in the debt funding market – from deployment pressures and rising competition among lenders, to the growing trend of private credit refinancing.
In our latest sector insight articles, our experts unpack the latest trends and driving forces behind recent M&A activity in the legal and beauty sectors and consider the opportunities and challenges that lie ahead.
Finally, we reflect on a successful season of award wins in Newcastle, Wales and the South Coast, and celebrate the recent promotion of three members of our team – Amy Murphy and Matthew Nolan to Associate Director, and Twm Westcott to Senior Associate.
Daniel Brecker explores the latest developments in the M&A market
Over the last quarter, uncertainty has been the defining theme for M&A.
It was just over a year ago when we were seeing a real push to get deals done ahead of changes to Capital Gains Tax that had been all but confirmed to be in the Budget. Yet, this time around, a lack of any real clarity about potential fiscal changes means there hasn’t yet been a similar flurry of activity.
At the same time, businesses have had to continue to navigate a very fast-changing geopolitical environment and confront the technological revolution that has been the advancement of artificial intelligence. This is developing at such a rate that it’s not yet fully clear just how large its impact will be, or exactly where that impact will be concentrated.
All of this is combines to mean that buyers and sellers are proceeding cautiously when it comes to dealmaking. But proceeding they are – there’s still demand for high-quality businesses, and opportunities for businesses to scale through well-planned, well-negotiated M&A. Here’s where the market is focused.
Opportunities for firms in a market open for business
Simon Sherliker reviews the latest trends in the debt funding market
The debt market continues to be shaped by a slowdown in M&A volumes; something that, as my Corporate Finance colleagues have explored, reflects an environment of pre-Budget uncertainty.
Despite this, the market remains open for business, creating real opportunity for businesses and lenders alike, who can match capital to the right opportunities.
Jade joined FRP Corporate Finance in 2024 following the acquisition of Lexington Corporate Finance and is an Assistant Manager in the M&A team, based in our Cardiff office. Jade was recently named ‘Emerging Dealmaker of the Year’ at the Wales Dealmakers Awards 2025, recognising her exceptional contribution to the regional dealmaking community, her commitment to clients, and her growing reputation as a rising talent in the industry
Can you tell us a little about your professional background?
I started my career in Corporate Finance straight out of university, joining Lexington Corporate Finance in 2021. Since then, I’ve worked across a wide range of sectors including technology, healthcare, engineering, manufacturing, retail, eCommerce, and testing and inspection. This breadth of experience has given me a strong foundation in both trade and private equity transactions, and helped me develop a deep understanding of the nuances and complexities each deal type presents.
I’ve taken on increasing responsibility with each transaction, from leading marketing processes and managing due diligence to negotiating commercial terms and building financial models from scratch. I am proud to have been recognised as Emerging Dealmaker of the Year at the Wales Dealmakers Awards 2025—an incredible milestone that reflects the journey I’ve been on and the support I’ve had from my colleagues and clients.
Tell us a little about some of the deals you’ve worked on recently?
It’s been a busy and rewarding year. It’s been a busy and rewarding year. I played a key supporting role in advising Cardiff-based Ceaton Security on its sale to Senseco, assisting with the marketing process and helping the client assess multiple offers. I also supported the management of sell-side due diligence and worked alongside legal teams to ensure the commercial terms were accurately captured.
Another highlight was supporting the team on the investment into PureCyber by BGF. The business didn’t have a financial model, so I built one from scratch—an integrated 36-month forecast that became a key part of the process. I also assisted in identifying the right investor, helped manage due diligence across multiple streams, and supported the shareholders through the negotiation phase.
I also supported the team on the sale of Teer Coatings to AIM-listed Judges Scientific, contributing to the NSIA clearance process and assisting with negotiations around the cash-free/debt-free elements of the deal.
Each transaction brought its own challenges, and I’ve really valued the opportunity to take ownership of key tasks, solve problems, and contribute to successful outcomes.
Tell us a little about what you like to do in your spare time?
Outside of work, I enjoy spending time with friends and family, exploring the outdoors, and staying active. I’m always up for a challenge—whether it’s a new hiking trail or a fitness goal—and I find that staying physically active helps me stay focused and energised at work. I also love learning and personal development, so I often find myself diving into books, podcasts, or courses that help me grow both professionally and personally.
