Andy Burnham’s opening salvo in the one man Labour leadership race offered a few clues as to where his radical devolution agenda might affect those of you who make a living from funding and advising businesses in our regions.

But another speech, by another Andy, was even more illuminating about the future Prime Minister might have up the sleeve of his unstructured stylish blazer.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on wider trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and with leaders from other VC and PE investors like Endless, BGF and WestBridge.

Andy Burnham says he wants an industrial strategy in every region.

“This is the key to higher growth and I want more world-beating British manufacturers and service providers at the frontier of new technology and exporting to the world. I will back our scientists, technologists, entrepreneurs and creatives as I have done here and show how Britain will be the innovation nation of the next decade,” he said.

That was the bit that gave Michael Moore from UK Private Capital some cheer, with a bit of a wave from the seats at the back to remind the prospective prime minister he was available for a chat.

“We welcome Mr Burnham’s focus on public and private investment working hand in hand to make the UK an innovation nation. Private capital has a vital role to play in every nation and region of the UK, backing businesses, unlocking investment and helping local economies realise their full potential.

“By bringing decision-making closer to the communities it affects, and by strengthening partnerships between local leaders, businesses and private capital, investors such as our members can help more scale-up businesses and innovative spin-outs across the country grow and commercialise their ideas.

“Such focus on place-based collaboration and investment as a baseline for the UK economy presents a serious new opportunity for building a more dynamic and growing economy.”

To be fair, Moore has worked the region’s pretty hard, and has met Burnham a few times.

On support for the defence industry in particular Burnham said he wants to reshape procurement rules to benefit British businesses.

“For too long, UK public procurement policy has been based on chasing cut price deals around the world, rather than helping our own British-based suppliers become more stable and competitive.

“No more. From here on, every pound raised from taxpayers will work harder for them, and that approach will apply fully to the defence investment plan.

“And we will do that to make sure British-based companies are in a better position to win those contracts.

“In an increasingly uncertain world, we need to safeguard sovereign manufacturing and production capability across the country in critical sectors like steel, defence, energy, food and farming, rather than just being prepared to let it go, as we have sadly done in the past.

“In return, we will recycle maximum benefits for our communities and our residents, for instance by requiring a much greater supply of 45-day work placements and apprenticeships for young people.”

As political speeches go, it was rousing, and has to be seen in the context of the start of a process, not a fully formed agenda for government, or the future economic policy.

But if you want the strongest possible clue about his policy intentions, pay very close attention to what Andy Haldane has been saying, because it is he who has been working closely with Andy Burnham, not only on Good Growth Fund in Greater Manchester, but in easing the former Mayor into No. 10.

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It was the turn of the Manchester Rainmakers to turn out in force for their annual awards last night.

It was another very good night for Clearwater, with its founder Michael Reeves lifting the very first Lifetime Achievement Award just a couple of months since the firm he started over 24 years ago was sold to KeyBank.

The team won the National corporate finance team award and partner Ed Gale was named Rainmaker of the Year, following his colleague Michael Loudon who was crowned winner in 2025.

More of that below, but first, some deals of the week.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, Foresight, Mercia, and LDC.

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Wood Mackenzie has acquired LandGate for an undisclosed sum.

The deal combines Wood Mackenzie’s power market forecasting and supply chain analytics with LandGate’s proprietary land and grid intelligence.

Buying the Colorado-based company’s 150 million parcel-level, land intelligence dataset should strengthen the Edinburgh-headquartered energy analytics group’s market position.

Also in Scotland this week, mid-market law firm Lindsays and Dallas McMillian announced a merger.

The deal, which will take effect at the start of September, will see Dallas McMillan partners and staff transfer over, increasing the size of Lindsays’ Glasgow-based team from 80 to 123.

They will operate from the firm’s Queen Street office in the city centre and no job losses are anticipated.

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Mattioli Woods has acquired West Midlands adviser KRD Financial Advisers in a deal covering more than £400m of client assets - another step in its Retiring Adviser programme, which basically helps advisers “plan their exit without the exit drama.”

Founded in 2005 by Kevin Bissell, KRD has spent two decades building trusted relationships with over 1,000 households across the West Midlands and will now join the Mattioli Woods network.

CEO Peter Mann said KRD was exactly the type of firm the programme was designed for, while founder Kevin Bissell said the deal came down to shared values and a focus on long-term client relationships.

In short: one firm clocks off, the other clocks in - and Mattioli Woods keeps quietly adding to its advisory collection one retirement at a time.

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SEGRO has firmly swatted away a £12.6bn takeover approach from US rival Prologis, saying the bid simply doesn’t stack up - or as they might put it, the offer was “a bit short on square footage.”

Valued at 925p per share, the proposal was unanimously rejected by SEGRO’s board, who made it clear they’re not for sale at a discount rate - especially not in a warehouse worth of opportunity.

SEGRO called the timing “opportunistic,” suggesting Prologis tried to pick them up on the cheap while UK property valuations are still under pressure.

The company also pointed to strong demand, a healthy development pipeline and its growing data centre footprint - basically saying: “we’re not just storing value, we’re building it.”

Prologis may have tried to move in for the deal, but SEGRO has left it firmly at the loading bay and looks more interested in shipping long-term growth than shipping itself out the door.

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Hercules is refinancing to pay the maximum £4m earn-out on its Advantage NRG acquisition, a sign that the deal is hitting performance targets one year on..

The acquisition was structured as a £10.2m upfront payment, a deferred payment of around £1.5m, and an earn-out that could bring the total consideration to £15.7m

The Gloucestershire labour supplier has secured a £25m funding package from IGF Business Credit, with £4m of term loans specifically reserved for the final earn-out payment to Advantage NRG’s former owners.

Paying out an earn-out is usually a sign that things are going great. But Hercules’ chief executive Brusk Korkmaz couldn’t manage a celebratory tone, and limited himself to saying “the term loans enable us to meet our obligations relating to the Advantage NRG acquisition”.

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Michael Reeves, one of the founders of Clearwater, scooped the inaugural Lifetime Achievement Award at the TheBusinessDesk.com’s North West BIGGEST EVER Rainmaker Awards tonight (25 June 2026).

Accepting the award Reeves said he was totally taken by surprise at the accolade.

Reflecting on his career highlights, he said: “We have a team of very bright, intelligent people who always have respect for our clients, respect for our business, and respect our community.”

Elsewhere, in a triple coup for the firm, which was recently bought by US investment bank Key, Ed Gale was named Rainmaker of the Year. He said: “We’re genuinely excited about the future, which should give us a lot of opportunity to get more and more access to the team around the US, to spread their insights and genuinely looking forward. People are excited about the work we can do in the US as well, so I think that’s just hopefully a really good opportunity for us. ”

Changemaker of the Year went to Helen Spence at EY and the Rising Star award went to Rhys Davenport from BGF.

The winners were chosen by a peer vote, after a shortlist was drawn up by around 60 judges from across the region’s corporate finance community gathered in Manchester who reviewed deals from the past 12 months and identified the most prolific teams and individuals who have made the greatest impact.

TheBusinessDesk.com North West editor Michael Taylor said: “It was a hot night, but host Justin Moorhouse kept the event going really well. Everyone had a great time celebrating the very best of the Rainmaker community in the region. There was also a lovely reponse to the tributes we shared about those we have lost this year: Abi Godfrey, Andy Thomas, Mark Fuller and Jen Bellamy.

“We really value the close relationships and trust that we’ve built up, that enable us to do the events and provide the very best coverage for this fascinating world.

“The awards were a centrepiece though, a real celebration of everyone’s hard work in supporting the businesses of our regions to be bigger, bolder and braver.”

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The 2026 Rainmaker Awards

The West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

Tthe West Midlands awards are at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last year the events sold out, so book early to secure your table.

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Shahbaz Qasim used to open the batting for the cricket clubs he played for, and captained. But with age comes experience, and as he’s slipped down the batting order to play a slightly different role now, in his work mode, you also get the impression he’s brought that broad understanding of team work to doing deals too.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates from active Rainmakers, like this one, as well insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, Foresight, Mercia, Puma and WestBridge.

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When Shahbaz Qasim joined Arrowpoint, Rothschild’s mid-market corporate finance team, as a managing director last year, he started building his innings there by completing a buyside deal for LDC, but he says what he’s really focusing on is what he calls “integrating our expertise” – work he hopes will see him convert some of the five sell-side mandates he’s currently working on.

From Manchester Grammar School to the University of Liverpool, Shahbaz’s early story is a familiar northern professional tale with a twist. Coming from a Pakistani heritage family, he says the expectation was he would go into medicine. He studied physiology and “was supposed to be a doctor”, but, as he puts it, “I just always had a real flair for business,” so he switched tracks and joined PwC’s audit team in Manchester in 2013, as they supported him through his ACA qualification.

Audit was the necessary apprenticeship rather than the destination: “I realised I was never going to be an auditor. I’m sure you’ve heard that story before.”

Instead of waiting for an internal move, he walked his CV down the road. A local recruiter introduced him to Clearwater’s Mike Reeves. After a characteristically brisk Manchester meeting – Iron Man Reeves arriving straight from a swim in the Salford Quays– Qasim was offered an associate role and, in December 2016, began what he calls “the start of my career in corporate finance”.

At Clearwater he cut his teeth on a string of mid-market deals: working with Paul Jones on the sale of Imtec to EDF Energy, and the sale in 2018 of BCN Group to Beech Tree Private Equity.

Clearwater’s European expansion then gave him his first break abroad. In 2019 he spent six months in Copenhagen with the Danish team and managed to complete two deals in that time – one in hosting and technology, another in secondary packaging – “which is quite rare” on that timescale.

By 2021, with COVID having accelerated the digitisation of everything, Qasim could see where the deal flow was heading. PwC – by then moving from a regional to a sector-led M&A model – came calling with a national tech mandate. He joined in the summer of 2021 to focus on technology M&A, particularly software and B2B data.

It proved to be a fertile run. “I got six deals done in three years in tech,” he recalls.

The tombstones from that period include the BCN Group sale (a business he’s now sold twice), FSP (a digital transformation consultancy), and Sedex, a supply chain data platform, sold to LDC.

That Sedex deal has already had a lucrative sequel. “The deal we did in 2023 was about £100m,” he says. “They sold it for north of a billion a few weeks ago… The reason was a proprietary data platform and a really good management team.” For Qasim, it’s a textbook example of what still attracts capital in an AI-scrutinised world: mission-critical software, defensible data, and founders who understand both technology and innovation.

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One of the largest acquisitions in the burgeoning wellness industry is close to being finalised with Bain Capital poised to acquire Vitabiotics, the group behind Wellwoman and Pregnacare multivitamins, for around £900m.

The deal points to a sector in fine fettle and with strong growth potential as more of us splash out on products and services that we hope will make us happier and healthier.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including talking points like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

Watch daytime commercial TV and you’ll be offered a happier, healthier life in every ad break if only you buy these nutritional supplements, book that spa break or fork out for a hi-tech exercise bike.

The fact that most of the other adverts seem to be for low-cost cremations reminds us of the fact that none of us can hold back time forever.

