October 29, 2025
October 9, 2025
The UK government has consolidated the previous R&D tax relief schemes—namely, the SME scheme and the R&D Expenditure Credit (RDEC)—into a single, unified framework. Referred to as ‘the merged scheme,’ this change aims to simplify the process, enhance compliance, and better support innovation across businesses of all sizes.
July 7, 2025
June 30, 2025
The recent announcement by Kreston Global UK firm, Kreston Reeves, that it is launching new ESG advisory services highlights that strong ESG credentials remain a crucial and relevant service for the mid-market, despite recent deadline delays. The “Stop the Clock” announcement by the EU Commission in April 2025 has given mid-market firms more time to prepare, not a total veto to all obligations, explains Christina Tsiarta, Chair of the Kreston Global ESG Advisory Group.
“While for some organisations there’s a legal requirement to comply, for example in the UK, where the Department for Business and Trade just released the exposure draft of the UK Sustainability Reporting Standards, for others, it’s a matter of strategic importance and a differentiating factor in the marketplace.”
The regulatory and commercial drivers for environmental, social and governance (ESG) action are still critical for the mid-market to get out in front of. From new sustainability disclosure standards to investor and stakeholder pressure, businesses are being asked to show how they are building long-term value beyond financial returns.
Kreston Reeves, a UK member of the Kreston Global network, has launched a dedicated ESG Advisory and Reporting Service in response to this shift — a move that reflects a wider trend across the network.
“As the Chair of the Kreston Global ESG Advisory Group, I’m particularly excited to see a major firm in the network like Kreston Reeves introduce ESG advisory services,” says Christina Tsiarta. “It shows how critical ESG reporting and compliance have become for organisations of all sizes.”
While regulatory momentum continues to build, Christina believes compliance isn’t the only driver.
“Whatever the incentive, undoubtedly managing ESG issues provides an opportunity for organisations, especially mid-market ones, to grow sustainably and achieve long-term resilience.”
Kreston Reeves’ new ESG Advisory and Reporting Service is designed to help organisations embed ESG into strategic and financial planning. It offers support in four key areas:
“Strong ESG credentials are no longer a nice-to-have — they are essential to long-term success,” says Dan Firmager, ESG Adviser at Kreston Reeves. “Yet many organisations still struggle to understand and apply ESG thinking to day-to-day business decisions. Our service is designed to bridge that gap.”
The firm has partnered with ESG software provider Neoeco to deliver data-driven insights that align with financial reporting and assurance standards.
“Our ESG Advisory and Reporting Service is designed to bridge that gap, helping clients embed ESG into the heart of their operations, reporting and governance frameworks.”
Christina adds: “This is just one example of how Kreston firms are stepping up to support clients in navigating ESG demands. As expectations grow, the ability to offer clear, finance-aligned advice on ESG will become core to the trusted adviser role.”
April 11, 2025
Kreston Reeves has carried out tax due diligence and advised the manufacturing business Hydraflex on its acquisition of Hydralectric International and its European subsidiaries in France and Slovenia.
Established in 1989, Hydraflex is a world leading manufacturer of high-quality speciality metal and braided hoses used across a wide range of building and manufacturing processes.
Hydralectric makes bespoke hoses and high-performance valves for the water industry. The acquisition will see both companies expand their manufacturing and distribution capabilities across Europe.
Kreston Reeves advised Hydraflex on the tax due diligence for the acquisition, working alongside Kreston Global member firm Groupe Conseil Union in France and the Slovenian accountants Simič & partnerji d.o.o.
The Kreston Reeves team was led by Senior Partner Andrew Griggs and supported by Mohammed Mujtaba (Corporate Tax), Amar Iqbal (Corporation Tax), Tanraj Bansal (VAT) and Tom Boniface (Private Client Tax).
Andrew Griggs said: “Mohammad and I are delighted to have worked alongside Hydraflex and colleagues in France and Slovenia on this deal. We are seeing an increase in cross-border corporate finance transactions, and as part of the Kreston Global network we are well-placed to work with businesses wherever they may be located.”
