Experian’s latest data shows a drop in mergers and acquisitions (M&A) activity in the UK during the first half of 2025, reflecting economic uncertainty and a cautious business environment.
Deal volumes fell by 16% in H1 2025 compared to H1 2024, according to Experian’s MarketIQ report. Total values also declined, despite a slight quarterly increase, pointing to continued market headwinds for businesses.
Against this challenging market backdrop, HCR Law has remained resilient and retained its position as the UK’s leading legal adviser for M&A transactions, with notable growth in deal activity.
Since 2019, HCR Law has risen from fourth place to consistently hold the top spot for UK M&A deal volume, regularly advising on transactions of up to £300m in value. That momentum has continued: comparing the first six months of the current fiscal year to the same period in 2019, HCR Law’s Corporate team has achieved a 98% increase in national M&A activity.
The Corporate team has grown into a renowned practice comprising over 100 specialist corporate professionals. In 2024, the team successfully completed 420 transactions, reinforcing its position as a leading adviser in the UK M&A market.
Experian’s latest rankings place HCR Law first in the UK by a margin of 43 deals, demonstrating the Corporate team’s far-reaching capacity to deliver on transactions.
M&A activity in the Midlands
HCR Law leads the M&A market in the Midlands, reflecting a sustained period of regional growth.
In the first six months of the current fiscal year, the team achieved a 44% increase in M&A activity compared to the same period in 2019. This growth has been driven by rising client demand and strategic expansion.
Merger and acquisitions specialist, Jenna Ostrowski, recently joined HCR’s Birmingham Corporate team as Partner, marking a key milestone in the team’s development. The recent Legal 500 2026 rankings reinforce this momentum, with the Corporate and Commercial team retaining its Tier 1 position in the West Midlands and Birmingham.
Commenting on the regional M&A market, Alison Scott, Partner and Head of Midlands Corporate Team, said: “Deals are still being done, although they’re sometimes taking longer to complete. We’re seeing extended due diligence processes, particularly in the early stages of financial due diligence. Buyers and sellers alike are becoming more selective, carefully weighing up the best opportunities.
“Despite this, 2025 has been a busy year, with a record number of deals reported in the region. This momentum looks set to continue, with many transactions already in the pipeline for Q1 and Q2 of 2026.”
Jenna added: “While some deals may be taking longer to complete – particularly due to extended financial due diligence – we’re still seeing a healthy volume of transactions progressing to completion. We’ve got a strong pipeline of deals aiming to complete before the end of the year or early next year. That’s a sentiment echoed by our colleagues in other regions.”
In terms of sector trends, the Midlands’ industrial and automotive sectors remain central to the region’s economy. The recent cyber-attack on JLR has had a knock-on effect on its supply chain, with some businesses pausing activity. At the same time, private equity interest in professional services businesses continues to grow, reflecting national trends.
Looking ahead, the West Midlands’ vast industrial base and wealth of owner-managed businesses present real M&A opportunities. However, many potential buyers are based outside the region – often overseas – and the impact of US trade tariffs is also being felt.
Access to funding also remains a hurdle for some smaller M&A transactions, while the current macroeconomic backdrop, both in the UK and globally, continues to have an impact. Some businesses are finding it difficult to demonstrate consistent profitability, giving buyers room to renegotiate terms.
Even with market headwinds, HCR Law’s Corporate team continues to demonstrate resilience and adaptability, helping clients navigate complex transactions and seize opportunities for growth.
Richard Wilkey, Head of Corporate at HCR Law, said: “Despite the challenges in the UK’s M&A landscape, our latest Experian rankings reflect the strength of our client relationships and the depth of our experience. Our reputation for specialist expertise, particularly in the PE mid-market, and client-focused advice has kept us at the forefront of dealmaking as we move into the second half of the year.
“Our clients are at the heart of everything we do. We support them through key decisions at every stage of their business journey, from early growth to strategic acquisitions, and their continued trust in HCR is something we value deeply.
“Our Corporate team continues to deliver a high volume of complex, international and high-value deals, even in tough market conditions. The team is also growing across England and Wales, with several senior hires this year – a clear sign of our momentum and commitment to client success.”