But that doesn’t stop us, as a nation, spending on average £2,600 a year each on wellbeing products and services – everything from gym membership to gut care.

Personal expenditure on holistic, mental and physical health continues to grow exponentially, and according to the Miami-based Global Wellness Institute, the UK wellness market growth has outstripped every other country, including the US, since the end of the pandemic.

Hardly surprisingly, sub-sectors under the wellness umbrella such as fitness, nutrition and self-care have attracted the attention of the private equity industry in recent years.

Add to this the growing trend to incorporate digital technology, especially AI, into new products – not to mention the Gen Z and Millennial preference for pursuing active lifestyles rather than drinking alcohol - and the growth chart looks remarkably healthy.

It’s a far cry from 1971 when scientist and author Dr Kartar Lalvani launched London-based Vitabiotics. Now helmed by his son Tej Lalvani, the former Dragons’ Den investor, it is a major player in what is known as the VMS (vitamin, mineral, and supplement) market – hence Bain Capital’s interest.

Active lifestyle brands are also on the PE shopping list as baby boomers as well as younger generations look to stay healthier for longer. An estimated 18% of us now hold - if not actually use - some form of fitness membership.

Piper Private Equity has become a key player in this market, backing among others Nottingham-based indoor performance fitness bike company Wattbike.

Piper invested £11.5m into the firm in September 2020, exiting five years later when it was snapped up by NASDAQ-listed premium fitness equipment group Interactive Strength for $15m (£11.3m) in an all-stock deal.

Piper has also backed Harrogate-based beauty and wellbeing brand Neom Organics, which was founded in 2005 by friends Nicola Elliott and Oliver Mennell.

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Even the World Cup and political earthquakes can’t stop the flow of deals this week, with quite a rich range of deals from around the country.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, Foresight, Mercia, and LDC.

Northamptonshire shoemaker Grenson has stepped into a new era after being acquired by sportswear brand Castore, bringing together centuries of footwear craftsmanship with a fast-growing modern sportswear group.

Completed via Castore’s J Sporting Club vehicle, the deal sees control of the Rushden-founded brand transferred from long-time owners Tim and Julia Little, who helped modernise the business and expand its international reach.

Founded in 1866, Grenson has built its reputation on traditional shoemaking, from supplying British soldiers in both world wars to becoming one of the UK’s earliest registered footwear trademarks. It now joins a portfolio better known for high-performance sportswear and elite team partnerships.

Castore, launched in 2015 by brothers Thomas and Phil Beahon, has built a premium sportswear business working with names including McLaren and England Cricket, and has increasingly stepped up its acquisition strategy to broaden its wardrobe of brands.

The group previously acquired heritage outerwear label Belstaff from Ineos and continues to pick its deals carefully as it expands across the premium apparel market.

Grenson itself has been carefully re-soled in recent years under Tim Little, who introduced new categories including womenswear, trainers and accessories, while strengthening its presence in London, New York and key global markets.

Castore’s rapid growth and rising profitability have given it the financial footing to keep stitching heritage and performance brands into its wider strategy.

Together, the pair bring a blend of old-school craftsmanship and modern performance wear - a fitting match of heritage stitched with ambition.

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Lad Bible Group Media has acquired 75% of a London-based creative agency Uncovered for £26.8m, with a potential earnout of up to £7m.

The Manchester headquartered social entertainment group, which owns LADbible and SPORTbible, has also secured options to buy the remaining 25% stake at nine times adjusted EBITDA in each of the calendar years 2028, 2029 and 2030.

Uncovered, founded in 2017, is a social-first creative agency specialising in TikTok and Instagram content for brands including Tesco, KFC and Taco Bell. The agency employs around 120 people and was named Campaign UK’s Social Media Agency of the Year in 2025.

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Independent supply chain and workwear specialist, Corporate Trade Supplies UK (CTS), has completed two acquisitions following a record-breaking year for the business. The Northallerton-headquartered firm has bought Industrial Workwear Ltd, formerly based in Consett, and Schott Packaging in Darlington. CTS boasted a turnover of £45m last year and is forecasting that this should reach £100m by 2028.

Both the acquired companies are well-established outfits - Industrial Workwear has been serving businesses across the North East for 25 years, while Schott Packaging has been on the scene for more than 30 years. Howard Gill, CTS managing director, said the deals are a “crucial” part of his business’s long-term expansion plan, stressing that CTS is working towards a clear, defined goal for 2028/29.

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Midlands accountancy firms Jerroms and Leigh Christou have added things up in a deal that brings Coventry and Warwickshire’s long-established adviser into the wider Jerroms fold.

Leigh Christou, with more than 40 years of number-crunching across tax, audit, accounting and forensic work, has built a loyal client base on straight-talking advice.

Now the firm is officially on Jerroms’ books, helping the business stretch its regional footprint across Coventry, Leamington Spa, Solihull and Halesowen - giving its Midlands map a healthy dose of expansion.

The deal brings together two firms that clearly enjoy a good set of accounts, with SMEs set to benefit from a broader mix of services, sharper specialist support and fewer excuses when the numbers don’t quite add up.

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Inverness-headquartered energy and infrastructure group Global has acquired Aberdeen-based Pier Solutions.

Pier’s 20-strong team will transfer into a new entity, Global Modular, which expects to grow to a headcount of 100 within 12 months; creating up to 80 new roles as demand accelerates.

Global Modular has been established to address a market opportunity for standardised and engineered modular solutions, particularly within infrastructure, engineering, procurement and construction programmes across the energy and utilities sectors.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last year the events sold out, so book early to secure your table.

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We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

Fresh from being crowned TheBusinessDesk.com’s Rainmaker of the Year, Jonny Sharp tells Sheryl Moore how his tech-focused firm is shaping up to go global.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, and profiles like this one, insights from The Secret Investor, Endless, BGF and WestBridge.

It’s a bold ambition for a boutique corporate finance firm which only began life two years ago. But Jonny Sharp is already looking to plant the Cerelo flag on the US West Coast within the next five years.

“We get asked a lot about our capacity for raising capital and selling to West Coast buyers,” he says. “So, it’s something we’re actively exploring.”

Ambitious? Certainly. Far-fetched? Not really. Since launching Cerelo in 2024, Sharp and co-founder Mick Morris have completed around 10 transactions, expanded the team and built a reputation as go-to advisers for software, technology and media businesses. And last week Jonny, who is still a few years short of his fortieth birthday, bagged the coveted accolade of Rainmaker of the Year.

For Sharp, the award feels less like a destination but more of a milestone on a much longer journey.

“The really nice thing about this award is it’s voted for by your peer group,” he says. “To be recognised by that group of dealmakers in this community is amazing. Very humbling, very proud and just thrilled to pick it up and represent the team.”

That team has built a business around a simple proposition: sector expertise matters.

Sharp’s career has taken him through some of the industry’s biggest names. He started out at Deloitte, then moved to Zeus Capital working under the stewardship of founder, Richard Hughes.

A spell with venture investor Mercia followed before he returned to Deloitte where he eventually led the firm’s technology and media M&A team across the North.

Each stop taught him something different. Zeus showed him the energy and ambition of a fast-growing boutique.

“I started out at Zeus pretty fresh-faced in corporate finance, working closely with Richard,” he says. “He grew that business from about 20 people to 100. I probably wouldn’t be here without that experience.”

Deloitte brought structure and scale. “Working with very small teams on very large projects shows you what you’re capable of,” he says. “Then, working for the largest professional services organisation in the world gives you another lens and another level of challenge.”

While Mercia provided an investor’s perspective. “I wanted to do some investing, backing early-stage technology businesses. It was super interesting and gave me a different view of what makes companies attractive to investors.”

Looking back, all three experiences pointed towards the same conclusion. “What I was seeing in the market was a very strong move towards clients wanting advice from people who have genuine knowledge of their sectors,” he says.

“Founders want someone who truly understands a software business or a technology company and can quickly articulate who is likely to buy it, who is likely to invest and why.”

That conviction became the foundation for Cerelo. In an industry where almost every advisory firm claims to have a ‘tech sector specialism’ Sharp and Morris decided to go all in and focus exclusively on technology and media.

“I felt there was a massive opportunity to provide the same quality advice that clients would expect from the global players, but with complete focus on those sectors.”

So far, the market appears to agree. The Cerelo team has had an extremely successful two years. And, in an era where consolidation in professional services is rife and boutique firms like Cerelo are being snapped up, Sharp admits that Cerelo ‘is on the radar’ but for now the plan is to remain fiercely independent.

Corporate finance advisers spend years telling entrepreneurs how to grow businesses. Fewer take the leap themselves. Yet Sharp and Morris did exactly that, launching Cerelo with financial backing from two former clients who believed strongly enough in the pair to invest in the business.

“They liked working with us in a previous life and were in to what we were trying to build,” he says.

The experience also gave Sharp a fresh appreciation for the challenges founders face every day. “We’ve been there and raised angel investment ourselves. It’s not easy, even when people know you.”

Two years on, the business has largely delivered against plan. That doesn’t mean life has been easy.

“It’s been an absolute roller coaster,” he says. “We’ve hit our plan, which I’m delighted about, but what I’ve learned is the stress levels don’t necessarily go down. You just get different problems.”

He laughs before offering a line many founders will recognize: “My day job is mergers and acquisitions. My night job is growing a business.”

The challenge, he says, is balancing client delivery with business building.

“We are the business. We’re the product people are buying. It’s difficult to step back and work on the business when you’re still at the coalface.”

The irony isn’t lost on him. After years advising entrepreneurs how to scale, he’s now having to take some of his own advice.

For a boutique that only opened its doors in 2024, Cerelo has made an impressive start. Its first transaction involved Yorkshire software platform The Build Chain, where the firm helped secure investment from a combination of venture and strategic investors.

Since then, deal flow has accelerated. The business has completed around 10 transactions, expanded beyond Yorkshire and built a client base stretching across London, Birmingham and Manchester.

“Ten deals in two years is not bad going, however our journey is all about sustainable growth. Do some deals, build the team, do some more deals. Keep quality high and make sure clients refer you on.”

The formula has allowed the firm to grow steadily without losing the specialist focus that underpins the model.

Around two-thirds of Cerelo’s work involves sell-side mandates and fundraising. The remainder comes from larger corporates, private equity investors and acquisitive businesses looking for opportunities in software and media.

That specialist positioning increasingly works both ways.

“We get asked to work for buyers because they know we know our segments so well,” he says. We can give strong views on software and media because we’re doing deals in those sectors all the time.”

The firm’s reputation has also allowed it to be selective. In a market where many advisers are under pressure to win mandates, Sharp says Cerelo is comfortable saying no.

“Our first question when somebody says they want to sell their business is: why? And are you sure you want to do it now?”

It’s a tougher question than some clients expect.

“It’s been a challenging economic environment, and buyers will ask the same thing. We only want to take on clients where there’s a genuine reason for doing a deal and a strong story to tell.”

That approach may explain why peers chose him as Rainmaker of the Year. In Sharp’s world, rainmaking isn’t simply about volume. It’s about matching the right business with the right opportunity at the right time.

