In the sixth episode of The Private Company Valuation Forum, Richard Angus, Head of Business Development at Hardman & Co, is joined by industry experts Doug Lawson of MarktoMarket and David Battey of Lumaca Capital to explore topics ranging from deal volumes and valuation multiples to liquidity pressures and investor alignment. After what is largely perceived as a challenging year in 2025, how healthy is deal activity really? Are multiples still holding up, or is the market resetting? How are founders navigating these challenges, and what trends are shaping the market for the year ahead?
Doug Lawson begins with a data-led overview of UK M&A and fundraising activity in 2025. From an investor perspective, David Battey considers the challenge of liquidity. The conversation explores which companies are the most likely to attract funding and succeed in this selective environment.
Private company valuations in 2026 are likely to be shaped by a mix of resilience and selectivity. Deal activity remains steady despite headline uncertainty, but valuation multiples have softened, particularly for smaller businesses, while larger, high-quality assets continue to command premiums. Size, sector, and market dynamics play a critical role, with fragmented markets like testing, inspection and compliance (TIC) and logistics offering opportunities for strategic growth and buy-and-build approaches.
Liquidity and investor alignment are now central to success. Companies approaching institutional funding rounds need clear pathways to profitability, disciplined operational planning and strong communication with investors. Those that can demonstrate financial clarity, strategic foresight and scalable growth are best positioned to secure funding and navigate a tighter, more selective capital environment.
Watch the full discussion to see the trends, the numbers and what might happen next, and get in touch with Richard if you are interested in finding out more about our corporate valuation work.
All previous episodes of the PCV Forum are available to watch Talking About Value on our YouTube Channel.
