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Xeinadin acquires south Wales accountancy firm Curtis Bowden & Thomas

2025-08-29 23:55:35 By

Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed.

Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas.

Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.”

Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas.

Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”

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City broker downgrades St James's Place despite strong inflows

RBC has adjusted its target stock prices for wealth management firms, downgrading St James's Place while upgrading Quilter and Rathbones. RBC analyst Ben Bathurst revised his price target on the UK's largest wealth manager from 1,100p to 1,050p today, as reported by City AM. Shares of St James's Place dipped over two per cent following the announcement, underperforming against a less than one per cent drop in the broader market. Bathurst attributed the downgrade to recent softer global markets, which could affect St James's Place's fund performance and new capital inflows. He reduced his net flow projections for the current year by five per cent, anticipating weaker retail sentiment and a fall in pension sales in the latter half of the year. Consequently, Bathurst lowered earnings forecasts for St James's Place by two per cent for 2026 and six per cent for 2027, also predicting that net cash would fall short of the target by six per cent by 2030. "Despite this headwind we still expect clear positive net flows each quarter – which we see as important for sentiment towards St James's Place shares," he noted. After a remarkable recovery, St James's Place's share price has doubled over the past year but has faced challenges since mid-February, declining by 17.5 per cent. In contrast, RBC has raised the target prices for Quilter and Rathbones, with Rathbones receiving an 'outperform' rating. Following the recent announcement of Rathbones CEO Paul Stockton's upcoming retirement, Bathurst commented: "Timely arrival of new management offers an opportunity for further strategic progression". Rathbones is currently undervalued compared to its peers, trading at 9.6 times expected earnings, below the sector average of 12.9 times. The integration of Rathbones and Investec Wealth and Investment is nearing completion, which should enhance efficiency. Bathurst expects the company to return to positive net flows from the second half of 2025, boosting sentiment and market rating. "Asset gathering has been depressed through the integration process but we expect a return to positive net flows from the second half of 2025 onwards, which we would expect to be supportive to sentiment, and by extension market rating," said Bathurst.

JP Morgan boss warns trade tariffs could lead to US recession and stagflation

Jamie Dimon, chairman and chief executive of JP Morgan, has cautioned that the stringent trade restrictions imposed by President Donald Trump could steer the US economy towards recession and stagflation. Dimon's comments came ahead of the multinational investment bank's financial results, which reported a revenue of $180.6bn and a net income of $58.5bn in 2024, as reported by City AM. He lauded the bank for playing "a forceful and essential role in advancing economic growth." In the banking giant's annual report, Dimon stated: "The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession." He added: "And even with the recent decline in market values, prices remain relatively high. These significant and somewhat unprecedented forces cause us to remain very cautious." Expanding on the risk of recession, Dimon said: "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth." He further elaborated: "There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar." He characterised JP Morgan Chase as "a company that historically has worked across borders and boundaries." The chief executive of the bank emphasised that the "long-term health of America, domestically, and the future of the free and democratic world" are intrinsic to the well-being of the investment bank. In a notable development, despite Trump reportedly using JPMorgan head Dimon as an informal consultant post-election as he prepared for a second term—considering him a "sounding board" for economic strategies—there appears to be a divide emerging over tariffs. Dimon remained impartial during the US presidential campaign, but there has been talk about his potential inclusion in the cabinet of either Trump or his then-rival Kamala Harris come 2024. Adding to the discourse, billionaire investor Bill Ackman has also made headlines with a stern warning on Sunday regarding Trump's trade policy, suggesting it could lead to an "economic nuclear winter."