Duncan MacBain, CEO and founder of Hydraflex said: “This is an important acquisition for Hydraflex and Hydralectric International, significantly building our international reach.
“We are grateful to the teams at Kreston Reeves for the first-class support Andrew, Mohammed and their colleagues provided in the UK and through their partner firms in France and Slovenia. Their advice was on-point, ensuring the deal progressed quickly and efficiently.”
Addleshaw Goddard provided Hydraflex with legal advice with Sentio Partners providing corporate finance support.
March 17, 2025
February 18, 2025
The latest Kreston UK Academies Benchmark Report 2025 reveals a worsening financial outlook for academy trusts, with cost pressures continuing to outpace income for a second consecutive year.
The percentage of trusts reporting in-year financial deficits has tripled since 2021, rising from under 20% in 2020/21 to nearly 60% in 2023/24. This means around three in five academy trusts—responsible for more than 10,000 schools across England—are struggling to balance their budgets.
One of the biggest financial challenges facing trusts is the rising cost of teaching and support staff, cited by 81% of respondents. A key issue is that government funding for teachers’ pay has failed to keep pace with increasing costs. Demand for special educational needs and disabilities (SEND) provision is also adding to the financial strain, with significant budget deficits making it harder to provide essential support.
Smaller trusts are particularly vulnerable. In single academy trusts, staff costs have exceeded 75% of revenue income for the first time since 2022, impacting both primary and secondary schools.
Kevin Connor, head of academies at Bishop Fleming, warns that many trusts are heading towards a financial cliff edge. “Rising costs, including national insurance, teacher pay increases, and minimum wage adjustments, are not being fully covered by government funding. The number of pupils with Education, Health and Care Plans (EHCPs) has grown, but many trusts have had to absorb these costs themselves. Without urgent action, this could become an unsustainable financial burden on the sector.”
Financial reserves, which act as a safety net for trusts, are rapidly depleting. More trusts have been forced to dip into their reserves, with 31% now holding less than 5% of income in reserves—a threshold considered a sign of financial vulnerability by the Education and Skills Funding Agency. This figure has increased from 17% in 2022.
While multi-academy trusts (MATs) have, on average, maintained surpluses, these have declined sharply. Smaller trusts saw average surpluses fall from £203,000 in 2022 to just £1,000 in 2023/24. Larger MATs reported an average surplus of £99,000, compared to £1.56 million the previous year. The report reveals an overall net deficit of £8 million in free reserves across trusts for 2023/24.
David Butler, executive author of the report and partner at Bishop Fleming, says this trend is concerning. “Trust reserves are heading in the wrong direction. With cost pressures continuing to mount, there’s a real risk that smaller trusts could run out of money entirely.”
Nick Cross, CEO of King’s Group Academies, adds, “Reserves should be used for unexpected emergencies or investment in improving education. But too many trusts are having to rely on them just to keep schools running, which is not sustainable.”
Financial constraints are also limiting the expansion of trusts. The removal of the Trust Capacity Fund, which provided financial support for trusts taking on additional schools, has slowed growth, with more than half of trusts expecting to scale back expansion in 2024/25.
Size plays a key role in financial resilience, with over 60% of large MATs confident in their financial stability, compared to less than 50% of smaller trusts.
David Butler notes, “Rising costs and political uncertainty have put the brakes on growth in the sector. Larger trusts tend to be in a stronger financial position due to economies of scale. Many trusts are now weighing the financial risks before deciding whether to expand.”
Hannah Dell, chief operating officer at Gloucestershire Learning Alliance, says financial challenges are making it harder for trusts to take on new schools. “Many schools looking to join a trust are already facing deficits. We’ve had to reassess our growth strategy to ensure new schools are financially viable before they join us.”
Funding constraints are also making it harder for trusts to invest in school buildings and infrastructure. To maximise funding from the Condition Improvement Fund (CIF), trusts must contribute 30% of project costs—something that is increasingly difficult with shrinking reserves.
Many trusts are now diverting funds from already limited reserves to cover essential maintenance and repairs. This issue is particularly acute for single academy trusts, where capital income has fallen by 90% to less than £50 per pupil since 2022.
