Corporate Team Supports £9.7 billion in Deals

The corporate, banking and finance teams have supported £9.7 billion-worth of strategic transactions during 2025 – marking a significant increase on last year’s £6.6 billion despite ongoing market uncertainty.

Operating across the mid-market, we advise on a wide range of complex, high-value transactions spanning mergers and acquisitions, disposals, investment funds and banking, with disposals continuing to be the most active deal type as businesses reshape for future growth.

Investment funds activity accounted for £7.1 billion of the total deal value, up from £4.8 billion in 2024, while the banking team supported £1 billion of transactions, reflecting continued strength in lender-led activity across the SME and mid-corporate markets. Corporate M&A transactions totalled £960 million.

The firm continued to advise on a steady volume of strategically important deals, particularly in disposals and private equity-backed transactions. Sector highlights included manufacturing and professional services, with healthcare also among the firm’s most active sectors.

James Hawkeswood, partner and head of corporate, said:

“I think it’s fair to say that many dealmakers found the market interesting in 2025.

“A combination of deals being accelerated in late 2024 ahead of Rachel Reeves’ inaugural budget, alongside uncertainty around threatened US tariffs and the impact of the employers’ National Insurance changes in April, meant that overall deal volumes were lower and transactions that did progress often took longer to complete.

“Against this backdrop, it is testament to the entire team that we were still able to deliver such strong performance, which demonstrates the resilience of our business and the broader mid-market. Looking ahead, we have a very healthy pipeline and expect continued momentum across key sectors in 2026.”

Michael Stace, corporate partner in the Midlands, added:

“2025 was an interesting year for UK dealmakers, with decent levels of activity, although overall volume and value were down compared with 2024 due to the impact of geopolitical and economic factors on transaction timelines.

“Against this backdrop, I am extremely proud of what our team achieved in 2025, which reflects both the resilience of our business and the strength of the Midlands deal market.

“We have a very strong pipeline and expect activity to increase, particularly in the first half of 2026, with professional services, technology, and healthcare remaining key sectors.”

Peter Mayhew, investment funds partner, said:

“Over the past tax year, the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) markets have shown strong resilience, with VCTs raising around £895 million in 2024-25 – the third-highest total on record.

“The extension of the ‘sunset clause’ to 2035 provided welcome certainty, though the reduction in upfront income tax relief for VCTs from 30% to 20% from April 2026 marks a pivotal moment for the industry.

“Looking ahead, EIS and VCT funds will continue to play a vital role in supporting innovative UK businesses. Future success will depend on maintaining robust tax incentives, widening eligibility criteria, and ensuring flexibility for both investors and portfolio companies.”

Jordan Glackin, healthcare partner, added:

“2025 has been a fantastic year for our healthcare team. We’ve supported a record number of transactions across the sector, particularly in pharmacy, dental and social care, helping clients navigate complex regulatory landscapes while achieving their strategic growth ambitions.

“The pace of consolidation and investment in healthcare continues to accelerate, and we’re proud to have played a key role in shaping deals that strengthen service delivery and patient care. We look forward to building on this momentum in 2026.”

We are continuing to invest in our corporate and banking teams nationwide, strengthening our ability to advise on complex transactions across multiple sectors and jurisdictions.

In 2025, we bolstered our national offering with the appointment of corporate partner Daniel Okusaga in London, banking and finance partner David Adams in the Midlands, and corporate legal director Laura Giles in Sheffield.