Episodes

  • S3 Ep2: M&A Zing (S3 Ep. 2) –Culture and Cash Discipline: Craig Brennan on Buying 60 Nurseries,

    S3 Ep2: M&A Zing (S3 Ep. 2) –Culture and Cash Discipline: Craig Brennan on Buying 60 Nurseries,
    Jan 29 2026

    Gareth sits down with Craig Brennan to unpack how he’s grown a 60-site nursery group through patient dealmaking, strong operating cadence and a people-first culture. We get into deal structures (including vendor terms), what really moves EBITDA in childcare, how to integrate without breaking quality, and the mistakes that taught the biggest lessons. If you’re eyeing roll-ups in regulated services, this one’s a blueprint.

    What you’ll learn: how to source and negotiate owner-led acquisitions, the KPIs that matter (occupancy, wage ratios, fee strategy), when to centralise vs leave local, handling staffing headwinds, and why sellers care about continuity as much as price.

    Highlights include: the first “lightbulb” acquisition, spinning up a nurseries platform during Covid, six deals last year, keeping Ofsted-grade standards tight during integrations, the hardest lesson about outgrowing people, and three mistakes new buyers make.

    Timestamps
    [00.12] Intro and Craig’s background
    [02.11] Ask For Group today
    [04.47] From organic growth to first acquisition
    [06.14] Professionalising the business
    [10.47] Covid, regulation and safeguarding realities
    [13.50] Demand, occupancy and parent expectations
    [17.13] Leadership: letting go and building the team
    [20.09] Debt, cash management and growth pace
    [21.30] Valuations, deal flow and multiples
    [24.22] Sourcing: direct to owner vs brokers
    [28.49] What sellers care about beyond price
    [31.14] Turnaround case study and bounce-back loans
    [35.08] Headwinds: staffing, wages, ratios
    [40.11] Quality and safeguarding as non-negotiables
    [44.07] KPIs that move the needle
    [45.19] Advice to first-time acquirers
    [47.09] Wage choices, pricing and the employer brand
    [48.56] Operating cadence and systems
    [53.08] Closing and thanks

    Guest: Craig Brennan - Chairman, SK4 Holdings; CEO & Founder, LSC; CEO & Founder, Nurtured Childcare; Owner, Cheadle Town FC.
    https://www.linkedin.com/in/craigbrennanlsc

    BizCrunch - the turnkey solution for peer-to-peer succession M&A
    www.bizcrunch.co
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    54 mins
  • S3 Ep1: M&A Zing (S3EP01) - AI for Due Diligence: Reccy’s Andrew Stace on Faster, Smarter Deals

    S3 Ep1: M&A Zing (S3EP01) - AI for Due Diligence: Reccy’s Andrew Stace on Faster, Smarter Deals
    Jan 21 2026

    Can AI cut due diligence time from weeks to days without missing red flags? For the first episode of Season 3, Gareth talks to Andrew Stace, CEO and co-founder of Reccy, about using AI to review data rooms, surface risks quickly, and help mid-market buyers reach conviction faster. We cover where AI genuinely helps, where guardrails matter, and how deal behaviour is shifting when bandwidth and fees are tight. Chapters built directly from the episode transcript.

    You’ll learn:
    • What Reccy actually does vs traditional data rooms
    • How the “Insights Report” works and what it covers
    • Privacy, hallucination control and accuracy trade-offs
    • Why funds ration questions and slow-walk in hot markets
    • How AI compresses the whole deal timeline and changes seller strategy

    Chapters
    [00.12] Andrew & Reccy
    [09.45] The diligence pain AI can fix
    [16.23] What Reccy actually does (pillars & workflow)
    [20.24] Inside the Insights Report
    [21.42] Privacy, guardrails, accuracy
    [26.23] How funds triage questions now
    [31.21] Reaching conviction faster with AI
    [36.02] Compressed deal timelines
    [40.08] Why build in the UK
    [46.22] Pricing for the mid-market
    [50.14] Where models and ROI are headed
    [51.54] One due diligence tip you can use today

    Links
    Reccy AI: https://reccy.ai
    Andrew Stace: https://www.linkedin.com/in/andrew-stace/
    BizCrunch: www.bizcrunch.co

    #MandA #DueDiligence #AI #SearchFunds #ETA #DealMaking
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    54 mins
  • S2 Ep20: M&A Zing (S2EP20) - Buy-Side Breakdown: AI Music Creation Platform at ~3.5x Revenue

    S2 Ep20: M&A Zing (S2EP20) - Buy-Side Breakdown: AI Music Creation Platform at ~3.5x Revenue
    Dec 4 2025
    AI Music SaaS: 3M+ Users, 80% Margins, ~£560k Profit — smart bet or burning platform?

