2026: 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.
As the days grow brighter and summer edges closer, we’re taking a moment to look back over the past quarter — highlighting our latest deals, firmwide developments and the sector trends shaping today’s market.
Newly appointed Partner Geraint McGrath, based in our Cardiff office, shares his perspective on the UK M&A landscape. He explores the latest developments in the M&A market, which is showing welcome signs of energy driven by resilience, realistic valuations and renewed interest in traditional, AI resistant sectors.
From our London office, Debt Advisory Partner Tom Cox provides a timely overview of the latest themes impacting debt funding activity. Tom explores how shifting lender priorities are influencing deal dynamics and examines why a current surge in refinancing is driving market volume.
In our latest insight articles, Jessica Ring provides an overview of the key trends impacting the private equity market, and James Mines explores why digital transformation is firmly back on the agenda. In her latest video Victoria Kisseleva also shares her latest insights in Beauty M&A.
Across our national team, we have recently announced 18 promotions, including the appointment of Geraint McGrath as Partner, and Lucy Elliott as Director. These promotions celebrate colleagues who have demonstrated real commitment to excellence and delivered outstanding results for our clients.
We’re also proud to have been shortlisted in three categories at the North East Accountancy Awards 2026 – Deal of the Year: Buston & Maughan, Diversity Champion: Abu Ali, and Rising Star: James Cockburn; and two categories at the Insider South West Dealmakers Awards 2026 – Corporate Finance Advisory Team of the Year, and Medium Sized Deal of the Year for the Sale of Ocean Fish Group to Fortuna.
Geraint McGrath reviews the latest developments in the M&A market
In the face of ongoing economic headwinds, the M&A market is showing welcome signs of energy and we’re seeing a steady uptick in engagement. This is not a sharp rebound, but a more considered return to activity, with businesses planning earlier and approaching opportunities with greater conviction.
Resilience, refinancing and risk – the trends shaping the debt market
After a prolonged period of economic uncertainty, the UK debt market continues to demonstrate notable resilience. Liquidity remains strong across the mid-market and competition amongst lenders is still supporting favourable terms for high-quality borrowers. We are now in what could be described as a late-cycle phase, where capital remains widely available, but the conditions attached to it are becoming increasingly nuanced.
Unlocking growth in the UK’s mid‑market
Mid‑market businesses play a critical role in the UK economy, yet decision delays are becoming a constraint on growth. These businesses generate over one fifth of private‑sector GVA and employ more than 5 million people. Yet most leaders believe their biggest decisions are taken later than they should. The Decision Economy looks at why decision‑making has slowed, what it costs businesses, and what could be unlocked if decisions were taken earlier.
Oyin joined FRP in 2024 and is a Manager in the Corporate Finance team, based in our Brighton office
Can you tell us a little about your professional background?
I began my career in audit, spending five years developing a strong grounding in financial reporting, controls and the operational mechanics of different businesses. Qualifying as a chartered accountant gave me the opportunity to work across a wide range of industries, exposing me to varied business models and helping me build a deep understanding of how organisations operate behind the numbers. Over time, I realised I wanted to move into a role that was more forward‑looking and value‑adding, which naturally led me into corporate finance. It offered the chance to apply the technical skills I’d developed in a way that directly supports decision‑making and helps drive businesses forward.
Tell us a little about some of the deals you’ve worked on recently?
In the past two years, I’ve supported several transactions that have broadened my deal experience. Highlights include the sale of HT Servo to Teqnion AB and the sale of CountyClean to Ipsum. On both, I worked closely with the team and management on many different key aspects of the deal. Being involved throughout the process gave me valuable exposure to the full deal lifecycle and the opportunity to contribute meaningfully to successful outcomes.
Is there a particular skill or experience that has shaped the way you work today?
Working in lead advisory has shaped my approach significantly. Supporting transactions end‑to‑end with senior deal leaders has strengthened my judgement, adaptability and commercial awareness. I focus on delivering analysis that balances detail with commercial insight, managing key workstreams effectively and anticipating risks, valuation issues and client messaging to support smooth execution.
Are there any trends in the deal market that are influencing your work at the moment?
While deal volumes remain below historic peaks, rising confidence has led to fewer but larger, more strategically focused transactions. Recovery has been supported by stronger economic conditions, clearer policy direction and pent‑up demand from corporates and private equity. Buyer interest has increased from both international and domestic acquirers, and activity at the lower end of the market was brought forward by the rise in Capital Gains Tax for disposals qualifying for Business Asset Disposal Relief.
Could you tell us about the key experiences that have shaped your career so far?
A key highlight has been owning workstreams and seeing the impact of my contribution, especially on complex analysis and stakeholder engagement. This, along with mentoring colleagues, strengthened my commitment to advisory‑led Corporate Finance. I was drawn to its mix of analysis, strategy and client work, and to FRP’s reputation and collaborative, partner‑led culture.