Kevin Connor highlights the challenge this presents. “There’s simply no financial flexibility to invest in major capital projects such as refurbishing classrooms or upgrading facilities.”
Despite the financial strain, the report highlights some areas of resilience within the sector. Some trusts have successfully increased investment income by securing more favourable banking interest rates, with a few generating over £1 million in additional revenue in 2023/24.
Energy costs have also become less of a concern, with only 12% of trusts listing heating and electricity as a top financial pressure. This is due to falling energy prices and ongoing efforts to reduce carbon footprints.
Other key findings from the report include:
The Kreston UK Academies Benchmark Report is an annual financial survey of 260 academy trusts, representing almost 2,300 schools across England.
To download the full Kreston Academies Benchmark Report 2025, click here.
October 29, 2024
Qmx Laboratories Ltd (Qmx) enlisted PEM Corporate Finance (PEMCF) to provide specialist transaction guidance to its shareholders throughout the sale process. Founded in 2013, Calibre Scientific—a global provider of life science reagents, tools, and consumables—emerged as the buyer. Calibre Scientific’s extensive reach and capabilities allow it to meet a wide range of client needs worldwide.
Headquartered in Thaxted, Essex, Qmx is a premier supplier of specialist chemicals and laboratory products for the environmental, chemical, life sciences, medical, and academic sectors. Known for its high standards, Qmx supplies reference standards and materials, delivering trusted, high-quality scientific solutions.
Reflecting on the sale, Dr. Glyn Banks, Managing Director and Founder of Qmx, said, “PEMCF provided invaluable guidance throughout, ensuring a successful outcome. Philip and his team were approachable, professional, and a pleasure to work with. This partnership with Calibre Scientific will support Qmx’s continued growth while maintaining our high standards of customer service and technical expertise.”
PEMCF’s Philip Olagunju and Darren Hagan led the negotiations, net working capital analysis, due diligence, and overall transaction support, with additional tax advisory support provided by Angus Wood from PEM.
Philip Olagunju, Partner and Head of PEM Corporate Finance, remarked, “This was an excellent transaction from start to finish. Working with Calibre Scientific again was a pleasure, and on the sell-side, PEM provided comprehensive, joined-up advice across compliance, tax, and transaction support. Congratulations to Dr. Banks and everyone involved—we wish Qmx and Calibre Scientific all the best for the future.”
Legal advice for Qmx was provided by Alastair Gunn and Martino Barzaghi of Buckles Law, while buyer-side legal support came from Jayne McGlynn of DWF Law.
October 28, 2024
Kreston Reeves has advised AxFlow UK on its acquisition of Moody Direct. AxFlow is one of the UK’s leading providers of pumps, valves, mixers and heat exchangers in the fluid handling sector and is part of the Axel Johnson AB group with operations across 26 European countries. Moody Direct is one of the country’s foremost suppliers of packaging solutions to the dairy, food and beverage industries and the chemical and pharmaceutical industries.
The Kreston Reeves team was led by Corporate Finance Director Craig Dallender and supported by Corporate Finance Manager Sakshi Gupta, Corporate Finance Assistant Manager Mark Cheung, Tax Senior Manager Mohammed Mujtaba, Tax Manager Karl Dillow and VAT Senior Tanraj Bansal. Legal advice to AxFlow was provided by Partner Danielle Austin at Geoffrey Leaver Solicitors.
Craig Dallender said: “It was a privilege to work alongside Diane and the AxFlow team on this acquisition. Kreston Reeves has built a strong buy-side corporate finance team, helping businesses grow through strategic acquisition. We are thrilled to have played a part in the continued growth of AxFlow.”
Neil Langdown, Managing Director of AxFlow UK said: “We are thrilled to welcome Moody to the AxFlow family. Its expertise in hygienic sales and servicing and reputation for best-in-class customer service will strengthen AxFlow’s existing position in the UK. Moreover, this will enhance our onsite service capability and enable us to offer our customers a comprehensive service offering for homogenisers, separators and plate heat exchangers.“
Diane Booth, Finance & Operations Director at AxFlow said: “I would like to thank the team at Kreston Reeves. Their advice has been timely, insightful and critical to get this deal done.”