    In this Buy-Side Breakdown, we analyse a consumer-led AI music tool listed on Acquire. It reports ~3m users, c.3,700 subscribers, ~$700k TTM revenue and ~80% margins, but growth has stalled around 2% and churn raises questions. We dig into valuation, unit economics, platform risk, and who should actually buy this.

    What you’ll learn:

    • Why a low revenue multiple can be rational for fast-moving AI products
    • How freemium novelty skews funnel metrics and inflates “users”
    • The big risk: owning the model vs being an API skin (and why it matters)
    • LTV/CAC reality with $14 ARPU and ~$95 LTV
    • The credible playbook to shift from DTC novelty to sticky B2B use-cases
    • Who the natural buyer is, and how we’d structure a sensible offer


    Chapters

    [00:13] Welcome + what this episode covers
    [00:45] Today’s target: AI music SaaS on Acquire
    [02:00] Valuation surprise: low revenue multiple
    [02:20] Spotting the company and competitor set
    [02:42] Users, revenue, margins: headline numbers
    [03:19] Why is the multiple so low? Growth has stalled
    [03:41] Plateau, novelty and the freemium trap
    [04:29] Replacing churned users: the DTC treadmill
    [05:15] Novelty vs durable users (App Store déjà vu)
    [07:26] Funding arms race and retention quality
    [08:23] Why sell now? “New venture” and a well-funded rival
    [09:39] Ads, seasonality, and compute tweaks
    [11:15] Do they own the model or rent an API?
    [12:11] Moat signals and the frontend tells
    [13:42] Churn: what does “10% and ↓” actually mean?
    [14:48] Making it stickier: monetising UGC, tightening freemium
    [15:22] B2B niches with real longevity
    [17:30] AI artists, detection, and industry reality
    [19:13] Streaming economics: what plays pay
    [22:28] Touring vs streams when costs fall
    [22:50] Listing “growth levers”: read between the lines
    [24:05] LTV/CAC sanity: beware the averages
    [25:32] Key metrics revealed: subs, ARPU, LTV
    [26:58] Unit economics: gross margin vs cost to serve
    [27:25] Who buys this? Strategic tuck-in
    [28:12] Why a tuck-in makes more sense than solo
    [29:34] If they owned the model, different story
    [30:21] Why sell vs keep: operator incentives
    [30:45] Multiple vs effort: haggling stance
    [31:21] How we’d price and structure it
    [32:00] Vote: Alfie
    [32:53] Vote: Co-host
    [33:39] What would change our minds
    [34:26] Process status on Acquire
    [35:32] Wrap-up and listener CTA
    [35:59] Outro

    Have experience in AI music generation, or B2C SaaS? Leave your thoughts and comments below!


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    36 mins
  • S2 Ep19: M&A Zing (S2EP19) - Margins & Machines: Buy-Side Breakdown of a 30 year Machining Business

    S2 Ep19: M&A Zing (S2EP19) - Margins & Machines: Buy-Side Breakdown of a 30 year Machining Business
    Nov 20 2025
    Another Buy-Side Breakdown: we unpack a 30-year CNC machining business reporting ~£2.4m turnover and unusually strong margins. This isn’t a fluffy walk-through. We dig into why the balance sheet shows lots of cash but little kit, what that implies for near-term CapEx, how to price customer concentration into the SPA, and where real upside lives with CAD/CAM copilots, cobots and lights-out runs.

    What you’ll learn

    • How “cash-rich, kit-light” balance sheets happen in precision engineering and how to underwrite CapEx properly

    • Simple structure levers for concentration risk (deferral, performance conditions, warranties)

    • Where margins come from: materials mix, repeat production, utilisation, and automation that actually pays back

    • Operator fit: why engineering fluency beats spreadsheet swagger in this category

    • A practical valuation frame for deals like this (illustrative only)

    Deal snapshot (from the listing):
    Age: ~30 years
    Revenue: ~£2.4m
    EBITDA: strong (listing cites ~30% adj.)

    Watch-outs: low book value of fixed assets, likely customer concentration, retiring owner

    Tailwinds: UK reshoring, defence demand, CAD/CAM + cobot ROI

    Who this is for:
    Searchers, ETA operators, holdco builders, and trade buyers eyeing fragmented UK precision engineering. If you’ve ever asked “Where’s the value in a CNC shop?” this episode answers it.