HSBC and Standard Chartered shares plummet as 'outsized' tariffs bite

Shares in banking behemoths HSBC and Standard Chartered have suffered a sharp decline amidst escalating global trade tensions. In early Monday trading, HSBC's shares dipped nearly three per cent, bringing its losses over the past five days to a staggering 15 per cent, as reported by City AM. Standard Chartered saw an even steeper fall of nearly four per cent, with its five-day losses approaching 20 per cent. The banks, which both have significant operations in Asia, are feeling the impact of hefty tariffs imposed by US President Donald Trump on Asian economies. China has been hit with a new 34 per cent tariff, raising its total import tax to 54 per cent following Trump's 'Liberation Day' speech, where he increased the levy from an earlier 20 per cent. In retaliation, China imposed a 34 per cent reciprocal tariff on US goods, criticising Trump's tactics as "inconsistent with international trade rules". Additionally, Taiwan received a 34 per cent tariff and Vietnam was burdened with a 46 per cent levy. Financial analyst William Howlett from Quilter Cheviot highlighted that banks carry some of the "biggest risks" amid the intensifying trade war. He commented: "Fundamentally, banks are levered plays on the economies in which they operate." Given the severe tariffs targeting Asian economies, Howlett noted it's no surprise that "the Asian banks (HSBC and Standard Chartered) have sold off the most." John Cronin, the founder of SeaPoint insights, pointed out that HSBC and Standard Chartered are more vulnerable than their UK counterparts to tariff issues "given their dependence on global trade glows and their presence in jurisdictions that will be subject to higher tariffs than the UK." HSBC stands as one of the top international banks in Asia, with its origins dating back to Hong Kong and Shanghai, and it covers various business segments in the region such as retail banking, wealth management, and commercial banking. Standard Chartered primarily targets emerging markets across Asia, Africa, and the Middle East, with a particular emphasis on Asia's burgeoning middle class in nations like India, China, and Indonesia by providing an array of retail services, including savings and checking accounts.

Newcastle Financial Advisers snaps up County Durham company as owners retire

The financial advice arm of Newcastle Building Society has snapped up a County Durham business as part of its growth strategy. Newcastle Financial Advisers Ltd has acquired Chester-le-Street based Orchard Financial Management, a deal which adds around 200 customers to the business, following the founders’ retirement. The Wallsend based business provides advice on investment, retirement, inheritance tax planning and protection advice through the Society’s network of branches across the North East, Cumbria and North Yorkshire. The firm said the addition of Orchard gives the new customers access to face-to-face financial advice services throughout the mutual’s network of 32 locations. Graeme Leigh founded Orchard Financial Management in 1998 to provide advice on investments and pensions as well as protection and he has grown the business through word-of-mouth recommendations alongside his wife Michele. The pair have now decided to retire, saying they were drawn to Newcastle Financial Advisers because of its commitment to building long-term relationships with customers, and expertise in the market. Mr Leigh said: “The top priority for Orchard Financial Management was to find the right and trusted home for our clients. Newcastle Financial Advisers has a fantastic reputation and we’re impressed by its strong high street presence both in County Durham and throughout the North East, North Yorkshire and Cumbria, which will help to ensure a smooth transition and integration of our local client base.” Iain Lightfoot, managing director of Newcastle Financial Advisers, said: “We’re pleased to be able to welcome Orchard Financial Management’s customers to Newcastle Financial Advisers Limited. Graeme’s focus on fostering long-term relationships based on a foundation of trust is one that very much aligns with our own purpose, and the acquisition of his business therefore feels like an organic fit for Newcastle Financial Advisers.

Barclays and Natwest stock plunge is 'looming global recession' warning

The FTSE 100's leading banks have dragged down the index in light of President Trump's tariff offensives, with experts cautioning that their losses might signal an impending global recession. Barclays saw its shares drop nearly five per cent in midday trading on Monday and has endured a nearly 20 per cent fall in the past five days, as reported by City AM. NatWest also experienced a dip of over seven per cent after the market opened, but later reclaimed some of its lost ground. By midday, it was down by one per cent. Susannah Streeter, money and markets chief at Hargreaves Lansdown, commented: "Banks are seen as barometers for economic health, and given the steep losses, red lights are flashing about a looming global recession." As of Monday, the FTSE 350 banking sector index had declined by two per cent. Before being hit hard by tariffs, this sector was the FTSE 100's second-best performer out of the other 39 sub-groups in February. In the last month, the index has shed close to 16 per cent of its value. Nevertheless, Lloyds registered a slight recovery on Monday, nudging up by 0.1 per cent at midday. Equity analysts Vivek Raja and Gary Greenwood from Shore Capital remarked: "Changes in economic activity levels could affect demand for credit and bad debt formation." They also noted that Asia-focused banks such as HSBC and Standard Chartered may bear greater impacts compared to largely UK-focused peers like Barclays, Lloyds, and NatWest. Raja and Greenwood have indicated that the moderation of interest rates and their future trajectory could affect lenders' net interest margins, a crucial measure of a bank's profitability from lending activities. "Increased market turbulence could dampen capital markets activity levels while potentially boosting market activity," the analysts further commented. Speaking to City AM, Greenwood suggested that domestic banks are likely to have corporate clients "that are directly exposed to tariffs". He added, "Banks are essentially just leveraged plays on the underlying economies in which they operate." For smaller and mid-cap banks, Raja and Greenwood foresee a lesser impact. They noted that Arbuthnot Latham, Paragon, and Vanquis are "domestically focused and therefore less at risk from the international trade fallout". Despite not experiencing losses as significant as their FTSE 100 counterparts, these smaller lenders have not been able to avoid the global sell-off.