Ken Wildm Director of Moody, said: “Moody’s success has been built on technical expertise and a commitment to customer satisfaction. Joining forces with AxFlow UK not only strengthens our ability to serve customers in our core segments of F&B and Dairy but also opens up new avenues for growth, particularly in the processing industries.”
If you are interested in doing business with Kreston Global, contact us here.
October 2, 2024
September 17, 2024
July 1, 2024
London: The Kreston Reeves Corporate Finance team have recently played a pivotal role in two significant financial developments for major infrastructure and cleantech companies.
The firm’s Corporate Finance team has successfully advised a global infrastructure services provider on securing a £5 million funding facility from HSBC. This facility is the first of its kind provided by HSBC in the UK. The London-based infrastructure company is known for its rapid growth and involvement in some of the largest construction projects worldwide, including data centres, utilities, and aviation projects across Europe.
The advisory team was led by Corporate Finance Director Craig Dallender, Corporate Finance Manager Sakshi Gupta, and Corporate Finance Assistant Managers Mark Cheung and Victoria Sunley. Corporate Tax Senior Manager Mohammed Mujtaba provided tax advice.
Craig Dallender commented, “We are delighted to work alongside this infrastructure services company and HSBC on this innovative funding facility. It will further contribute to the growth and development of this market-leading infrastructure developer. Kreston Reeves has a strong Corporate Finance team that can bring forward new and novel funding facilities for UK businesses.”
The infrastructure company’s Chief Financial Officer added, “As a company, we never stay still. We embrace change and thrive on new challenges, constantly looking to break into new sectors, new countries, and new opportunities. This funding facility from HSBC will help support that, and we thank Craig and the Kreston Reeves team for their support in securing this new facility.”
In another significant development, Kreston Reeves acted as Reporting Accountants for Time To ACT plc on its admission to the Aquis Stock Exchange (AQSE). Time To ACT plc, which was admitted on 29 May 2024, is the first admission of the year. The Middlesbrough-based company focuses on cleantech, renewables, and energy transition opportunities, with two main operating divisions: Diffusion Alloys and GreenSpur.
Diffusion Alloys supplies diffusion coatings that protect metal components in high-temperature and corrosive environments, such as hydrogen and nuclear energy generation. GreenSpur has developed innovative electrical generator designs for the wind industry that eliminate the need for Rare Earth magnets and copper coils without any loss in performance.
The Kreston Reeves team, led by Craig Dallender, Sakshi Gupta, and Senior Manager Jeremy Marshall, guided Time To ACT plc through the listing process.
Craig Dallender expressed his enthusiasm, stating, “We are thrilled to have worked alongside the TTA team on its admission to the Aquis Stock Exchange. It is an exciting step in its continued growth journey. Kreston Reeves has a strong reputation and track record in acting as Reporting Accountants to companies wishing to list on the Aquis exchange and shows the strengths we have to help businesses grow through listings, fundraising, and mergers and acquisitions.”
Chris Heminway, Executive Chairman at Time To ACT plc, remarked, “Listing on the AQSE Growth Market marks a significant milestone for the company, and I would like to thank the Kreston Reeves team for their assistance in making this day a reality. Time To ACT is committed to fostering innovation in this sector and developing engineering-led solutions for a cleaner, greener world. Being listed on the AQSE Growth Market will play an important role in helping us to deliver on this commitment.”
These achievements underscore Kreston Reeves’ expertise and dedication to supporting businesses through innovative funding solutions and strategic market listings.
If you would like to speak to one of our corporate finance experts, please get in touch.
June 14, 2024
Kreston Reeves has successfully provided transaction advisory services to A4P Consulting on its sale to LabConnect, a US-based leader in global central laboratory services and scientific-focused Functional Service Provider (FSP) solutions.