    Timestamps
    [00:00] Intro and ECI Awards notes
    [01:21] Macro mood: cold weather, hot budget, deal appetite
    [03:12] The listing at a glance
    [04:06] Cash vs kit: where are the assets?
    [05:08] Lease vs aged machines, CapEx reality
    [06:09] Materials, sectors, margins
    [07:12] High-value runs and lights-out operations
    [08:25] CAD/CAM copilots and cobots, ROI in practice
    [09:33] Reshoring tailwinds and UK advantages
    [11:12] Talent gaps and apprenticeships
    [12:21] Who buys this: trade vs searchers
    [13:06] Operator fit matters
    [13:46] Valuation and structure
    [15:01] Diligence priorities
    [16:26] Deal-breakers and mitigations
    [17:56] Final vote
    [18:25] Wrap

    Resources & next steps

    Diligence checklist (customers, QoE, kit audit, people, automation, compliance, structure) is in the show notes

    Got CNC/precision experience? Add your take in the comments so buyers can sanity-check assumptions

    Got a spare coat? Give it to someone that needs it: https://wrapupuk.org/

    #CNC #PrecisionEngineering #Manufacturing #Reshoring #MergersAndAcquisitions #SearchFunds #ETA #SME #DealFlow #UKBusiness
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    40 mins
  • S2 Ep18: M&A Zing (S2EP18) - Beyond “ABC”: The Art and Practice of Good SMB M&A with Andrew Longcore

    S2 Ep18: M&A Zing (S2EP18) - Beyond “ABC”: The Art and Practice of Good SMB M&A with Andrew Longcore
    Nov 13 2025
    This week Gareth is joined by Andrew Longcore - Managing Partner at Business Law Group and Founder of Cecil Sterling & Co. - to unpack what makes a good small-to-mid market deal and how to avoid the traps new acquirers fall into. Andrew’s mission is simple: help entrepreneurs “defeat the unknown” in transactions. We get into buy-side vs sell-side realities, why many SMBs underuse acquisitions for growth, how to balance legal diligence with the human factors, and practical ways to structure deals so both sides win post-close. Highlights include: creative risk-sharing beyond cookie-cutter terms, funding constraints for services businesses, handling seller remorse, assembling the right deal team, and why empathy is a competitive advantage in M&A. If you care about buying well and operating better, this is a sharp, no-fluff playbook from someone who’s seen hundreds of transactions. [00:13] Intro to Andrew [00:49] Founding Business Law Group → launching Cecil Sterling [02:04] Why SMBs matter: community, jobs, and overlooked deals [03:27] “Defeating the unknown” in transactions [04:43] Diligence vs personalities: where the real risks hide [05:37] Why SMB owners underuse M&A for growth [06:38] Freedom, control and buying time via deals [07:39] Don’t underthink post-close: vision before closing [08:53] What “good deal” feels like (both sides win) [10:11] Trust, remorse and structures that actually hold up [11:47] US vs UK/EU risk appetites and financing realities [12:40] People first, numbers second… but don’t skip the numbers [13:58] Empathy as an M&A edge [15:12] Paying for future performance without overpaying today [16:14] New blood, influencer myths and real landmines [17:51] Managing complexity, assembling the right deal team [19:36] Building firms, loneliness of leadership, finding your “Yoda” [21:07] Operating cadence and alignment (EOS) [22:00] Goals for the next 12 months [22:33] How to reach Andrew; closing takeaways Show notes Guest: Andrew Longcore Managing Partner, Business Law Group: https://www.businesslawgr.com/ Founder, Cecil Sterling & Co: https://www.cecilsterling.com/ Focus: SMB buy-side and sell-side transactions, legal and advisory, post-close integration. Topics: risk allocation, seller psychology, services-business funding, creative structures, deal team makeup, EOS after the acquisition. Find Andrew on LinkedIn: / andrewlongcore Host: Gareth Hawkins - CEO BizCrunch: https://www.bizcrunch.co/
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    50 mins
  • S2 Ep17: M&A Zing (S2EP17) - People, Culture, AI: Toby Henry’s ETA Blueprint for Sustainable Change

