2025: Spring update
Highlighting our recent deals, key developments within our teams,
and insights into the trends shaping the market.
Welcome to the FRP Corporate Finance Spring Update. In this edition, we reflect on a dynamic few months, highlighting our recent deals, key developments within our teams, and insights into the trends shaping the market.
Gary Partridge, Partner in our Cardiff office, provides an overview of the latest developments in the M&A market and takes a deeper look at exit planning for family-owned businesses. Meanwhile, Rahool Patel, Debt Advisory Associate Director in our London office, delves into Annual Recurring Revenue (ARR) lending and the key considerations for borrowers.
In April, we were delighted to be named ‘Corporate Finance House of the Year-UK’ at the 2025 Real Deals Private Equity Awards, following our win in the same category in 2023. The judges were particularly impressed with our growth journey, solidifying our position alongside industry leaders.
We have also recently announced the latest round of promotions, and are pleased to have added two new colleagues to our Partnership – Daniel Brecker (Manchester) and Thomas Edwards (Cardiff). They join 12 others across our Corporate Finance and Debt Advisory teams who are also celebrating their recent promotions, further reinforcing our commitment to investing in our people and services.
Signs of resilience despite wider uncertainty
Partner, Gary Partridge reviews the latest developments in the M&A market.
Uncertainty continues to be one of the key words when it comes to assessing the M&A market as we enter the new tax year.
Economically, despite gloomy headlines, there have been some encouraging signs – inflation has fallen, and interest rates have remained steady with further cuts expected. But in April we also had some of the tax rises announced in the Autumn Budget finally come into effect for businesses, while the global economic picture was dominated by Trump’s trade tariffs and the market’s reaction to them.
The ever-evolving nature of the proposed tariffs undoubtedly makes this a more challenging moment to complete deals, with some choosing to defer their M&A plans, but notably we aren’t seeing a significant drop in activity. In fact, there are many that are still wanting to push ahead as it becomes increasingly more difficult to predict what the future may have in store – uncertainty, it seems, has become normalised.
Unlocking revenue for growth
Associate Director, Rahool Patel delves into ARR lending and the key considerations for borrowers.
Our first article this year hinted at a challenging start to 2025, marked by ongoing geopolitical uncertainty and Budget implications and it would be remiss not to briefly touch upon the current landscape following the recent global tariff announcements by the US.
The more recent concern around the introduction of tariffs has certainly kept everyone on their toes. While risk premiums have widened and new issuances in the liquid leveraged loan markets for larger corporations have slowed somewhat, lender activity in the mid-market for SMEs and PE-backed companies has been fairly resilient, except for businesses with tariff-specific exposures. Nevertheless, the resulting economic uncertainty has clearly taken some momentum out of a relatively subdued start to the year for M&A activity.
A key theme previously touched upon is the evolving demand of borrowers and lenders adapting to their financing needs. One such area which has proved a reliable source of financing for many of our clients, is Annual Recurring Revenue (ARR).
Beth joined FRP in 2021 and has recently been promoted to Senior Manager in the Corporate Finance team, based in our Brighton office.
As an avid ambassador for women in business, Beth recently sat on the judging panel at The Dynamic Awards 2025, recognising the remarkable achievements of businesswomen across the South-East. She has also authored articles on the personal aspect of deal making, and the outlook for M&A activity in 2025 – both featured in Platinum Business Magazine.
Can you tell us a little about your professional background?
After completing a law degree, I started my career in Restructuring at Grant Thornton, then joined KPMG’s Corporate Simplification and Solvent Liquidations team, specialising in working with large corporate groups, investment trusts, and insurance companies to help streamline their legal structures.
I joined FRP in 2021, initially working across both Restructuring and Corporate Finance before focusing fully on Corporate Finance.
In the last few years, I have worked on several challenging, but ultimately successful sale mandates. I was delighted to be part of the team that was highly commended in two categories at the 2024 South East Insider Deal Awards and shortlisted in 2025 for Corporate Finance Team of the Year.
What led you to choose this career path?
I’ve always enjoyed the strategic side of advisory – understanding how businesses can grow, manage risk, and create long-term value. My legal studies and experience in restructuring have given me a great platform for a role in corporate finance. Today, I find it especially rewarding working with owner-managed businesses at key points in their journey – helping them achieve their goals and navigate key transactions.
For most business owners, a sale is often the culmination of a lifetimes work. For me, it is an honour to guide our clients through this journey, and help them get the result they deserve, having worked so hard to build a successful company.
Tell us a little about what you like to do in your spare time.
My spare time is all about family! We love water sports – bodyboarding, paddleboarding and scuba diving – and holidays in Cornwall or Thailand.