Headquartered in Discovery Park, Sandwich, Kent, with a subsidiary in Appenzell, Switzerland, A4P Consulting specialises in regulated bioanalysis and genomics, biomarker strategy, personalised healthcare, biosample operations, and bespoke logistics solutions. A4P serves a diverse clientele across various therapeutic areas, partnering with pharmaceutical and biotechnology companies, contract research organisations, and foundations/non-governmental organisations.
LabConnect, renowned for its innovative Central Laboratory Services and scientific FSP solutions, supports clinical trials of all sizes and complexity globally. As the demands of clinical trials and drug development have increased, LabConnect meets these challenges by providing comprehensive scientific and technical expertise, strategic lab data collection advice, and end-to-end analytical and logistical solutions tailored to each trial.
The acquisition of A4P Consulting by LabConnect significantly enhances LabConnect’s industry-leading position. This strategic move unlocks exciting opportunities for both companies to broaden their geographic reach and enhance their service offerings. Ian James, PhD., Co-Founder and CEO of A4P, expressed his enthusiasm for the future:
“I am excited for the future for both our customers and our valued staff, and grateful to the team at Kreston Reeves for bringing their experience and insights to get this deal across the line.”
The Kreston Reeves transaction advisory services team, led by Partner Scott Mile and Business Advisory Manager Jak Hill, with tax advice from Director Michael Haig, played a pivotal role in bringing this deal to fruition. Their expertise and insights were instrumental in navigating the complexities of the transaction, ensuring a successful outcome for all parties involved. This highlights Kreston Reeves’ exceptional capabilities in transaction advisory services.
Dawn Sherman, CEO of LabConnect, highlighted the complementary experience and expertise that A4P brings. The combined strengths of both companies provide clients with unprecedented access to cutting-edge scientific solutions, furthering the mission to create healthier communities and improve patient lives by accelerating the development of medicines.
If you would like to speak to one of our experts about transaction advisory services at Kreston Global, please get in touch.
James came on board at Kreston Reeves in 2017, bringing with him 13 years of valuable experience in assisting distressed businesses and individuals through advisory roles and formal procedures. Before his tenure at Kreston Reeves, James had already completed his professional qualifications and has since acquired a license to manage insolvency appointments independently. His extensive experience encompasses managing both solvent and insolvent cases, trading insolvent businesses, conducting intricate investigations, and handling resulting claims. Furthermore, James has successfully managed diverse and challenging asset portfolios. He has previously served as a committee member of a professional body and is keen on fostering education and training within the insolvency profession.
April 12, 2024
When considering resurrecting a dissolved company, such as the potential return of Woolworths to the UK, several complex issues arise, particularly around intellectual property (IP).
James Hopkirk, Restructuring Partner at Kreston Reeves, offers a detailed examination of these challenges in his article for AAT Magazine. For more comprehensive insights, please visit the full article on AAT Magazine’s website, or read the summary below.
The process of resurrecting a dissolved company hinges significantly on the legal and contractual conditions at the time of dissolution. If the disposition of IP was clearly addressed during the dissolution, the revival process tends to be smoother. However, ambiguities can lead to disputes and legal complexities, as detailed by Karen Feltham, MAAT, from Aligned Accountancy.
IP, by its nature as an intangible asset, presents unique challenges. It’s crucial to ensure all IP was appropriately documented and legally transferred or retained during the dissolution. Bai Cham, a partner at Begbies Traynor, highlights the importance of cataloguing all company IPs upon formation and addressing them thoroughly before dissolution. This approach simplifies the identification and management of IPs should the company be revived.
According to James Hopkirk, restructuring partner at Kreston Reeves, while resurrecting an old company is generally straightforward, managing IP can be complex. Essential steps include checking the availability of the company name at Companies House, understanding restrictions related to re-using similar trading names, and dealing with any IP that may have been sold or transferred.
Resurrecting a dissolved business involves navigating through legal documentation, handling intangible assets effectively, and considering potential tax implications if the company was previously wound down on a solvent basis. Accountants play a crucial role in ensuring that all aspects, especially IP, are thoroughly managed to prevent future complications.
For those involved in or considering the resurrection of a company, understanding these complexities is vital. For professional guidance on resurrecting a company, please get in touch.
April 11, 2024
