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 a dynamic few months across the M&A and debt advisory landscape. Summary from Corporate Finance Partner Daniel Brecker here
Summary from Debt Advisory Partner Simon Sherliker
We reflect on recent activity and news from across our national team including promotions, deal completions and insight articles.
Over the past few months Amy Murphy and Matthew Nolan promoted to Associate Director, and Twm Westcott promoted to Senior Associate
FRP Corporate Finance Partners Darren Miller, Chris Adlam, Daniel Brecker, and Debt Advisory Partner Tom Cox unpack the trends and driving forces behind recent M&A activity in the legal sector. Our experts take a closer look at the rise of Private Equity interest in the sector, the motivations of law firms, and the opportunities and challenges that lie ahead.
Market sentiment remains cautious
Partner, Dan Sheahan reviews the latest developments in the M&A market
Market sentiment remains cautious as we approach the final quarter of the year.
The current economic headwinds businesses are facing are well documented, with recent rises in inflation adding to existing concerns. At the same time, the geopolitical situation remains volatile with developments around international conflicts, tariffs and trading remaining unpredictable, creating uncertainty across supply chains.
That being said, there is cause for optimism, particularly as we are entering a time of year when we typically see an uptick in M&A activity. Indeed, we’re seeing a strong pipeline of assets ready to come to market, and interest rates are continuing to steadily decline, opening up more funds for firms to invest.
While the risk appetite among private equity firms may be more cautious than it was a couple of years ago, they still have a wealth of capital ready to deploy. So where will they be looking to spend it?
Preparation key for combatting funding uncertainty
Tom Cox reviews the latest developments in the debt funding space
The past six months has seen the debt funding market operate against a challenging financial backdrop, driven by factors ranging from geopolitical instability and tariffs through to ongoing inflationary pressure.
As can be expected, this has impacted deal activity, causing some business leaders to temporarily hold back on expansion plans as they assess their options.
Yet confidence has not been diminished. With UK interest rates steadily easing there is a growing sense that conditions have stabilised and the past few months have given businesses and lenders alike greater clarity on what “normal” looks like in this new cycle. Having also digested NI and National Living Wage rises in the last six months, businesses are now able to better understand how robust their business model truly is, allowing them to plan with greater certainty, having demonstrated an ability to maintain profitability despite cost base pressure.
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 202, 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.