HSBC and Barclays shares tumble as Trump's new tariffs shake up FTSE 100

Shares in Britain's leading banks plummeted in early trading on Thursday following President Trump's tariff announcement, which sent shockwaves through the London stock market. Europe's largest bank, HSBC, saw its shares tumble by over 5%, with Barclays experiencing a fall of more than 4%, as reported by City AM. Standard Chartered, a member of the FTSE 100 index, suffered the brunt of the sell-off, with its share price dropping over 7%. The FTSE 100 index itself retreated beyond 1% as the markets opened, reacting to Trump's decision to impose a 10% tariff on UK imports to the USA. Dan Coatsworth, an investment analyst at AJ Bell, commented to City AM: "With so much uncertainty around the global economy as a result of Liberation Day, it seems as if fewer investors want to own banks despite many paying generous dividends which can provide comfort during rocky market conditions." He remarked that banking is inherently tied to economic fortunes, contributing to the sector's vulnerability in the worldwide market downturn: "Banking is an economically sensitive industry, which explains why shares in the sector have been caught up in the global market sell-off." Coatsworth pointed out the specific challenges for HSBC and Standard Chartered: "Trump's tariffs are particularly punishing for various parts of Asia and that puts HSBC and Standard Chartered in the firing line given their major reliance on that part of the world." He continued to illustrate the broader implications: "Businesses will be spooked by tariffs and that could lead to reduced investment, which in turns suggests less demand to borrow from banks or for advisory services on M&A activity." Coatsworth also highlighted Brexit's impact: "The same applies to Europe and the US which are key places where Barclays does business." Barclays, HSBC and Standard Chartered all have significant operations beyond the UK, including in the US and Asia. A deceleration in global trade could result in reduced revenue for these banks due to a decreased demand for their services in facilitating international partnerships through trade finance and other financial services.

US dollar on the longest losing streak since 2015 as de-dollarisation fears grow

The US dollar has plummeted 0.7% today, marking its fifth consecutive day of decline, as the market reevaluates the currency's standing in the global economy. The DXY index, which monitors the dollar's value relative to a basket of currencies, sank to its lowest level in three years during trading today, as reported by City AM. Since the beginning of April, which Trump hailed as 'Liberation Day,' the dollar index has dropped by more than 4% as investors offload their US assets amid concerns over the country's growth prospects. In a statement on Friday evening, President Trump emphasized that the dollar would invariably remain "the currency of choice" and asserted that "if a nation said we're not going to be on the dollar, I would tell you that within about one phone call they would be back on the dollar". However, Michael Brown, senior research strategist at Pepperstone, cautioned about the risk "of moving away from a decades-long period of dollar and US hegemony." Brown acknowledged that currently, there is no alternative to the dollar as a reserve currency, and the tariffs that shook confidence in the dollar last week have been temporarily suspended. "However, the incoherence with which economic policy is being made, coupled with the credibility erosion caused by president Trump's constant u-turns and 'governing by tweet' modus operandi, is clearly creating more than a few jitters," the strategist noted. Brown conceded that there was no alternative to the dollar as a reserve currency for now and that the tariffs which shook confidence in the dollar last week had been put on hold for the time being. "Fundamentally, even though the ridiculous 'reciprocal' tariffs have been paused (for now), the prospect of those levies being imposed again will continue to linger. "De-dollarisation is now a real, and frankly scary, prospect," Brown commented. The US dollar took a hit due to imposed China tariffs, according to insights shared on Friday by ING analysts. They indicated that Trump's escalating tariffs on China contributed to the dollar's sharp decline. Since the US may find it challenging to quickly replace many of the imports from China, this could lead to heightened inflationary risks for the American currency. The euro has emerged as the biggest winner from the dollar's depreciation, achieving a five percent increase since 'Liberation Day'. It is perceived widely as one of the few options for investors moving away from US assets. ING analysts observed that officials at the European Central Bank appear to be promoting the euro as a robust alternative to the US dollar right now.

