
SMEs are prioritising safety over returns on reserve cash balances. Flagstone says many still favour high street banks, despite lower rates and uneven FSCS coverage.

Investors are redrawing ESG around health, governance, and measurable outcomes. A Berenberg survey reported by The Times suggests climate has slipped behind more specific themes as fund managers respond to tighter rules, weaker fund flows, and demand for clearer investment cases.

March brought fewer US deals, but larger and sharper ones. A small group of food, power, insurance, and pharma transactions defined the month, as boards pursued scale and resilience in a volatile market.

March’s UK dealmaking favoured scale, specialism, and cross-border conviction again. Unilever’s food combination with McCormick led the month, while Zurich bought Beazley, Rosebank expanded in U.S. industrials, EQT backed Yorkshire Water’s parent, and Savills moved for Eastdil Secured in a month shaped by strategic, selective, higher-conviction buyers across the market.

March showed Europe’s dealmakers still moving through volatility and scrutiny. The month’s biggest stories centred on cross-border ambition, defensive consolidation, and portfolio reshaping, even as oil shocks, inflation fears, and regulatory questions kept boards cautious.

Herbalife is pushing deeper into data-driven personalised nutrition globally now. The company plans to acquire certain Bioniq assets, with Europe and the US first in line for the rollout.

Strong ESG performance can materially reduce tourism companies’ failure risk. New research links stronger ESG scores to lower earnings volatility and better survival odds across the sector.

NatWest has agreed to sell Mentor to Empowering People Group. The bank will keep referral access in place while the consultancy moves to a specialist owner in the second half of 2026.

Octopus Energy acquires majority stake in Uplight for US expansion. The acquisition, in partnership with Schneider Electric, will address rising electricity demand due to data centres and electrification.

Ministers tighten payment rules for large business buyers today. Proposed reforms would cap terms at 60 days, mandate interest on overdue invoices, expand enforcement powers, and bring payment performance closer to board scrutiny, though the measures still require legislation and some of the most significant changes would not take effect before 2027.