For all his national and possible international ambitions, Sharp remains deeply optimistic about Yorkshire’s technology economy.

He believes the region is quietly producing a new generation of founders, particularly in software, AI and digital businesses.

“There have been some amazing success stories over the last five years,” he says. “What’s exciting is what happens afterwards. When people have successful exits, they’re empowered to go and build businesses themselves.”

That cycle is becoming increasingly visible across the region. Sharp sees former executives, founders and senior leaders launching ventures fuelled by experience gained in larger businesses.

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A few summer reading recommendations for you.

The public view of private equity is important. Maybe not as important as the performance of portfolio companies, or the returns to funds, or an ability to raise capital in the future, but it is important nonetheless.

With a background as a journalist at the left-leaning magazine New Statesman, and the Guardian, Hettie O’Brien’s study of private equity in her new book The Asset Class, isn’t destined to be sympathetic.

The subtitle of the book makes that clear - ‘How private equity turned capitalism against itself’.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including talking points within the, like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

The core message running through The Asset Class should be heeded. It is a sector gaining in importance, but most members of the public are unlikely to know the names of the people and brands behind the companies they work for, the houses they rent. Not to mention hospitals, nurseries and care homes.

For decades, private equity firms have gained greater influence and reach. UK Private Capital’s own figures reports that private capital firms have invested nearly £25bn into over 1,400 UK businesses in 2025 alone.

How politicians might then make decisions about how to curb the worst excesses of the sector becomes fairly urgent.

We’ve covered the charm offensive on the incoming Labour government in some detail. And public affairs specialists from UK Private Capital have made their cases on various stages, including those we’ve built around this brand, Rainmakers.

To be fair, O’Brien stops short of the wilder accusations of what some of the above were up, and doesn’t overplay her hand in pinning those kind of crimes on private equity. What The Asset Class does do very effectively is chart the emergence of a hidden empire of billion-dollar deals and what she calls “covert financial warfare”.

The examples she picks on - housing and property in Copenhagen to tech investments in San Francisco, and the scandal of the UK water industry in the Yorkshire Dales - all follow the money, the ideological roots and the trail of destruction.

She identifies some of the founding fathers of modern private equity in the shape of William E Simon, President Richard Nixon’s former Treasury secretary, and his early zeal for using hefty debt to re-energise and motivate underperforming companies.

On this side of the Atlantic she fingers the role played by James Goldsmith and Jim Slater, who represented a challenge to the sleepy City of London with their own buccaneering corporate raider style.

The explanation of the use of debt to fund a purchase of an industrial asset is well explained, and the explanation of how this played out in the UK care home sector are distressing and uncomfortable.

The explanations of the fund raising and fee structure is illuminating and it’s either a comment on how opaque the methods of private equity are that much of it was new to me.

Overall, it paints a picture that this business model has started to infiltrate every corner of modern life. Wielding debt as a weapon, they push vital services into crisis. Their cover story: that this is merely the ‘creative destruction’ essential to growth. Old-school capitalists say they’re dismantling everything that made our economies work.

One of the sympathetic reviewers of the book - Simon Nixon, previously chief European commentator at The Wall Street Journal and chief leader writer and columnist at The Times, so we’re not talking Owen Jones here - reveals that in his own experience private equity people are arses.

“Some of the most disagreeable people I have encountered in three decades of financial journalism work in private equity,” he says.

I have a slightly different take from my own experience. Most of the people who will be walking up to the stage at the Rainmaker awards in Leeds, Manchester, Birmingham, Bristol and Nottingham are actually decent people.

Many of the funds in the regions we report on have deeply embedded social impact conditions on the funds that they raise. Many of the state-backed funds, designed to plug a gap in the need for growth capital, use the skills and services of the businesses that operate on a private equity gap model to deliver investment at scale.

Where there are genuine alarm bells are in how the use of debt reduces the performance of portfolio businesses whose only possible exit is to another private equity investor willing to make even more ruthless operational decisions to squeeze any remaining value out of a business.

We’ve also seen the accumulation of a vast barrel of ‘dry powder’ - which supposedly hit a peak of $2.62 trillion in mid-2024. That’s money raised and uninvested in businesses. Another figure that concentrates minds in general partners is the length of time private equity holds on to assets, or ‘hold periods’. According to Private Equity Info, that number has crept up from 4 to 6 years, but that economic disruptions (like the dot.com bust in 2003, the Great Recession in 2009, and Covid in 2020). These historical events have traditionally increased the median holding period by 1.0 to 1.5 years.

Another reviewer, my old friend Martin Vander Weyer, says her selective case studies, and over-simplification of the problems of the water industry weaken the book, but he does say it needs the industry to make their case ever better.

Rapacious long reads into the how the world really works have become a popular and ever growing segment of the publishing landscape, and my own bookshelf creaks under the weight of examinations into murderous oligarchs, legal bully boys, money launderers, as well as very specific tales like HSBC’s disgraceful washing of Mexican drug cash and the shambles of how financial disruptors like Greensill Capital and Wirecard got away with it for as long as they did.

But O’Brien’s well written and accessible book isn’t intended to be a well-balanced assessment of the sector, it reads like a case for the prosecution and is all the more compelling for it.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last years events sold out, so book early to secure your table.

::

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

Subscribe now

We’ve had our first Rainmaker awards of the year with the Yorkshire event last night, which was a particularly good night for leading lawyer Jonathan Jones, who won the first lifetime achievement award.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.

Rem3dy Health is set to gummy up global wellness markets after securing £14m in new funding, as it looks to chew through its international growth plans.

The Birmingham-based business behind Nourished will use the investment to scale its AI-driven personalised nutrition platform, expand automated manufacturing and scale up growth across new global markets.

Backers include Suntory, Estrella Galicia, Apollo Hospitals and UPSA, alongside Future Planet Capital Regional, signalling strong international appetite for the West Midlands firm’s technology-led model.

Expansion plans include the US, MENA and India, while the company also looks to branch out into personalised nutrition for pets as demand for tailored wellness continues to grow.

Founder and CEO Melissa Snover said: “Securing this funding marks a major milestone for us. Following a year of significant transformation and against one of the toughest fundraising environments in recent years, we are now in a strong position to scale globally.

“Our focus on automation, advanced manufacturing and AI-driven personalisation is enabling us to redefine how consumers engage with their health - and also extend that innovation into new categories such as personalised health for pets.”

The raise follows a strong year of growth, with revenue up 61% to £10.21m and efficiency gains driven by automation helping to juice up production performance.

With output now at around 500,000 personalised gummies a day and more than 150 million nutrient “stacks” produced, the business is shaping up for further global expansion.

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Jonathan Jones scooped the inaugural Lifetime Achievement Award at the TheBusinessDesk.com’s Yorkshire Rainmaker Awards.

Jones, who recently stepped down as European managing partner of Squire Patton Boggs after spending more than three decades at the firm, is a stalwart of the Yorkshire corporate finance community. has also built a reputation as one of the region’s leading corporate lawyers, with more than 300 deals under his belt spanning £5m to £800m.

Accepting the accolade Jones, said he was “absolutely delighted and very flattered”, adding that success in high-level dealmaking is “very much a team sport” and that he had been fortunate to work with “extremely talented colleagues and clients” throughout his career.

Reflecting on his career highlights, he pointed to two standout moments: advising Zenith and its management team from their first deal in 2011 through four subsequent transactions, culminating in the £750m Bridgepoint deal, and his involvement in the £783m Keepmoat transaction with BoSIF in 2013.

He also noted the transformation of Hammonds (which went onto become Squire Patton Boggs) after its difficult period in 2004, saying he was “very proud that the firm has evolved into the excellent corporate-led adviser it is today — the result of a lot of hard work from a lot of people.”

Asked what advice he would give to young dealmakers in the room, Jonathan said: “Turn your clients into your friends, surround yourself with talented people and recognise the contribution they make, don’t take yourself too seriously, and above all enjoy yourself. We all spend a huge amount of time in the office, and having fun while doing deals makes the whole process easier.”

Elsewhere, Jonny Sharp of Cerelo was named Rainmaker of the Year. Sharp, who co-founded the corporate finance boutique in 2024, said: “Yorkshire has some world class businesses and it is our job to share that to the world. That’s what is next.”

Changemaker of the Year went to Jayne Dunford, LDC and the Rising Star award went to Rachel Holloway, Endless.

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Frasers Group has made a near €2bn (£1.73bn) move to take full control of Hugo Boss, as it looks to tighten its grip on the German fashion brand after years of building its stake.

The Mike Ashley-controlled retailer already owns around 26% of Hugo Boss and has offered €38 per share for the remaining shares, valuing the business at about €1.98bn and putting the group in pole position to suit up for full ownership.

The deal would mark a major wardrobe upgrade for Frasers, expanding its reach further into premium fashion if shareholders and regulators give it the green light.

Frasers, which owns Sports Direct, Flannels and Frasers, has steadily increased its stake since 2020, with Hugo Boss already contributing to gains in the group’s investment portfolio.

The offer remains subject to approval, with Frasers aiming to button up the transaction in the second half of the year.

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Coriant, an industrial services platform backed by global private equity investor HIG Capital, is on the road to further expansion with its acquisition of Westcott Group. The deal means two businesses have become part of Coriant - Hull-based SGS, an access solutions provider serving complex industrial environments and Jarrow-based Westcott Industrial Services, a provider of specialist industrial coatings, fire protection and industrial maintenance services.

The takeover is intended to further strengthen Coriant’s national footprint and technical capabilities across critical infrastructure, industrial processing, energy and defence-related markets, while providing both acquired businesses with access to a larger platform, enhanced resources and long-term investment support. Coriant delivers services across the full lifecycle of industrial and infrastructure assets, supporting customers throughout installation, maintenance, refurbishment and decommissioning programmes. The latest deal follows its acquisition of scaffolding and access contractor SCA earlier this year.

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EnQuest is set to acquire interests in four offshore production sharing contracts in Malaysia.

Three separate farm‑out agreements with Petronas Carigali and E&P Malaysia Venture are being snapped up for $833m, of which $554m is payable upon completion; expected at the end of this year.

EnQuest’s board believes the deal “will deliver a step change in production, reserves and cash flow, as well as providing significant organic opportunities for future growth”.

The transaction is expected to be funded by the company’s existing debt facilities and cash resources. It will also mean the group’s South East Asia contribution is set to increase to 69%, with the UK North Sea contributing 31%.

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Clearwater UK has said it is in “the best possible position” to prosper, with a strong order book and a future as part of KeyCorp, as it announced a resilient performance in its past financial year.

However, its total volume of deals completed dropped to 62 transactions in the 12 months to March 2026, down from 74 the previous year, with its M&A and Debt Advisory specialists advising on deals across the UK and in a broad range of sectors.

Almost half of the transactions involved private equity investors. The firm said Business Services, Tech & Tech Services and Industrials & Chemicals were the key sectors that drove deal activity during its 2025-26 financial year.

In the year to the end of March 2025 the business, which operates as a partnership, enjoyed the most successful year in the history of the firm, achieving £52.2m, a 75% increase on the previous year, and £27.7m in profits to be distributed to the partners, off the back of 74 deals completed.