The latest acquisitions and equity investments in Wales

Here we feature the latest equity funding raising and business acquisition deals in Wales. Game industry veterans Susan and Lee Cummings have secured a significant six-figure investment from Angels Invest Wales, PlayCap and the Games Angels for their new game development studio, 10six Games. The investment boost comes ahead of the upcoming first game release by 10six Games. The company has also announced the appointment of industry guru Nick Button-Brown as a company director. Led by lead investor Huw Bishop, the pre-seed round has been funded by a syndicate of 12 angel investors including members of PlayCap (a global angel network of women from the games industry who specialise in early-stage investments in studios, companies, and tech in games) and The Games Angels (a global angel network of Games Industry veterans). The Development Bank of Wales has provided match-funding from the Wales Angel Co-Investment Fund that is run by Angels Invest Wales. Susan and Lee Cummings previously set-up Tiny Rebel Games, the award-winning game production studio behind Doctor Who: Legacy and Infinity for mobile devices and computers. Susan also co-founded 2K Games, developing Bioshock, Borderlands, X-Com, 2K Sports, and Civilization. She is a visiting professor at the University of South Wales along with husband Lee who worked at Sony before moving to Rockstar Games’ Grand Theft Auto team where he was a producer on GTA: San Andreas and GTA 4, and where he was a key member of the redesign team on Bully. More recently, he has led the creative design for various award-winning games including Doctor Who, Star Trek, War of the Worlds, and Wallace & Gromit (under licence). Mr Button-Brown has worked across the tech and games industry for more than 20 years, including helping grow and scale Improbable, and helping take Sensible Object to a trade sale to Niantic. He is currently chair at Outright Games, Chair at Coherence and on the board at Adinmo. He founded The Games Angels in 2021, a community of games industry veterans investing and supporting start-ups. Nick is also on the board at UKIE (one of the UK’s games industry representative bodies) and OKRE (a charity promoting links between research and entertainment) as well as driving Funding Quest, a programme improving the investability of UK Games companies. Ms Cummings said: “Representation in video games is more important than ever, and technological limitations have long constrained the scale of customization developers could offer. With our proprietary technology and our upcoming game “You v Zoombies, we’re breaking those barriers—creating fully personalized, ever-evolving experiences for every player. This level of customisation was previously unattainable, but thanks to advancements in generative AI, we’re making it a reality right here in Wales.” Mr Cummings said:“Our technology enables autonomous AI-driven design decisions, from custom starting spells and upgrades to gameplay sequencing and story development. It’s an incredibly exciting breakthrough. “We’re also grateful for the support of gaming industry expert Nick Button-Brown and our funding partners, who share our vision for the future of personalized gaming.” Lead investor Mr Bishop said: “It was a pleasure to bring together a group of angels to support 10six Games, a new game development studio led by seasoned founders and gaming rockstars, Susan and Lee Cummings. They have a uniquely exciting vision for the next generation of player character and story customisation in games. Their track record is second to none and I look forward to supporting them in the future”. Tom Preene of Angels Invest Wales said: “This is a team surrounded by some of the top experts in the global games industry. They are working at the cutting edge of technology and are known for their innovation and creativity. Gaming is a growth industry, and it is exciting to think what it could mean for Wales as more developers start to recognise South Wales as a gaming hub.” The investment by the syndicate of angels was match funded by the Wales Angel Co-Investment Fund. With equity and loans from £25,000 to £250,000, the £8 million fund is available to syndicates of investors seeking to co-invest in Wales based SMEs. Syndicates are managed by Lead Investors who have been pre-approved by Angels Invest Wales. Cellar Drinks Powys-based Cellar Drinks has acquired Hurns Beer Company. The deal, the value of which hasn’t been disclosed, marks a significant milestone in Cellar Drinks’ ambitious growth plans. Hurns Beer Company will continue to operate from its existing depots in Swansea and Caerphilly and under its own name. The acquisition also brings opportunities for new and existing Hurns customers with an expanded product range, including new brewery partnerships, an extensive wine portfolio, premium spirits and soft drinks. Rhys Anstee, managing director of Crickhowell-based Cellar Drinks said: “I am thrilled to take on the stewardship of Hurns Beer Company and cannot wait to build upon its incredible legacy. Hurns has a rich history, and we are committed to honouring its past while also driving it forward into a new era. Our customers can look forward to unrivalled service levels as well as an expanded and diverse product offering, ensuring that we continue to be their trusted drinks supplier for years to come.” Connie Parry, from the Hurns family, said: “As a family, we are delighted to hand the keys over to Rhys. We have known each other for many years, and he is the ideal custodian to lead the business into its next chapter. The entire team is