    S2 Ep17: M&A Zing (S2EP17) - People, Culture, AI: Toby Henry’s ETA Blueprint for Sustainable Change
    Oct 29 2025
    In this week's M&A Zing interview, Gareth talks with Toby Henry - former consultant and fintech exec turned acquisition entrepreneur - about buying and running Accelerator Solutions, a 25-year-old learning, research and people-based consulting firm. We cover: ̇Why he chose self-funded ETA over a traditional search Structuring a partnership-style deal where founders stay on Leading a people and culture business as a first-time CEO Where AI genuinely helps SMEs without breaking culture Creative funding, lender realities for services, and building an M&A roadmap Whether you’re planning your first ETA deal or wrestling with post-close culture, this one’s stacked with practical detail. ⏱️ Timestamps [00:13] Cold open and show intro [01:36] Guest setup: Toby Henry, Accelerator Solutions [01:55] Whistle-stop career tour request [03:40] Consulting years, Alpha FMC culture [04:29] Fintech leap: Tenx and building Chase UK [05:26] Disillusionment and discovering ETA [06:35] Why buy vs build: authentic entrepreneurial pull [07:51] Stanford/HBR rabbit hole [09:32] Traditional search tradeoffs vs control [11:00] Choosing self-funded: scope, savings, debt [13:26] What builds high-performing orgs [15:24] Scaling 60 → 600 and culture on purpose [16:38] First-year CEO lessons: delegation, trust [18:28] Buying a people business… then proving you 'get' people [19:22] Day-one transition: vulnerability and continuity [21:35] Values/brand refresh that stuck [23:28] Working groups to fix pain points [24:25] Deal sourcing: why brokered, why services [26:21] Why Accelerator fit [28:02] Deal structure: sellers stay in [29:35] Sellers’ motivations and roles [31:15] Timeline & funding realities for services [33:19] Creative financing via asset-backed facility [35:25] Skin in the game, sustainable growth [36:23] Deal team shout-outs [36:57] Biggest challenge: soft market, real L&D [38:55] Managing humans: messy, rewarding [39:40] Next 12–18 months: 3-part plan [40:21] AI offering for SMEs and post-search [41:22] Next acquisition thesis [42:14] Mentors that mentor [45:03] Peer group that actually helps [45:23] Work–life blend with young kids [48:06] Advice for ETA jumpers [49:59] Momentum hack: mum’s laptop, no excuses [50:16] How to reach Toby [50:34] Closing: people and culture drive performance [51:15] Post-show logistics and sign-off Guest: Toby Henry, CEO at Accelerator Solutions; Founder, Full Circle Capital LinkedIn: search “Toby Henry Accelerator Solutions” Site: www.acceleratorsolutions.com Hosts: Gareth Hawkins, Co-founder & CEO, BizCrunch www.bizcrunch.co
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    51 mins
  • S2 Ep16: M&A Zing (S2EP16) - Vinyl Roll-Up or Romantic Relic? Breaking Down a £9.7m Turnover Listing

    S2 Ep16: M&A Zing (S2EP16) - Vinyl Roll-Up or Romantic Relic? Breaking Down a £9.7m Turnover Listing
    Oct 23 2025
    This week’s Buy Side Breakdown dissects a vinyl and merchandise producer listing touting ~£9.7m revenue and ~£1.83m adj. EBITDA, “fully relocatable,” and “outsourced everything.” We unpack the reality behind the broker gloss: market wobble vs long-term demand, EOT complications, asset-purchase logic, and whether this is a platform play or a bolt-on for a fan-commerce roll-up.

    What you’ll learn:

    How to read “outsourced” manufacturing claims without getting rinsed

    EOTs, carve-outs and HMRC tripwires a buyer should sanity-check

    The real moat here: distribution, design and label relationships

    Print-on-demand vinyl: margin killer or new product rail?