The update comes after the news reported first on TheBusinessDesk.com that US regional investment bank KeyCorp is to acquire the UK entity of Clearwater in a deal due to complete in the coming months. The agreement will see the firm become part of KeyCorp’s KeyBank Capital Markets business, providing Clearwater with the additional scale and resources to provide enhanced M&A and Debt Advisory advice to clients.

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Palatine Growth Credit, the regionally focused lender supporting established high-growth businesses, has passed a £50 million committed limit milestone and is pledging to continue to do more to support thriving tech clusters across the UK.

Nearly two years after the first deal from the pioneering £81 million Growth Credit Fund, the team led by experienced tech fund manager William Chappel has grown to six people and completed 13 deals, with many more in the pipeline.

“We’ve now committed around two thirds of the fund, and we have done what we set out to achieve at launch by supporting established Sponsor-backed companies based across the UK regions to accelerate their growth, whilst giving founders the chance to reduce dilution of their equity stakes.”

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The 2026 Rainmaker Awards

After last night’s great event the North West and West Midlands Rainmaker Awards are the next ones upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last years events sold out, so book early to secure your table.

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

Spend five minutes speaking to the women helping shape the future of corporate finance and one thing quickly becomes apparent: they’re not succeeding by doing things the way they’ve always been done.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including talking points within the, like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

Women are succeeding by bringing different perspectives, asking different questions and spotting opportunities others might miss.

For decades, corporate finance was known for being a fairly homogenous industry. The deals were done through familiar networks, leadership teams often looked the same, and success followed a relatively well-trodden path.

Today, that picture is changing.

And according to two women helping drive that change from within private equity, the shift isn’t just good for diversity - it’s good for business.

For Beth Houghton, partner at Palatine, working in male-dominated industries has simply been the norm throughout her career.

“My first career was as a programmer at an IT consultancy, so I have always worked in male-dominated sectors - I genuinely do not know anything else,” she says.

However, her route into private equity wasn’t conventional.. After completing an MBA at Manchester Business School, she offered to intern with Palatine while the firm was raising its first fund. When the fund closed, a full-time role followed.

Nearly two decades later, she has become one of the leading voices in impact investing and sustainability within private equity - but she says it all started for her by simply putting her hand up.

That willingness to embrace opportunities before feeling completely ready is something Houghton believes more women should do.

“Back yourself and put your hand up for things before you feel completely ready, most people in this industry did not wait until they felt fully qualified for a role.”

It’s advice that resonates with Fiona Hatch, investment director and private equity sustainability lead at Foresight, who has spent 17 years working across corporate finance, corporate leadership and investing.

“Women typically tend to undersell themselves, whether it be for the role they think they deserve or the level of investment they seek, so back yourself and step into opportunities,” she says.

Like Beth Houghton, she arrived in corporate finance through a different route but was driven by a similar curiosity.

“I have worked in corporate finance for 17 years, in practice at a corporate and now as an investor, so I have experienced business from all sides,” she says. “It is from these experiences that I learnt I enjoy thoroughly understanding a business and what makes it, and the people behind it, tick.”

Subscribe now

Read more

As AI reshapes professional services and skills shortages persist, KPMG’s Kal Nijjar believes the sector’s biggest responsibility may lie outside the deal process.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on sector trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

The corporate finance sector spends much of its time helping businesses navigate growth, investment, acquisitions and transformation. Yet as firms look ahead to the next decade, one challenge sits beyond dealmaking and financial performance: ensuring the next generation has the skills, confidence and opportunities needed to thrive in the economy those deals help create.

For Kal Nijjar, Nottingham Office Managing Partner at KPMG, that responsibility extends well beyond client work.

His leadership agenda is built around what he describes as the “three Cs” of clients, colleagues and communities. While the first two are familiar priorities for any professional services firm, it is the third that he believes deserves greater attention across the advisory sector.

“KPMG has been part of the East Midlands business community since the 1930s,” he says. “There is a real sense of community here, but also a real ambition for the future.”

At a time when businesses face persistent skills shortages, technological disruption and economic uncertainty, Nijjar believes professional services firms have a wider role to play in supporting the communities from which future talent, entrepreneurs and business leaders will emerge.

One of the biggest challenges he identifies sits within the profession itself. He points to those who joined organisations during the pandemic and spent the formative years of their careers working remotely.

“That’s the population where I think, if anything, that skill set has been lost,” he says. “They were effectively told: ‘Welcome, come on in. By the way, you can’t go to the office, and you’re learning to work remotely.’ That’s where the work is needed to really drive and develop those relationship skills.”

For advisers whose careers are built on trust, relationships and judgement, those skills matter.

While firms continue to invest heavily in technology, AI and digital transformation, Nijjar argues that human capital remains the profession’s most valuable asset. Technical expertise can be taught. Relationship building, commercial judgement and leadership are often developed through exposure, mentoring and experience.

That is why he believes firms need to become more active participants in their local communities.

Having previously led corporate responsibility initiatives within KPMG, Nijjar wants to deepen engagement with schools, local organisations and young people who may never have considered a career in professional services.

“How can we spark a bit of life and plant a seed around: ‘You can really do this sort of stuff’?” he asks.

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For corporate finance professionals, he sees this as far more than a corporate responsibility exercise. It is an investment in the future workforce and business ecosystem on which the sector depends.

Across the UK, many talented young people still have limited exposure to careers in accountancy, corporate finance, banking, law and advisory services. For those without professional networks, such industries can often feel inaccessible.

Nijjar believes firms should work together to change that.

“Why wouldn’t we then just link up with one of the law firms here or one of the banks here and get them to do a talk about their route as well?” he says. “All the legwork’s done and the kids are in. You’ve got a captive audience.”

The approach is practical rather than philanthropic. Stronger communities create stronger talent pipelines. Better access to opportunity ultimately benefits employers as much as individuals.

The argument is particularly relevant in regions such as the East Midlands, where economic growth increasingly depends on sectors including advanced manufacturing, logistics, technology and data-driven businesses.

While the region has faced many of the same pressures as the wider UK economy, Nijjar believes its long-term fundamentals remain strong.

“The East Midlands has faced many of the same pressures as the rest of the UK, inflation, cost pressures and weaker business confidence, but it also has some very strong structural advantages,” he says.

“It’s a highly diverse economy with strengths in advanced manufacturing, logistics, retail, transport and increasingly technology-led businesses.”

Technology will inevitably shape that future.

Businesses across every sector are evaluating how artificial intelligence can improve productivity, automate processes and enhance decision making. Corporate finance is no exception.

“It would be foolish to say it’s not going to impact us going forward,” Nijjar says. “AI is going to change how we work. I’m just not quite sure what those changes are right now.”

What he is certain about is the continued importance of human skills.

As AI takes on more routine analytical work, relationship management, communication and strategic thinking are likely to become even more valuable differentiators for advisers.

That shift makes investment in talent development and community engagement more important, not less.

The corporate finance sector has always played a central role in supporting growing businesses. Increasingly, Nijjar suggests, it may need to think about growth in broader terms. Not only helping companies scale, but helping create the conditions that allow future entrepreneurs, employees and leaders to succeed.

“We need to think through what we believe the world will look like, what skills we’re going to need, and what we’re going to put in place to develop the youth of today to be ready for it,” he says.

For a sector focused on long-term value creation, it may prove to be one of the most important investments it can make.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last years events sold out, so book early to secure your table.

::

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

We’ve picked out a real mixed bag of deals from around the country for you today. BGF has e-signed on the dotted line with Bristol tech firm, sports fashion retailer Footasylum has rescued a cult clothing brand endorsed by Rihanna, Stormzy and Jay-Z, and kitchens supplier, Howdens, has cooked up a £390m acquisition of the parent company behind West Yorkshire-based DIY Kitchens. And that’s not even our best pun this week.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.

Bristol-based Signable has secured multimillion-pound growth capital from BGF, backing the eSignature platform used by businesses including Aardman and Krispy Kreme.

Founded by serial entrepreneur Olly Culverhouse as an internal tool for his web design business, Signable switched to focusing exclusively on digital workflows and electronic signatures in 2012.

The platform now employs around 70 people and has carved out particular strength in regulated sectors.

The investment will fund expansion into qualified electronic signatures, letting the platform handle more complex use cases while continuing to serve SMEs. Not a bad outcome for an internal tool...

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Footasylum, Rochdale-based sports-fashion and lifestyle retailers, has won the scramble to rescue pioneering British streetwear brand, Trapstar.

Dressing it up as “a new partnership” with Trapstar’s founders Mikey Aryee, Lee Langaigne and Will Thomas, who are staying with the business to “lead the brand’s design and creative direction”, Footasylum will “provide the infrastructure and reach” to roll-out sales across selected Footasylum stores and online.

Backed by the European private equity firm Aurelius, Footasylum has grown to become one of the UK’s leading fashion streetwear and sportswear retailers.

Trapstar was founded in West London in 2006 and has received high-profile celebrity endorsements from the likes of Rihanna, Stormzy and Jay-Z and signed partnerships with Puma and OM New York. But administrators Interpath were appointed on 29 May 2026, putting 57 jobs at risk. Frasers Group were also reported to have been interested.

The transaction comprised a sale of the company’s business and assets and was overseen by Will Wright, Howard Smith and Rebecca Makaruk from Interpath who were appointed joint administrators to Trapstar Collective Limited.

Its most recent accounts, for the year to the end of 2023, showed turnover of £29.5m and pre-tax profits of £1.67m, but the period to the end of 2024 has been extended for six months and no accounts have been filed.

The company faced strike off action in July, but by August 2025 it was withdrawn.

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Wordsmith AI has raised $70m in a Series B funding round co-led by Highland Europe and Index Ventures, taking its total funding to more than $100m.

Over the past 12 months, the lawtech firm’s revenue has grown by more than 14 times, with around 500 companies - including BT, the FT, Canva, Sage and Starling - signed up to use the back office tech.

The Edinburgh-headquartered business is now looking to scale from 110 staff to 300 by the end of this year, across the UK, US, Europe and Middle East – with a particular focus on building engineering and product teams.

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Higgs LLP has put pen to paper on another acquisition, snapping up Shrewsbury-based McKenzie Law as it continues to build its presence in the private client and owner-managed business market.

The deal is the firm’s third acquisition this year and sees McKenzie Law fully integrated into the Higgs brand, extending its reach while strengthening its specialist legal offering.

Both firms said the partnership was a natural fit, with shared values and a common focus on client service helping seal the deal.

For McKenzie Law clients, the agreement opens the door to a wider range of legal expertise, while Higgs continues to build a stronger case for growth through acquisition.

With three deals already under its belt in 2025, Higgs appears determined to keep the momentum in session.

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Leonard Design Group has gone back to the drawing board - in the best possible way - after completing a management buyout that secures the future of the international architectural practice.

The Nottingham-headquartered firm has been acquired from CFS Restructuring’s Andrew Cordon and James Everist in a deal that safeguards jobs and gives the business fresh foundations for growth.