excited about the future and looks forward to working together to continue growing the business.” Chyrelle Anstee, director at Cellar Drinks Co, added:“Our new Hurns customers can look forward to a new online ordering facility, lots of engagement from key suppliers, and a new bi-monthly brochure that will allow them to focus on profitability in these uncertain times. We’re committed to offering innovative solutions that make doing business easier and more profitable for all of our customers.” The Hurns was originally established as the Hurns Mineral Water Company by Arthur A Hurn in the late 1800s. Burbank A Cardiff fintech start-up has raised £5m to support global expansion plans. It comes after Burbank earlier this month successfully demonstrated the world’s first certified online card-present transaction. Known as card-present over internet (CPoI) its tech platform redefines two-factor authentication so allowing shoppers online to simply tap their card to their mobile device and securely enter their PIN to complete a transaction, just like they do in-store. Until now, online payments were card-not-present (CNP) transactions, which have high and increasing levels of fraud. Currently, online merchants face over $40bn annually in fraud and charge backs, which is when a cardholder disputes a transaction and the merchant is obligated to provide a refund. The £5m seed funding round was led by Mouro Capital with participation from Anthemis (supported by Foxe Capital), Portfolio Ventures and others. These funds will accelerate the global roll out of Burbank’s platform. Justin Pike, the Newbridge-born founder and chief executive of Burbank, said, “We are extremely excited to bring this evolution in payments to the world. The payments experience should be the same for everyone, regardless of channel. “In-store we pay by tap and PIN, which is globally trusted and familiar, and now, for the first time ever, we’re enabling the same process in online channels. Simple, secure, and scalable. The way it should be.” Manuel Silva Martinez, general partner at Mouro Capital, said: “I’m thrilled to support Justin and his team of payments experts. Burbank offers a simple, seamless integration through a single while-label SDK (software development kit), which securely integrates into existing technology stacks, and supports multiple schemes on iOS and Android. It’s what the market needs.” Ruth Foxe Blader, general partner at Foxe Capital, added, “CPoI is the first protocol that legally shifts liability away from the merchant. It’s a massively scalable approach, with global demand.” Burbank’s advanced platform offers unparalleled convenience and robust security, empowering consumer-facing businesses to innovate in customer experience and unlock new revenue opportunities.” Burbank owns the intellectual property to its technology and said it will soon receive two global patents. Its revenue model will see it taking a percentage of the savings made for merchants on the cost of processing. Hugh James deal Cardiff headquartered legal firm Hugh James have advised the shareholders of Kent-based Highway Care Limited on its sale to Ramudden Global, a leading provider of infrastructure safety solutions. Kent-based Highway Care, a leading provider of innovative road safety solutions, offering a broad range of products, including permanent and temporary road barriers, mobile traffic products, automation systems, and security solutions. The acquisition by Ramudden Global ensures continued investment in the company’s product development, allowing it to expand its reach and enhance its service offering in the road safety sector. Huw James corporate and commercial partner Andrew Hoad led the deal, supported by solicitor Daniel Burke. Mr Hoad said: “It has been a great pleasure working with John and the Highway Care team throughout this sale. We congratulate Ramudden Global on their successful acquisition and look forward to seeing Highway Care continue to flourish under its new ownership.” Curtis Bowden & Thomas Acquisitive professional services firm Xeinadin has acquired south Wales accountancy firm Curtis Bowden & Thomas. The value of the deal for the firm, which has offices in Tonypandy and Bridgend, has not been disclosed. Established in 2003, Curtis Bowden & Thomas provides a range of general accounting and taxation services to local businesses. The 22-strong team will continue to operate from their offices with the support and resources of being part of Xeinadin’s network. The firm will continue to trade as Curtis Bowden & Thomas. Robert Lloyd, Stephen Smith, and Stephen Davies partners with Curtis Bowden & Thomas, said: “We’re excited to join Xeinadin and continue delivering the high-quality service our clients expect. South Wales faces distinctive challenges, from economic regeneration to skills shortages, and we’re confident that being part of Xeinadin will improve our ability to support local businesses. With access to a wider network of expertise and resources, we’ll be better equipped to help our clients navigate these challenges and drive sustainable growth.” Last year Xeinadin acquired Carmarthen-based accountancy firm Clay Shaw Butler and Bridgend-based Clay Shaw Thomas. Derry Crowley, chief executive at Xeinadin, said: “Curtis Bowden & Thomas has built a strong reputation in South Wales by providing businesses with the support they need to thrive, despite the unique economic challenges of the region. With a deep understanding of the local business environment, their expertise aligns well with Xeinadin’s commitment to supporting growth in Wales and we’re excited to welcome them to the team.”

