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Your term sheet is also a job description
Ray Nicholls Ray Nicholls

Your term sheet is also a job description

Boards spend six weeks negotiating structure, then write a finance job specification in entirely generic language. The two conversations never meet. They should — because the terms you sign go a long way towards defining the finance function you now need.

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Interim vs permanent CFO: how to decide
Ray Nicholls Ray Nicholls

Interim vs permanent CFO: how to decide

When a CFO leaves, most businesses answer the interim vs permanent question too quickly — and create a second problem before they've solved the first. Here's a clear framework for working out which structure is right for where your business actually is.

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CFO salaries in PE-backed businesses: what to expect in 2026
Ray Nicholls Ray Nicholls

CFO salaries in PE-backed businesses: what to expect in 2026

When PE investment arrives, expectations on the finance function accelerate immediately. Here's a clear breakdown of what CFO compensation looks like in PE-backed UK businesses in 2026 — base, bonus, equity and the real cost of the hire.

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What does an interim CFO actually cost in 2026?
Ray Nicholls Ray Nicholls

What does an interim CFO actually cost in 2026?

Interim CFOs are not expensive. Leaving a finance leadership gap for six months is expensive. Here's a clear breakdown of what interim finance leadership actually costs in 2026 — and what you're really paying for.

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UK Startup Creation Is Cooling — But the Real Story Is What Happens Next
Ray Nicholls Ray Nicholls

UK Startup Creation Is Cooling — But the Real Story Is What Happens Next

The latest UK startup data paints a nuanced picture of the entrepreneurial landscape.

On the surface, new company formations dipped slightly in 2025. But beneath the headline, the UK business base continues to expand — and for founders, investors and finance leaders, that distinction matters.

For growing businesses, the question is no longer simply about starting up.
It is about surviving, scaling, and professionalising finance earlier in the journey.

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UK Turnaround Demand Remains Firm — But the Real Pressure Is Beneath the Surface
Ray Nicholls Ray Nicholls

UK Turnaround Demand Remains Firm — But the Real Pressure Is Beneath the Surface

The latest quarterly snapshot from the turnaround market paints a picture that will feel familiar to many UK boards and investors.

Activity in restructuring and turnaround remains robust.
Distress levels are edging upward.
And while insolvency numbers have softened slightly, the underlying pressure on UK businesses has not gone away.

For finance leaders and investors alike, the message is clear:
stress is building quietly rather than breaking loudly.

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CFO Turnover Is Rising Globally — But the Real Risk Is Poor Succession Planning
Ray Nicholls Ray Nicholls

CFO Turnover Is Rising Globally — But the Real Risk Is Poor Succession Planning

Across global markets, one trend is becoming impossible for boards and investors to ignore:
CFO turnover is no longer an occasional disruption. It is becoming a structural feature of modern governance.

Recent global data shows CFO appointments reached a seven-year high in 2025, reinforcing that elevated transition levels are not a short-term correction but an enduring shift in leadership dynamics.

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The Rise of Women Angel Investors — and Why It Matters for UK Growth
Ray Nicholls Ray Nicholls

The Rise of Women Angel Investors — and Why It Matters for UK Growth

A recent report from Beauhurst highlights a quiet but meaningful shift taking place inside the UK’s early-stage investment ecosystem: the rapid growth of women angel investors.

At first glance, this might look like a diversity story.
But look a little deeper and it becomes something far more significant — a signal about how capital, innovation, and leadership are evolving across the UK economy.

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UK Private Equity in 2025: Not a Slowdown — A Selection Event
Ray Nicholls Ray Nicholls

UK Private Equity in 2025: Not a Slowdown — A Selection Event

UK Private Equity in 2025: Not a Slowdown — A Selection Event

Periods of market adjustment are often described in terms of decline:
fewer deals, slower momentum, weaker sentiment.

But the UK equity market in 2025 tells a more interesting story.

Deal volumes fell again — yet capital deployment held firm and average deal sizes increased.
In other words, activity didn’t disappear. It became more selective.

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“It’s better to be a lion for a day than a sheep your whole life.”

— Elizabeth Kenny