    Lender appetite for cash-flow deals with carve-out friction

    DD checklist: contracts, territories, exclusivity, run economics

    Deal structures to share downside and keep upside alive


    🕒 Timestamps


    [00:13] Welcome back to The M&A Zing (Buyside Breakdown)
    [00:40] Why this listing: vinyl, merch, big claims
    [01:14] Headline numbers: £9.7m revenue, ~£1.83m adj. EBITDA
    [02:00] Who might it be and why a carve-out now
    [03:16] Has the vinyl “renaissance” peaked? Market wobble chat
    [05:56] Group turnover dip and what it could signal
    [06:43] EOT sale last year: tax, control and sale complexity
    [08:36] Why this likely needs an asset purchase
    [10:12] “Fully outsourced” production: what are you actually buying?
    [11:57] Limited editions, picture discs and inventory risk
    [12:46] Low stock on hand: how demand planning works
    [13:50] “Relocatable” claims vs London label relationships
    [15:12] Secret sauce: distribution, design and the D2C shopfront
    [16:41] 25k-person list vs 15k runs: B2B vs D2C reality
    [18:59] Broker language vs operating reality: questions to ask
    [19:39] Tech shift: print-on-demand vinyl and margins
    [23:18] Lender view: cash-flow lending, carve-out headwinds
    [25:07] No hard assets; pricing the goodwill and risk
    [26:26] Deal structure ideas: deferred, earn-out, vendor support
    [27:19] Due-diligence musts: contracts, territories, exclusivity
    [28:30] Where is the gross margin actually earned?
    [29:49] Org chart: strong team… and a heavy cost base
    [30:15] Adjusted EBITDA vs filed operating profit
    [31:04] Sales team and why contracts probably exist
    [32:22] Who should buy this: bolt-on vs platform
    [33:55] Building a fan-commerce flywheel (segments, communities)
    [35:13] Focus and rationalise: chasing 50%+ blended GM
    [36:48] Leverage, runway and right-sizing for today’s market
    [38:39] Carve-out funds offering “soft landings”
    [39:20] Verdicts: two thumbs up, with caveats
    [40:40] Wrap, shout-outs and keep on crunching

    Links:

    Listing: rightbiz.co.uk/buy_business/for_sale/518833_relocatable.html

    BizCrunch: helping SMB buyers and sellers move faster with data-driven tools www.bizcrunch.co

    #MandA #SearchFunds #SME #Buyside #BizCrunch #CarveOuts
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    42 mins
  • S2 Ep15: M&A Zing (S2EP15) - Brilliant Alone, Louder Together: Tonia Nagle on Agency Roll-Ups & No-PG Deals

    S2 Ep15: M&A Zing (S2EP15) - Brilliant Alone, Louder Together: Tonia Nagle on Agency Roll-Ups & No-PG Deals
    Oct 16 2025
    Tonia Nagle has sat on both sides of the table: scaling at P&G and leading transformations across FMCG, telecoms and agencies. Now she’s buying and building a collaborative group where independent cultures thrive. This episode goes deep on roll-ups done right, no-personal-guarantee structures, and operator playbooks that actually scale. In this episode, you’ll learn: How to filter 26,000 UK agencies for true scale potential and collaboration The deal stack Tonia uses (no PGs), including earn-in and convertible loan notes Post-merger integration that preserves identity yet shares services where it counts The GROWTH framework: Get Right fit, Restructure capital, Observe & Orient, Win hearts & minds, Transform systems, Harvest value Why leadership pods, outcome-based delegation, and KPI cadences unlock consistency How The Whole Caboodle’s AI product creates studio-grade car imagery and explainer video at scale Timestamps ⏱️ [00:13] Welcome to The M&A Zing [00:57] Tonia’s “squiggly” career and ETA spark [02:49] From Lloyd’s + music startup to P&G [04:42] The “build better” mindset across sectors [06:36] Why buy over build (family, rowing, energy) [07:57] Shareholder not employee: choosing ETA [09:59] Post-deal reality: stepping in as acting MD [12:06] Indie Rock Group thesis: brilliant alone, louder together [13:07] 26k UK agencies: filtering for scale and collaboration [15:43] Breaking glass ceilings: leadership teams, outcomes not tasks [18:52] Client quality and keeping relationships after founder exit [20:56] Deal structuring with no bank debt or PGs [22:19] WBO, earn-in and 3-year convertible loan note [25:03] Keeping founders engaged: salary, CLN interest, 12% equity [27:04] PMI without killing culture or identity [29:54] Shared services that help (HR, finance, marketing pods) [32:28] Decide origin story and Roger Hargreaves link [34:31] Owner mindsets in 2025: more options, better planning [36:46] Beyond “roll up the numbers”: real differentiation [38:55] The GROWTH framework, step by step [42:58] Biggest challenge: consistent buy-in and cadence [46:36] The one hire: pairing CEO with a strategic CFO [48:30] AI tailwinds: car imagery & explainer video product [50:55] 12-month targets: 4 companies, ~£16–20m revenue [52:29] How to reach Tonia (LinkedIn) [53:10] Close and sign-off Connect with the guest: Tonia Nagle (LinkedIn) / tonianagle Decide - strategic brand activation (Newcastle/Leeds) https://www.wearedecide.com/2 The Whole Caboodle - automotive digital specialists (Harrogate) https://www.thewholecaboodle.com/ 💬 Join the conversation on LinkedIn with #MAZing 💻 Find your own deals with BizCrunch www.bizcrunch.co #MandA #SearchFunds #SME #BizCrunch #AgencyRollUp #ETA
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    54 mins