Fintech giant Clearbank reports first full-year results as it expands across Europe

London-based fintech firm, Clearbank, has announced its full-year results at the group level for the first time, following its expansion across Europe. The company, which facilitates real-time clearing and embedded banking, reported a 63% increase in its fee-based income to £53.3m, as reported by City AM. Total deposits managed by the fintech reached £10.8bn, marking a 77% increase from 2023. However, despite these positive figures, Clearbank recorded a pre-tax loss of £4.4m on an adjusted basis at the group level. This loss was attributed to costs associated with its European expansion and the implementation of its new group structure. Nevertheless, the UK arm of the business maintained profitability for the second consecutive year, posting a pre-tax profit of £9.9m. Speaking to City AM, Clearbank's CEO Mark Fairless expressed satisfaction with the company's performance in 2024. He explained that the growth in fee income outpacing interest income was an "intentional" strategy, given the fluctuating macroeconomic climate and declining interest rates. With Clearbank now operating in 11 European markets and having received its European banking license in July, Fairless stated that growing the European bank is currently the main focus. He added: "Once we're more progressed with that, we're turning our attention to the US, which would be the next leg of the strategy." While the fintech is experiencing rapid growth, Fairless stated: "We're not focused on necessarily a unicorn crown." He emphasised that building a sustainable business and supportive infrastructure remains their top priority. When questioned about a potential IPO for Clearbank, Fairless responded: "All options are on the table." However, he couldn't commit to a specific listing, stating they would "take the call closer to the time". "So obviously, the vast majority of our presence is in the UK at the moment, that will balance out to Europe and then we'll enter the US market." "And then I think we'd look at what option would fit us best." Fairless also praised the thriving fintech climate in the Square Mile. "There's clearly a competitive market in the UK for that and we I think its recognised as a differentiator in the UK." He continued: "What's important is that we are supported in that kind of growth and in that sector and I think there's lots of conversations going on on that front."

London Stock Exchange's IPO market is 'nothing more than a dribble'

With only four IPOs initiated on the London Stock Exchange this year compared to 15 takeover bids, there's a rising concern among analysts that London’s equity markets are losing robust companies at an alarming rate. Commenting on this trend, AJ Bell investment analyst Dan Coatsworth expressed concerns about the market's performance, as reported by City AM. "It's now been nine months since the UK general election and the pace of IPOs is nothing more than a dribble," he remarked. While three out of the four firms initiating public offerings joined the LSE's junior market AIM, Achilles Investment Company was the sole new entrant on the main market with its £54m valuation. The spectre of rising taxes coupled with the turmoil instigated by US President Donald Trump's tariffs is contributing to "considerable uncertainty" for businesses. This uncertain climate has caused many firms to hesitate in moving forward with IPOs due to fears of volatile market conditions, as pointed out by Coatsworth. In a related discourse yesterday, Peel Hunt head of research Charles Hall emphasized the "urgent" need to bolster London’s equity markets to raise their appeal for forthcoming IPOs. Nevertheless, some signs of a turnaround are starting to show, with announcements in March from both authentication technology company Quantum Base and accounting firm MHA that they plan to go public later in the year. On another front, this year's most significant takeover overtures have featured KKR's £1.6bn bid for Assura, the £1.2bn deal proposed by Greencore for Bakkavor, and Dowlais' £1.1bn proposition from American Axle & Manufacturing. Most of these acquisitions have been made at a significant premium to the company's market capitalisation, indicating that UK equity markets may still be undervalued. "The second quarter has already got off to a strong start with Qualcomm expressing interest in potentially buying Alphawave IP," observed Coatsworth. Despite a lacklustre performance from IPOs so far this year, Coatsworth noted that speculation about new entrants is ramping up. Potential candidates for a London float in the coming months include Waterstones, gold mining firm NMMC, and banking group Shawbrook, which was delisted in 2017. Coatsworth also mentioned rumours that CK Hutchison might list its European, Hong Kong and South-East Asian telecoms operations in London. In addition to the 15 ongoing takeover situations, Coatsworth pointed out that there are still many potential targets for bidders on the market. These include B&M, whose share price has halved over the past year and is currently trading at 7.6 times its forward earnings. "It's either a bargain at that price or the market doesn't believe the earnings forecasts," commented Coatsworth. Halfords is another retailer that many expect to become a target due to its low valuation and the need for radical changes to its business model. Lastly, Jet2's share price is currently at its lowest level since 2023, presenting a potential opportunity for rival airlines to attempt a takeover.