With offices stretching from Nottingham and London to Seoul, Kuala Lumpur and Sydney, the practice is now looking to build on its global presence and sketch out its next phase of expansion.

The buyout was supported by Eversheds Sutherland, with partner Mark Wood describing the transaction as creating a “stronger platform” for the business.

For Leonard Design Group, the deal represents more than a change in ownership - it’s a chance to design its future from the ground up.

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Kitchens supplier, Howdens, has cooked up a £390m acquisition of the parent company behind West Yorkshire-based DIY Kitchens. The deal will give it direct access to the UK’s non-trade consumer market for the first time. The acquisition of Ultima Furniture Systems - which trades as DIY Kitchens - will see Howdens pay £292.5m in cash and issue £97.5m of new shares to the seller.

DIY Kitchens will have been a tempting proposition for Howdens. It sells directly to consumers through a digital platform that allows customers to design, plan and order kitchens themselves. The business generated revenues of £136m and EBIT of £37m in 2025. Howdens has explained the takeover will complement rather than compete with its core trade-only model, with DIY Kitchens continuing to operate independently following completion of the deal.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

We have also now announced dates and an opening for entries for the East Midlands event on the 5th of November in Nottingham and the South West event on the 26th of November in Bristol.

Last years events sold out, so book early to secure your table.

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

The war in Ukraine and mounting international tension have led to the largest sustained increase in government defence spending since the end of the Cold War.

Robert Buckland discovers how this has triggered new opportunities to invest in the sector - and why the Government wants private equity to be on the front line.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on sector trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

Every year the Ministry of Defence spends around £27.4bn on equipment – from buying and repairing combat aircraft and warships to installing advanced tech, submarines, and cyber systems.

With the present government’s commitment to lift total defence spending from its current 2.5% 3.5% of GDP by 2035, it’s not surprising that ministers are targeting private investment to play a key role the sector.

In April, Defence Secretary John Healey and Chancellor Rachel Reeves sat down with leaders from the UK banking, venture capital and strategic finance to discuss just that, dangling a carrot of access to lucrative multi-year contracts and ‘dual-use’ technologies - those that have civil as well military applications.

The Government has also expanded its Defence Investors’ Advisory Group (DIAG) and placed it on a permanent footing and launched a bespoke £20m fund to offer accelerated contracts to small, innovative start-ups with limited or no previous business with MoD.

Will these initiatives bring the investment needed?

It’s fair to say that private equity hasn’t always been keen to invest in the defence sector. This stems mainly from the often-complex regulatory requirements and the dominance of large ‘prime’ contractors on projects.

Research in 2024 by dealroom.co (correct) showed defence tech in the US and Europe received less than 2% of total VC funding.

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Boardrooms have been busy recently, with a trend emerging towards more management buyouts (MBOs), as founders seek succession, management teams vie for ownership and investors hunt for value.

Peter Walker investigates.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on wider trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and with leaders from other VC and PE investors like Endless, BGF and WestBridge.

Last summer saw something of an MBO spree in Scotland that got the Rainmakers community scratching their heads that they were at the forefront of entrepreneurial trendsetting.

In June, Scottish hospitality group Buzzworks’ managing director Kenny Blair took control of the family business, which was founded in Ayrshire in 1978 and led alongside siblings Colin and Alison. The deal was been part of a long-term succession strategy and will see them stay on in advisory roles. Funding was been raised through Alchemy Partners, while long-time backer West Coast Capital remains an investor and Cynergy Bank joined as the new banking partner.

At the end of August, London-headquartered Quattro Group sold Glasgow-based plant hire business AB2K to its management team of Stuart Gardner and Mark Kirkwood, having itself acquired what was then named AB2000 in 2018, from founder Adam Bruce.

Finally, in September, Tustain Motors - which has seven car and commercial dealerships across Scotland and the north of England - was bought out by its leadership, with previous owners David Storey and Brian Baxter exiting the operational business and moving to a co-chairman role.

Let’s look at the numbers, which seem to back up the hunch that something’s afoot. According to analysis of PitchBook data by RSM UK shows UK private equity-backed buyouts rose 19% from 351 in the third quarter of 2025 to 417 in the fourth, although this was down 16% from 495 in the same quarter during 2024.

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There was a distinct ‘half term’ vibe to our news this week. Not many deals, and a few broadsides shot over the bows of regional targets by overseas buyers, before everyone headed for the beach or the padel courts.

We’ll keep an eye on developments at Bodycote and Advanced Medical Solutions, but for now it’s a standoff.

A reminder too to get your tickets for the Rainmaker Awards in Leeds, Manchester and Birmingham, which are selling fast.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.

UK beauty goods firm Quest Personal Care Global has been acquired by international consumer goods trading and brand development company, Brand Masters.

The winners of the Family Business of the Year at theBusinessDesk.com’s Business of the Year Awards 2025, Quest will continue to operate independently within the Netherlands based group, preserving its brand identity, customer relationships, and the Swinton, Greater Manchester-based team.

The amount Brand Masters has paid Quest has not been disclosed, but the company made a pre-tax profit of £5,153,911 (2024: £3,038,408) for the year to the end of 2025, from a turnover of £29,122,536 (2024: £24,052,590). At 31 December 2025 the company had net assets of £6,477,898 (2024: £2,869,071).

Antony Wagman who co-founded the business in 1993 with his father Eric, will step down as Executive Chairman, with Jamie Wagman remaining as Managing Director, working alongside the existing board.

The business set out to become challenger brand to costly premium skincare by offering a product line of effective, consumer-driven skincare at affordable price points and has since grown into a leader in the beauty sector supply products in skincare, beauty, and personal care products to over 250 retailers and distributors.

Brand Masters, headquartered in Oosterhout in The Netherlands is backed by Avedon Capital Partners, and its buy and build strategy has created a broad product portfolio and geographical reach.

The combined company will generate revenues of over €300 million and create a team of more than 250 across Europe and Asia.

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Rescue deals rarely come with literal sirens and flashing lights, but EMED Group's takeover of Bristol Ambulance Emergency Medical Services certainly required an emergency response.

BAEMS collapsed after a £1m tax bill triggered a winding-up petition from HMRC, as a longer-running VAT dispute over patient transport services came to a head.
EMED is the UK's largest non-emergency ambulance operator and is backed by infrastructure investor Tiger Infrastructure Partners so was able to move fast to keep BAEMS' services running and save 315 jobs.

For a healthcare transport sector consolidating around scale players, BAEMS' assets and NHS relationships were worth rescuing, even if the pre-pack structure means the tax bill is likely to remain an untreated wound.

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Dwelly is still on a buying binge, snapping up Leicester lettings firm Albery Tyson in its fourth deal of 2026 as it continues to let nothing slip past in its UK expansion drive.

Backed by a £69m war chest, the Uber-founded proptech group is turning capital into consolidation, stitching together independent agencies and plugging AI into operations.

The latest acquisition adds around 250 managed properties to its growing Midlands footprint, with Albery Tyson set to be absorbed into SBK Lettings in Market Harborough as Dwelly keeps folding regional players into its expanding network - or, as it might call it, its “portfolio puzzle”.

It follows a string of recent moves, including Brookdale Property Management in Peterborough and Goodwin Property Services in Stamford, as the business continues to scale faster than a landlord chasing overdue rent.

Despite the pace, Dwelly insists it’s not just playing Monopoly with estate agents. Head of M&A Sam Humphreys said: “Following our recent funding raise, there’s naturally been a huge amount of interest from agency owners exploring what their next step might look like.

“But for us, acquisitions have never simply been about scale. What we look for are businesses with strong local foundations, great people and a reputation that has been built over many years within the communities they serve.”

Albery Tyson echoed the sentiment on the other side of the deal. Marcus Ainsworth said: “Having built the business over many years, it was incredibly important to find a partner that understood the value of local relationships and the culture that sits behind a successful independent agency.”

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Musselburgh-based sustainable energy firm Gensource has acquired Perth photovoltaic panel installer Solar Kingdom.

The deal is the first completed since the group was founded by Josh King and Robert Wilson towards the end of 2022.

The value was not disclosed, but all jobs and assets have been retained as part of the transaction, with Solar Kingdom owner Gregor Thake becoming technical delivery director at Gensource.

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A pair of West Yorkshire property firms have combined their expertise this week. Leeds-based property advisory firm, Granton James, has merged with established multi disciplinary property practice, Brackenridge Hanson Tate (BHT). Granton James’s founder, Scott Morrison, joins BHT as a shareholder alongside the remaining founder member, David Brackenridge.

BHT is also based in Leeds and has accumulated 28 years of experience specialising in agency, investment, valuation and property management. Morrison will be focusing on growing and expanding the agency and transactional side of the business.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms start landing next week, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

Last year sold out, so book early to secure your table.

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We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

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The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

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With the spotlight on Greater Manchester Mayor Andy Burnham standing in the Makerfield by-election, and taking the first step towards Parliament, party leadership, and maybe Downing Street, it’s worth taking stock of how he has operated around business, and what clues that gives us to what his curious blend of municipal socialism, Catholic Social Teaching and pro-business populism tells us about how he might govern.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on wider trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and with leaders from other VC and PE investors like Endless, BGF and WestBridge.

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When I invited Andy Burnham to speak at the Rainmakers Summit in 2025, he listened to my pitch, recognised a few key names in this world that I mentioned who I knew he had engaged with - Gary Tipper, Michael Moore, and Paddy Dowdall, then of the Greater Manchester Pension Fund - and we shook on it.

A few months later, he arrived at Emirates Old Trafford with barely minutes to spare until showtime, happily posed for photos, didn’t need a speech, or an autocue, and spoke for fifteen minutes without notes. But he was absolutely on point to the 400-strong audience of corporate finance professionals and business owners. He also seemed sensitive to issues around pension fund reforms, and keen that they don’t create a blockage in the investment in ambitious, growing companies across the region.

“We know there are issues that you will have on your mind about reforms to pension funds, and we have concerns about the consolidation of local government pension funds, because I know many of you have worked in partnership with Greater Manchester to invest via those funds,” he said.

“We will be absolutely ensuring whatever reform comes through, it doesn’t stop the investment coming down to those scale-up organisations in Greater Manchester, and we’ll work with you to make sure that happens.”

He also recognised the crucial role that Rainmakers play in creating employment opportunities and economic growth.

He said: “My first job is to thank you all most sincerely for what you do to back businesses across Greater Manchester and the North of England and build wealth here, bring jobs and prosperity here.

“Often it goes unnoticed – and perhaps you don’t think people like me notice it, but we do – and we appreciate what you do and your commitment to this wonderful part of the world.”

He looked ahead to what he hopes will be “the best decade we’ve seen in 100-plus years in Greater Manchester” as the momentum continues to deliver investment at scale.”

Burnham said: “We are about to agree with our leaders and hopefully with the government in the Spending Review, a 10-year investment pipeline for our city region, where we build more capability at the centre, so that we can bring those big regenerations through, like at Old Trafford and Atom Valley.

“We are saying to the government, we want to be investing at least £1bn, but more likely £1.5bn, a year for the next decade, in Greater Manchester’s infrastructure, but in our sectoral and industrial development as well.

