The death of the funeral industry has been greatly exaggerated

How M&A is powering a sector that's very much alive and well

Hello Rainmakers,

Today Sam Metcalf has been digging deep into the death sector and the businesses that are reshaping how the funeral services are offered and run.

The image of funeral director businesses as sombre, steady-as-she-goes entities has long been banished to the dustbin of history - these days, the sector is as dynamic as many of its less regulated sectors.

In 2025, undertakers aren't simply trusted companions when a loved one passes away - they're often fast-growing, acquisitive businesses. Whether we like it or not, death is big business, and over the next 50 years there'll be plenty of opportunities to grow.

People are living longer - and the UK's elderly population (65 and over) is growing and is projected to continue increasing. In 2022, there were around 12.7 million people in this age group, representing 19% of the population, according to The House of Commons Library. By 2072, this is projected to rise to 22.1 million, or 27% of the population, according to the same source. This includes a significant increase in the number of people aged 85 and over.

Funeral industry revenue has grown at a CAGR of 5.3 % over the past five years, reaching an estimated £2.8bn in 2024. As the UK population continues to age, demand for funeral services will undoubtedly increase.

Private equity firms are waking up to this.

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