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24 February 2017

Value in Completion Accounts

By Ermelinda Beqiraj and Helen Hankinson Blog snapshot Between 40% and 60% of M&A transactions have a completion accounts mechanism, adjusting the purchase price after completion to reflect the actual cash, debt and net working capital of the Target at Closing. Seasoned deal doers know that value can be won...

22 February 2017

Making a success of uncertainty: Highlights from Ben Clarke’s speech to the PwC Food Forum

By Neil Sutton One of the great things about the Food Forum is that it gives leading figures from the sector the chance to step back and look at the bigger picture. One of the best examples this year was Ben Clarke’s presentation in early February. As the former CEO...

Premium soft drinks hitting fever pitch

By Shane Horgan and Gordon Spiers After five years of flat volumes, the soft drinks sector is fizzing again. Consumers are becoming more health conscious and governments are pressurising the industry to cut sugar levels, and this is leading to growth within existing segments such as plain still water as...

Into Africa - Client Interview

Lucozade and Ribena, and Suntory’s growth strategy Back in 2013, Suntory’s $2.1bn acquisition of the Lucozade and Ribena brands was one of the biggest deals of the year, and the most significant international move the company had then made. Earlier this year it secured the missing piece in its Lucozade...

17 February 2017

The banking model of the future

By Joerg Ruetschi The banking industry is under tremendous pressure. Since the global financial crisis, a series of stringent capital and regulatory requirements have been introduced that have not only substantially impacted profitability but put into question the viability of some banking business models. Although most banks have responded by...

14 February 2017

Looking back and looking forward: what’s in store for UK retail in 2017?

By Lisa Hooker and Kien Tan If 2016 was characterised by expected cost headwinds (National Living Wage, rent and rates) and unexpected political events (the EU referendum and the US election results), then what will 2017 look like for the UK retail sector? And what opportunities exist for retailers to...

09 February 2017

Simplification in post-deal environments

By Sally Willard and Ben Bridbury In our latest in the series on corporate simplification we look at the myths around cost of resource, time and funds which stop businesses making the most of acquisitions. “The liquidation process will take too long and will be a burden on our resources”...

02 February 2017

The year the Northern Lights outshone the rest of Europe

By Lucy Tarleton Blog snapshot: Geopolitical shocks have impacted the European IPO market in 2016 Uncertainty will be the new norm and markets will have to adjust Cautious confidence for 2017: clarity over UK’s exit from EU, recovering oil price, potential European spin offs and privatisations, an encouraging pipeline of...

31 January 2017

Unified Communications – best practice makes perfect

By Nicholas George In the third and final installment of our Unified Communications (UC) series we look at best practices which drive value for service providers demonstrated with three client case studies. Whilst the first report in the series considered the benefits that UC is driving in businesses, we also...

25 January 2017

Take costs out and keep them out

By Michael Moffett, Neil O’Prey and Luis Trullenque With increasing uncertainty and disruption, many management teams are undertaking cost reduction programmes to create efficiency and protect margins. Cost reduction has been high on management team agendas for several years. More and more we’re hearing a similar theme across all industries....

Deals update – what's happening in the leisure sector?

By Rob Johnston and Eleanor Scott Since our last edition of the Leisure Deals update in May 2016, there have been some fairly unprecedented events on the political and economic stage, with recent policy speeches endeavouring to cast some light on what may transpire as we head into 2017. While...

23 January 2017

Squaring the circle: Confronting the crisis in elderly care

By Jonathan Williams and Reena Virdee No-one who reads the newspapers can be in any doubt: there’s a developing crisis in the UK’s elderly care system. The proportion of the population aged over 80 is growing fast, and the demand for care isn’t just rising, it’s changing, and radically. The...

20 January 2017

Selling a business is substantially more difficult than buying one

By Andrew Cann Selling a business isn’t as easy as buying one. Proper preparation can take a long time. Time and again I've seen issues arise during due diligence that proper preparation would have identified and dealt with. The types of issues which are uncovered often take significant time to...

16 January 2017

Resilience in the face of uncertainty: year in review and restructuring outlook for 2017

By Duncan Turner and Andy Clayton Very few predicted the shocks that reshaped the political landscape in 2016 and even fewer that the debt markets would remain so remarkably resilient in the face of such upheaval. Whilst the overall European default rate remained relatively low, there were areas of significant...

20 December 2016

After Brexit, what next? The impact on utilities and infrastructure valuations

By Thomas Romberg and Pragya Jain On 24 June 2016, the unpredictable happened as the UK announced its decision to leave the EU. What was perhaps more predictable was the market’s reaction. The pound fell to a 30-year low against the dollar. While stocks suffered initially, they have largely recovered...