“And we want to work with all of you, because we want to maximise that investment opportunity, we want to make it as coherent as possible for you with the kind of locations where we’re prioritising the green economy, or where we’re prioritising advanced materials, like we did with Media City a number of years ago.”

“We believe you create more of those global clusters across the city region that creates the potential for the spin outs that you will want to back. And we want to get all potential investment partners lined up together with us and in the mix.

“For me, this is our moment, and we mustn’t miss it.”

Burnham, who is now in his third term leading Greater Manchester, is often bullish about the rate of growth in the city region, which is averaging just under 3% since 2015.

“I don’t think we’ve ever lived in a more exciting moment in Greater Manchester in our lifetimes, because the change is visible if you look at the skyline of the city, and that reflects an incredible decade,” he said.

“It’s a growth story that is increasingly being noticed now, both here and around the world.”

The same warm reception greeted a similar public appearance at the office opening for Alvarez and Marsal a few weeks before that. And when he attends careers fairs charity events, faith groups, sports clubs, train stations and universities. His speeches are always mindful of the audience, and often delivered without notes.

And that’s precisely that tactile and sensitive empathy that might just get him over the line in a tough by-election, and precisely why Labour MPs from all corners of its board church see him as a saviour.

But given how Britain seems to turn on its Prime Ministers, how will he ensure that his journey can be from hero in these settings into the seemingly ungovernable mess of a nation of ours.

Often teased as a political chameleon, in his first Westminster stint Burnham served as Chief Secretary to the Treasury, Culture Secretary, then Health Secretary in Gordon Brown’s Government by the time he turned 40. Now, 16 years later, his political CV includes nine years as Mayor, as well as two failed Labour leadership campaigns as well as one stymied comeback run in January of this year.

Yet ever since Burnham announced that he was walking away from Westminster to run for Greater Manchester Mayor, he’s been careful to maintain the national profile. His pitch to the Labour selectorate in 2017 was that this was “a cabinet level job” requiring someone of his calibre and experience, that he intended to make it bigger than it was designed to be. Once elected, after carving out a role for his loyal lieutenant Lee, one of his first major priorities was to hire a communications expert with lobby experience, in order to keep him in the spotlight. Though that didn’t pan out quite as intended - the successful candidate had an undeclared drug possession conviction, and left - throughout his first term Burnham made himself available for TV, newspaper and consumer media profiles.

At the time of his first election I was working for Manchester Metropolitan University, establishing a policy think tank called MetroPolis, while studying part time for a Masters degree in political science. My field of research was the emerging institutions of devolution, and the narratives surrounding an attempt at a new politics. The case study was Burnham’s first term from 2017 to 2021.

Come the pandemic, cometh the King. Amidst the chaos of the Johnson government’s handling of the lockdowns, the Mayor became a meme. Stepping to the mic on two memorable occasions and berating the callous way the North was being treated he was crowned King of the North for his interventions, something he did very little to discourage.

My thesis concluded that his brand of devolutionary politics was a genuine break with the Westminster way, and that while the rhythms of government were disrupted by Covid, the building of networks and narratives around a new politics and an antidote to the dysfunction of the centre made it a genuinely exciting project, but also one led by an empathetic leader.

I also noted that he had also cemented his profile and authority with a calm and unifying response to the devastating 2017 Manchester Arena terror attack.

People tend not to read academic papers, but it’s here if you want it. I initially wanted to build on the research and complete a more journalistic project. I pitched King of the North - Andy Burnham, Britain’s next Prime Minister to publishers. I got told it had limited to no appeal and that others, including Wigan MP Lisa Nandy, were also punting ‘new politics’ books into a crowded market.

It wasn’t planned as a soft soap biography, nor would it be a hatchet job. Since then Burnham himself has written his own book - Head North - with his pal Steve Rotheram, thus dealing with a lot of the trace elements of his political back story.

Highly personal at times, the Head North will have been pored over by profile writers keen for an insight from stories of football, music, and this radical new politics from the regions.

“We write about what the football meant to us, what the music meant to us, at a time when our cities were being dumbed down by the rest of the country,” said Burnham speaking alongside Liverpool’s Steve Rotheram at a long-arranged An Evening with the Mayors event in front of a sell-out and supportive Merseyside audience, just after he was blocked from standing in the Gorton and Denton by-election.

“That was the thing that kept pride and kept belief. We went to Westminster and tried to argue against some of that prejudice and the bias against the North that we’ve always felt in our lives. Honestly, we felt we came up against a brick wall, didn’t we?

“We broke through with Hillsborough just by force of the power of the people here. We were trying to give vent to their feelings.”

Maybe it’s time to revive my own book idea, given the trajectory Burnham is now on.

Re-elected on two subsequent occasions, Burnham has succeeded as Mayor because he’s been able to craft the scope of the role in his own image, and his own priorities.

Nowhere in the devolution agreement, negotiated before his time, did it say the Mayor had to tackle street homelessness, but Burnham has made it a policy priority. When I interviewed him for MetroPolis magazine in 2017 he said for Mayors “your real power is your soft power … convening power … the ability to unite people around a single agenda.”

The defining policy legacy may well be transport. Sir Richard Leese, former leader of Manchester City Council, said Burnham was “the price worth paying for getting control of the buses.” Leese also said he wasn’t personally interested in the role of Mayor because it was a PR role involving lots of glad handing on foreign visits.

In saying that, Leese underestimated what Burnham would do in the role and how he has mobilised the soft power of those global alliances to consolidate. Not only has that boosted the status of the Mayoral office, but Burnham’s own profile. Incidentally, such was his appeal at the SXSW music and tech event in Austin, Texas in 2019 that word went around the event that Manchester’s stand was worth checking out for no better reason to catch a flutter of the eyelashes of “Hottie Mayor.” For a time, HM was code for Burnham among a class of politicos.

I also put it to Burnham in 2023, on the Northern Spin podcast, which I sadly don’t do any more, that he was at his best when he was at his most Catholic. It’s a side of his political identity that doesn’t get talked about much, but he did admit that the influence of his political mentor Paul Goggins, the late MP for Wythenshawe, and a devout Catholic, was immense. “What’s the point of having power, if you don’t use it for the service of those who don’t?” he said. You see that in his advocacy for victims of tainted blood, for the homeless, and for the 97 who lost their lives at Hillsborough in 1989. And in his visit to the Vatican with his mum, and Bishop of Salford John Arnold, to meet Pope Francis.

The question now is this: has the Greater Manchester experience given Burnham nine years of preparation and learnings for what comes next, layered on the sixteen in Westminster before that?

Can Manchesterism - this Catholic-infused, man-of-the-people, soft power populism - work nationally?

On the soft power front, certainly the foreign visits and the refreshing approach to communications speak of a politician of the people. When he travelled to Dublin to meet with the government of Ireland in 2022 he was greeted by President Higgins as a head of state, just as relations with Boris Johnson’s dissolving administration were non-existent to outright hostility. His links with Mayors from Osaka to Austin, Paris to New York, are strong.

But since his lively first term he’s also learnt on the job too, sharpened his comms, changed the way he dresses, so he doesn’t look like a cardboard cut out politician, and he’s learnt to pick his battles.

His weekly radio phone-in and regular meet the public open events (of which I’ve chaired two, for full declaration) are folksy and genuinely raw.

He’s also swallowed a couple of lessons from tactical mistakes, notably over the introduction of a Clean Air Zone for the whole of Greater Manchester, where he was the focus of a backlash led by small business ‘white van man.’

If he has a weakness it’s probably a lack of cynicism in a cynical world. He has waded into social media rows defending loose associates who don’t deserve defending. His choice of advisers, in the early years, was poor. Days after his night time economy adviser Sacha Lord had resigned over flawed grant applications for one of his businesses, Burnham still went out to bat for him.

He has also been a lucky General in many respects. The Greater Manchester devolution journey that started in 1986, with the remaining institutions that survived the abolition of Greater Manchester County Council, stalled under Blair, was unleashed by George Osborne in 2014, and they underpin the economic success he has basked in. He has been humble enough to admit he stands on the shoulders of giants, but his role in the present day magnetism of the city region is undeniable.

The challenges he lays down to the Westminster broken system will require him pulling the levers that don’t always work, but also explaining quickly what he means when he says the country needs a constitutional “rewiring” and how that will improve decision making and pivot the state towards better outcomes.

He says he doesn’t like the adversarial bear pit of the Commons. In Greater Manchester he has limited scrutiny, and no formal ‘opposition’. He has worked with Conservatives and Lib Dems in his cabinet, and reached out to rival politicians to get them to work with him. He is a convert to proportional representation, and the consensual governance that would flow from that. Indeed, his motivation is to stop the march of Reform, which he sees as divisive to society, where he only wants to unite and heal.

So what is likely to be the ‘thing’ that the hysterical right wing media latch on to, that may even derail his progress? The Telegraph has already decided the weak points and intends to hammer them. They seem to think the loans to developer Renaker to build Deansgate towers will “cast a shadow” over him. The “bond markets” will be spooked by his critique of the Chancellor’s fiscal strategy. The Daily Mail, in whose pages the only good woman is an unhappy one, will no doubt make much of his wife’s job for a business that provides EV charging infrastructure. On his own campaign video this week he has addressed the Clean Air Zone change in plan, and his action to prosecute grooming gangs, which are issues that sceptical members of the public have raised with him

Opponents on the left might demand even greater criticism of Israel, though Burnham appeared to nip that in the bud when he condemned the brutality of the war on Gaza to the satisfaction of that lobby.

His first challenge is to win back to Labour the voters of the Makerfield constituency; if he does that then the next pool to convince will then be Labour’s 400 or so MPs. Depressed and defeated, let down by Starmer’s weak leadership, persuading over 80 of them to back his pitch for the leadership won’t be the issue, rather the task will be to dissuade enough of them NOT to back anyone else in order to ensure a smooth coronation and as painless a succession to Starmer as possible. A victory parade at the annual party conference in Liverpool in October would be sweeter than being banished from the platform, and being accused of show-stealing for ‘unhelpful’ fringe appearances, which has happened in the past.

Thinking back to that Rainmakers event in March 2025, just a few months into the life of the Labour government, and with an unpalatable Budget behind them. On paper, it was a tough gig, and there’s no politician - certainly not a Labour one - who could have taken to that stage and got the reaction he did then.

A whole new world of discontent and discord awaits every Prime Minister, it’s Burnham’s burden that he wants to turn the tide of history in his favour, and use that same charm on the toughest stages of them all.

We’ve got the usual round up of deals from around our regional editors, but first, we wanted to make everyone aware of an important fundraising project underway, led by the team at Grant Thornton, in memory of their friend Abi Godfrey who passed away this year while on maternity leave following the birth of her son Leo.

Peter Terry and the team at Grant Thornton have been rocked by what happened to Abi, but they are taking on the Yorkshire Three Peaks in her memory next week.

Peter Terry: “Abi had only been with Grant Thornton since July 2024, joining from Deloitte, but had already had a tremendous impact both in the North West office, and the local and national corporate finance businesses, spearheading the formation and growth of the pharma and life sciences healthcare sector team. At the age of only 34 she was in the Grant Thornton partner process and was expected to be promoted to partner during her maternity leave.

“Her passing was a massive shock to us all and we have been overwhelmed by the messages of support and condolence which we have received. I shouldn’t have been surprised, given the measure of the person she was, but the impact of Abi’s loss is being felt far and wide, inside and outside Grant Thornton – she touched so many people’s lives in such a short space of time. She was so kind and giving, especially of her time – no task was too much trouble, no matter who was asking.

“It is the least that we can do to honour her memory with the walk, which I know that she would have loved to take part in, and to raise as much as we can through our fundraising efforts to give baby Leo the best start in life in these most tragic of circumstances.

“The walk on Thursday 28 May will be a chance to bring together people who knew Abi and who have been impacted by her passing, from all walks of life – friends, family, work colleagues and associates, and to celebrate her life.”

Links to the walk registration and donation page are below.

To register to join: Memorial trek for Abi - Overlimits

To donate: Crowdfunding For Good From JustGiving

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This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.

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Opperman Plants has been given a fresh chance to grow after a rescue deal helped stop the Lincolnshire horticulture business from becoming another garden-variety casualty, safeguarding 39 jobs in the process.

The deal saw Littleworth Nurseries step in to acquire the business and assets following Opperman Plants’ administration in April - proving that even in business, sometimes you just have to re-pot and start fresh.

Founded in 1997 by Mike and Jenny Opperman, the business built its roots supplying tropical plants and outdoor ornamentals to major UK supermarkets. But after one key retail customer wilted, rising costs and HMRC pressures left the company in need of some serious pruning.

Fortunately, founders Mike and Jenny were able to plant the seeds of a reflowering, securing the winning bid through Littleworth Nurseries - a company they already owned that has now sprung back into life after years dormant.

FRP Advisory handled the administration process while Rothera Bray’s legal team helped the deal blossom, ensuring continuity for customers, suppliers and staff alike. Sometimes, it turns out, every greenhouse really does have a silver lining.

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The Aberdeen-based Balmoral Group has sold its subsea engineering division Balmoral Comtec to German outfit Freudenberg Flow Technologies.

The deal – done for an undisclosed sum – required approval by the UK Government under the National Security and Investment Act.

Also north of the border this week, recruitment firm Carlyle has acquired a majority stake in Edinburgh-based School for CEOs, the executive development company founded by David Sole and Patrick Macdonald in 2011.

School for CEOs will continue to trade under its own name, with former Scottish rugby international Sole remaining in charge, while Macdonald steps down.

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More than 30 jobs have been saved at a firm which has gained a new lease of life this spring after suffering cash flow pressures following a historic fire and increased debt due to the pandemic. MTE Heat Treatment, an established provider of precision engineering services based in Huddersfield, has now been acquired out of administration. The business and its assets have been sold to Metal Treatment and Engineering, a subsidiary of Time to ACT plc.

Lee Lockwood and Gareth Harris, of RSM UK Restructuring Advisory, were appointed joint administrators of MTE Heat Treatment in February this year. Lockwood said the deal has not only safeguarded employment but has ensured continuity of supply for the firm’s clients. It has customers in the automotive, marine, energy and precision engineering sectors. The business operates from a 30,000 sq ft facility at Spa Fields Industrial Estate, Slaithwaite.

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Who doesn’t like a good transatlantic takeover tale. Wound care group, Advanced Medical Solutions, is back in the spotlight after it revealed an unsolicited approach from an American business which describes itself as “a successful and disciplined acquiror”.

In a statement to the Stock Exchange the Cheshire-based wound care specialist said discussions with Minnesota-based H.B. Fuller are ongoing but cautioned that there can be no certainty that a firm offer will be made for a business with a market cap of £481m.

The successful and disciplined acquiror said they continue to explore “opportunities in its M&A pipeline including, but not limited to, other assets in the medical adhesives market.”

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms start landing next week, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

Last year sold out, so book early to secure your table.

::

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

Rugby Union is facing an ongoing financial crisis, one that even the huge sums poured in by the sport’s billionaire fans-turned-investors have so far struggled to effectively tackle.

But recent events have shown that change could be coming to at least some clubs.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on sector trends, like this one, insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

Former England flanker James Haskell summed up the state of Rugby Union last November with a characteristic, no-nonsense comment.

Launching Leonard Curtis’s 2025 report into the finances of the 10 Premiership clubs, he likened them to “Thelma and Louise heading off a cliff”.

No surprise when the research revealed they made a combined loss of £34m during the previous season.

Worse than that, none of the clubs had made a profit for three years and six were balance sheet insolvent, just one less than in the previous season.

It’s hardly surprising that three Premiership clubs monitored by Leonard Curtis when it started its annual reports collapsed.

Wasps fell into administration in 2022 with a debt estimated at £45m, much of it tied to ownership of the CBS Arena in Coventry along with a heavily leveraged retail bond scheme.

Worcester Warriors also suffered the same fate also in 2022 following a severe financial crisis and a winding-up petition over unpaid taxes. The club’s total debts were estimated at more than £25m.

Meanwhile, London Irish went bust the following year owing more than £30m.

Those remaining are almost entirely dependent on owners with deep pockets who are prepared to cover their losses.

Earlier this year multi-billionaire industrialist Sir James Dyson acquired 50% of Bath Rugby - a club he has supported most of his life.

The stake was bought from Bruce Craig, a Bristol-born entrepreneur said to be worth around £300m having sold his holding in Marken, an international distributions services company for the pharmaceutical industry.

Reflecting the traditional ownership pattern for the sport, Craig had bought Bath in 2010 from local greetings card and hotels tycoon Andrew Brownsword.

The club’s accounts show in the year to June 2025 its turnover increased by 11.2% to £23.3m, as it continued to benefit from its historic treble the previous season – which included a first league title in 29 years.

While unprecedented success on the field increased the club’s revenue from ticket sales and commercial activities, Craig still had to open his wallet to keep it going, increasing his loan by £2.2m to £32.3m.

Such is his commitment to Bath – and the dedication of moneyed individuals to the sport - in an interview two years ago Craig claimed he “had no idea” how much he had put into the club but said it had been worth it.

Likewise, Dyson, whose family wealth weighs in at an eye-watering £12bn according to The Sunday Times, has pledged to put “substantial” funds into the club.

Down the M4 in Bristol, fellow billionaire Steve Lansdown CBE – the Guernsey-based co-founder of Hargreaves Lansdown (estimated net worth circa £1.5bn) – majority owns Bath’s arch-rivals Bristol Bears through his Bristol Sport holding company.

The stable also includes Bristol City FC and professional basketball team Bristol Flyers, along with Ashton Gate stadium and the teams’ ‘high-performance’ training centres.

But it’s not just Southern billionaires who are bankrolling their local rugby union clubs. Sale Sharks is co-owned by Simon Orange, whose net worth surged following the £1bn sale of his investment firm Corpacq, along with Ged Mason, CEO of engineering recruitment firm Morson Group, whose net worth is around a modest £190m.

Yet for all their largesse, these well-minted Brits could find themselves shouldered out by even richer, dollar-backed enterprises in a similar way to what has happened in football.

Shareholders of Exeter Chiefs voted two weeks ago to approve takeover talks with Cannae Holdings, an investment firm owned by US billionaire Bill Foley and prime funder of his Black Knight Sports and Entertainment group.

Black Knight, which owns AFC Bournemouth, French club FC Lorient and New Zealand’s Auckland FC, along with a majority stake in Portuguese side Moreirense FC, has said it will provide multi million-pound funding for Exeter Chiefs.

The club, owned by its members since its foundation in 1871, is now negotiating the terms of the sale, which would be the first of its kind for the Premiership.

However, across the River Tamar in Cornwall, Championship club Cornish Pirates has already stolen a march on its bigger rivals and landed investment from US-based Stonewood Capital Management, making it the first English rugby union club to get a deal with wealthy Americans over the line.

Kenn Moritz and John Tippins of the Pittsburgh-based private equity firm have joined the club’s owners’ consortium in a transaction the board says represents a pivotal moment not just for the side – but for the game as a whole.

The board believes the long-term partnership – reported to include an initial seven-figure sum - will help it develop a world-class academy and Premiership-standard facilities, while expanding the club’s reach into global markets ahead of the 2031 Rugby World Cup in the US.

In a statement, it said: “This partnership represents far more than investment. It is the beginning of a transatlantic relationship that will help drive the next phase of our journey.”

The deal also brings an end to the involvement of one of the sport’s most colourful financial backers.

Penzance-born entrepreneur Sir Richard Evans took control of what was then Penzance & Newlyn RFC in 1995 while the team was competing in the seventh tier and on the verge of bankruptcy.

Having transformed the Pirates’ fortunes and completed his second spell at the club, Sir Richard – who made his money from horticulture and hotels in Kenya - is bowing out with the club’s finances in good shape.

Stonewood Capital may have blazed a trail by teaming up with Cornish Pirates, but with an eye on growth opportunities in the US linked to the 2031 Rugby World Cup, more American backers are said to be poised to snap up English clubs.

Good news, undoubtedly, for the clubs. But it seems that for the likes of Sir Richard and his fellow well-heeled rugby benefactors, the final whistle could be about to sound.

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The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms have landed, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

Last year sold out, so book early to secure your table.

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Our Secret Investor has been working hard on getting a few deals out of the way. Here he explains the barriers in the way of ‘getting deals over the line’.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on sector trends, like this one, as well insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

Well here we go again… First things first, as this is a deal column, I’ll steer clear of the widely discussed political minefield out there at the moment… your very own Michael Taylor is best placed to give you the lowdown here.

I wouldn’t say the deals market has really caught fire this year just yet. It can often feel like investors and acquirers are waiting for a clear run, with no macro bombshells or political uncertainty. Unfortunately that landscape has felt like a thing of the past recently.

I also commented recently that it has felt that the investment and corporate finance communities go into periods of full seasonal shutdown these days – Christmas, Easter and August are increasingly tricky to get any deals work done. An increasing number of deal doers are taking the view that deals are hard enough to get done at the best of times, so why bother trying when half the market is out of the country.

Having said that, I have been very busy myself having been involved in one successful early stage fundraise, two small buyouts and a turnaround deal in recent months. This column is actually probably a few weeks later than planned for that exact reason.

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Hello Rainmakers,

We’re not in a recession, and deals still getting done. Here is a round up of the most eye-catching deals from around the country, including a glimpse into what Peter ardy might do next. Then after that you can find details of how to book a place at the Rainmaker awards.

This is free to all who have signed up, however Rainmakers subscribers get two unique pieces a week, and also full access to our back catalogue of investigations, scoops, and insights, including updates from The Secret Investor, interviews with entrepreneurs, and the leaders from VC and PE investors like Endless, and River Capital, Foresight, Mercia, Puma and LDC.

Kids Planet Day Nurseries, the second largest childcare provider in the UK, has expanded internationally acquiring 34 settings in Ireland, bringing its total number of settings to over 300.

The multi award-winning group founded by Clare Roberts OBE in 2008, has acquired Tigers Childcare, based in Dublin.

Founded and owned by Karen Clince, Tigers Childcare is one of the largest childcare groups in Ireland with over 640 colleagues across 34 settings caring for more than 3,200 children

Although operating within the Kids Planet group Clince will remain leading the business day-to-day with no planned changes to the Tigers Childcare team.

Both nursery groups are recognised for delivering high-quality childcare, grounded in educational excellence. They provide nurturing environments where children can explore and thrive, supported by exceptional early years practitioners dedicated to learning and development.

Kids Planet remains family-owned, with its nature-first curriculum central to its approach. Each setting is deeply connected to its local community, celebrating diversity, giving back, and promoting equality and inclusion.

The acquisition has been enabled by investment from Private Equity firm Fremman, supporting the group’s continued commitment to growth and international expansion.

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Fletchers Group has laid down the law in the legal sector after striking a deal to acquire the clinical negligence and court of protection teams from Freeths.

The agreement will see 42 staff pass the bar into the Fletchers fold, with 21 clinical negligence specialists joining Fletchers Solicitors and another 21 court of protection experts moving across to EMG, the group’s standalone private client business.

The deal also hands Fletchers a hefty case load boost, adding more than 530 active matters to its books as it continues building its presence in the serious injury and negligence market.

Fletchers Group chief executive Peter Haden said the acquisition would strengthen the business across both specialist legal areas, while Freeths national managing partner Karl Jansen said: “The market continues to evolve, and long-term success in these specialist areas increasingly requires scale, focus and sustained investment.”

Once the deal reaches its final verdict in June, Fletchers’ clinical negligence division will boast more than 400 staff handling upwards of 10,300 cases, while EMG’s court of protection and private client arm will grow to more than 300 employees.

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Gateley Legal are pretty pleased with themselves at the appointment of Daniel Hall as partner.

He joins the firm after working for 30 years at Eversheds Sutherland as a highly respected corporate lawyer. He specialises in mergers and acquisitions involving both public and private companies and has extensive expertise in capital markets transactions.

Widely recognised as one of the region’s leading corporate lawyers, Daniel has been voted the leading North West Corporate Lawyer on five occasions.

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Rydal Group has made a strong connection in the Midlands after completing the acquisition of Coventry-based HBT Communications Limited.

Founded in 1988 by brothers Zamurad and Ajmal Hussain, HBT has spent nearly four decades keeping Midlands businesses connected - and will continue operating under its existing name from its Coventry offices, with no changes to staff, management, contracts or customer contact details.

The deal gives Peterborough-headquartered Rydal Group an even stronger regional signal as it expands its telecoms, cloud, cyber security and managed IT services across the UK.

The group already supports more than 3,000 businesses nationwide through a 120-strong team and operates its own UK data centre and ISP facilities.

Steffan Dancy, CEO of Rydal Group said: “HBT Communications has an exceptional reputation built over decades of trusted service, expertise and strong customer relationships. We are proud to welcome the business into the Rydal Group and look forward to supporting its continued growth while preserving the local, customer-focused approach that has made HBT so respected since 1988.”

As part of the move, HBT customers will gain access to optional new services including cloud telephony, AI-powered communications, managed IT support and cyber security - though existing services will continue exactly as before.

The acquisition forms part of Rydal’s wider growth strategy focused on investing in established regional businesses while keeping their local identity firmly switched on.

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A 46-year-old Sheffield-based secondary glazing manufacturer has started a new chapter as part of £1.9bn turnover Stockholme-listed industrial conglomerate Lifco AB. The Nordic giant has swooped for Granada Secondary Glazing and its subsidiary Clearview Secondary Glazing. Founded in 1980, Granada supplies a range of bespoke products to the trade and commercial sectors, as well as directly to consumers through its Clearview subsidiary.

Lifco says the deal provides Granada with a long-term ownership structure which supports its management team and growth strategy, but emphasises that the takeover will preserve the business’s operational independence, culture and brand. It adds the acquisition further reflects its strategy of buying “niche, market-leading businesses with strong cash generation and opportunities for sustainable, long-term growth.”

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Peter Vardy’s eponymous group has sold its Motherwell-based car finance broker CarMoney to Japanese group ITOCHU Corporation for an undisclosed sum.

It will continue to operate as an independent business - with the management team remaining in place - but now plans to scale and expand further across the UK and internationally.

Vardy has also sold of his last couple of car dealerships, with Benelux-based Van Mossel Automotive Group buying its Porsche Centres in Perth and Aberdeen.

As Vardy told TheBusinessDesk in January, after selling off much of his car dealership empire, he is now focussed on investing in, and fostering the leadership of, early stage Scottish companies.

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The King’s Speech this week was welcomed by UK Private Capital’s Chief Executive Michael Moore, who said: “The UK’s status as a hub for private capital depends on maintaining a competitive and proportionate regulatory environment. We therefore welcome the Government bringing forward Bills to regulate for growth and reform the competition landscape.”

On the Regulating for Growth Bill, he said: “The new sandbox powers should provide more opportunities for private capital-backed businesses to do what they do best – grow, innovate and support jobs. This approach has the potential to increase opportunity for founders and investors alike to test the fast growing technologies that are often backed by private capital.”

On the Competition Reform Bill, he added: “We welcome the Government’s commitment to improving the agility and responsiveness of the UK’s regulatory framework by strengthening the ‘growth duty’. Enhancing the speed and focus of market reviews will provide more certainty for UK private capital firms. Alongside this, ensuring that there is flexibility in merger investigations will help businesses invest with increased clarity.”

::

The 2026 Rainmaker Awards

The North West, Yorkshire and West Midlands Rainmaker Awards are upon us, once again bringing together the region’s deals community to celebrate the standout deals, teams, and individuals of the past 12 months.

Voted for by the corporate finance community itself, the awards are decided on a one-firm, one-vote basis – making the Rainmaker a genuine peer-led recognition.

Voting forms start landing next week, after the shortlists have been agreed by a judging day involving all the region’s leading firms.

The Rainmaker Awards ditch black-tie formality and speeches in favour of a relaxed evening focused on what the deals and the people who made them happen.

The evening is also a great way to connect with leading firms and individuals shaping the regional deal landscape.

There is a new individual category this year, as we will recognise Lifetime Achievement of one of our Rainmakers for the first time.

The 2026 Yorkshire awards are on June the 11th at New Dock Hall in Leeds, the North West awards will take place on the 25th of June 2026 at the Kimpton Hotel in Manchester city centre, and the West Midlands at the Burlington Hotel in Birmingham on the 2nd of July.

Last year sold out, so book early to secure your table.

::

::

Thank you for subscribing to Rainmakers.

We believe in good journalism that is worthy of your support. Please share this edition of Rainmakers so we can grow the message further and wider.

The insights and commentary we share with you are rooted in the trust we have built in the business community.

We’re also on LinkedIn - please join our Rainmakers community group for updates and offers and opportunities to comment.

If you have something you think we should look at, then either reply to this newsletter or email michael.taylor@thebusinessdesk.com.

Rainmakers is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber.

Subscribe now

As the region’s SaaS ecosystem matures across Leeds, Sheffield and beyond, Sheryl Moore asks whether the region can hold onto its scale-ups long enough to turn momentum into lasting economic power.

Rainmakers subscribers get two unique pieces a week, but also full access to our back catalogue of investigations, scoops, and insights, including updates on sector trends, like this one, as well insights from The Secret Investor, interviews with entrepreneurs, and the leaders from other VC and PE investors like Endless, BGF and WestBridge.

For years, the accepted narrative around UK technology was straightforward: build in the regions if you want to, but the serious money, major investors and largest exits would eventually push companies south.

That assumption shaped a generation of founders. Yorkshire businesses often reached a point where scaling seemed inseparable from London through relocation, fundraising or acquisition.

But Yorkshire’s technology economy has matured significantly over the past decade, especially across SaaS, fintech, compliance technology, data analytics and digital infrastructure. Leeds has built one of the UK’s strongest software ecosystems outside the capital, while Sheffield, York, Hull and Harrogate have developed specialist clusters of their own.

The question facing the region now is no longer whether Yorkshire can create credible technology businesses. It is whether it can keep independent businesses scaling for long enough to create lasting economic gravity.

“There is no longer any serious argument about whether Yorkshire has a real tech ecosystem,” says one Leeds-based investor. “The question now is whether the region can consistently retain and scale the businesses it creates.”

The region is producing stronger software companies than ever, but in a market fundamentally changed since the dizzying heights of 2021: capital is more selective, growth expectations are more disciplined, and SaaS consolidation has accelerated. For many founders, the debate is no longer ideological but practical.

The excesses of the 2021 technology market still cast a shadow over SaaS valuations and fundraising behaviour. During the peak years, venture capital flooded software markets. Growth often mattered more than profitability, and founders became used to revenue multiples that now look hard to sustain.

Giles Moore, regional development manager at PXN Group, says that environment has changed materially. “Founders will always want to achieve the highest valuation possible, but recently, after seeing a handful of local companies almost fail because of inflated valuations with very little revenue to justify them, founders are becoming more aware of the challenges and are entering conversations with a more realistic expectation of where valuations will land.”

Across the Yorkshire ecosystem, investors say founders are increasingly focused on predictable recurring revenue, commercial execution and customer retention rather than relying on IP or market narrative alone.

“I’m starting to see a shift in Yorkshire, where founders are becoming much more focused on driving stronger annual recurring revenue and providing clearer evidence of scalable sales execution, rather than assuming their IP alone can justify a high valuation.”

Businesses that once raised substantial growth rounds on future potential alone now face higher expectations around traction, revenue quality and operational discipline, especially at Series A.

“The requirements for a Series A round have shifted significantly in recent years, with investors now expecting to see higher ARR thresholds before they’ll commit,” he says. “With less capital available, investors must be far more selective.

“There is still a lot of education to be done across the region around this, and it remains a common topic of conversation, even when companies are not actively fundraising. That said, it is now rare to come across founders post 2022 expecting to achieve the same peak valuations seen in 2021.”

That change may ultimately prove healthy for the region. At the same time valuations have cooled, consolidation across SaaS markets has intensified. Strategic buyers, private equity-backed platforms and larger technology businesses are becoming more active acquirers of specialist software capability.

For Yorkshire companies, that creates both opportunity and risk. “I can’t speak for every exit that has happened across Yorkshire, but from the companies and founders I know who have exited in recent years, these have primarily been strategic acquisitions,” Moore says.

“However, PE-backed consolidation is becoming far more common, especially in managed services, cybersecurity and B2B software. Yorkshire produces many strong £5m–£20m EBITDA businesses that fit PE roll-up strategies well.”

That consolidation trend is particularly visible in compliance technology and regulated software markets.

Last October, Ilkley-based SmartSearch acquired Credas Technologies, a specialist in compliance and onboarding solutions for the legal and property sectors, in a £77.8m deal.

Phil Cotter, CEO of SmartSearch, says acquisitions in the sector are increasingly driven by regulatory complexity, customer demand and platform economics.

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