Welcome to the August 2026 edition of Travers Smith's Quarterly Listed Company Update. This issue highlights the latest regulatory developments and guidance relevant to listed companies, as well as key trends and practical points for consideration in the coming months.

Travers Smith advised Triple Point on the origination of a senior revolving credit facility to Plend, an FCA-authorised consumer lender focused on providing responsible, affordable credit to borrowers underserved by traditional high-street lenders.

Travers Smith has advised long-standing client, Volex plc, the specialist integrated manufacturer of critical power and data transmission products, on its move from AIM to the Equity Shares (Commercial Companies) Category of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.

Travers Smith LLP has advised Inflexion and its portfolio company Noventis Safety on the refinancing of Noventis Safety's financing arrangements. The refinancing was supported by Ares Management and HSBC UK.

Travers Smith has advised Bridgepoint Credit on the financing arrangements in relation to the acquisition of AirStart Inc. by Sentry Aerospares, a portfolio company of Acorn Capital Management.

Travers Smith advised ProService Building Services Marketplace plc ("ProService") on its refinancing, comprising the issue of up to £25 million floating rate secured convertible loan notes due 2031 to Ravensworth (International) Limited and entry into a £35 million asset-based lending revolving credit facility with Leumi UK Group Limited.

Travers Smith LLP has advised long-standing client IK Partners on the sale of Forthglade, a leading natural pet food manufacturer, to Assisi Pet Care, a leading UK-based producer of premium natural pet food and treats backed by Wind Point Partners.

Travers Smith has advised long-standing client Volex plc ("Volex"), a critical manufacturing partner to category leaders, delivering complex power and data connectivity solutions, on the acquisition of the remaining 64.3% of the issued share capital of Kepler SignalTek Ltd ("KST"), taking Volex's ownership of KST to 100%.

We are excited to share the inaugural NextGen M&A Annual Report on Technology & Innovation in M&A. The report features insights from Travers Smith Corporate M&A Partner Jeremy Dennison, Senior Consultant Dan McNamee and Legal Transformation Specialist Grace Kelly, as well as fellow sponsors Gallagher UK and Unity Advisory.

In one of the most hotly anticipated consultations of the year, on 14 July 2026, the UK Financial Conduct Authority (FCA) published its proposals for reforming the remuneration framework for UK solo-regulated firms.

The UK's data centre sector is experiencing unprecedented growth, driven by the explosion in cloud computing, artificial intelligence, and digital services. The planning framework governing data centre development has evolved significantly to keep pace, with the Government introducing new designations and policy levers to accelerate delivery while balancing local concerns.

With Keir Starmer's resignation and Andy Burnham’s appointment as his replacement as Prime Minister – formalised on 20 July 2026 – speculation is rife in both the markets and Westminster about the future direction of UK tax policy.

Travers Smith is proud to act for Jason Jones in his appeal to the Privy Council challenging Trinidadian laws that criminalise same-sex intimacy. In this podcast, Caroline Edwards (Partner) and James Hulmes (Senior Counsel) discuss the case and its significance with Jason.

A regular briefing for the alternative asset management industry. 

30 June 2026 was the final day of the first half of the year, and also marked exactly three months until the opening of the FCA's authorisation gateway for firms wishing to carry on regulated cryptoasset activities.

If private equity's arrival in sports feels new, that is because, compared to other asset classes, it is. Most investments have not yet reached maturity, but early examples prove there is significant potential for attractive exits: whether it is another PE buyout, a trade sale, a high-net-worth individual stepping in, or even an IPO, the potential upside is significant.

The introduction of the Consumer Duty (the Duty) in the UK in July 2023 marked a significant shift in the regulation of financial services activities carried on by UK firms for retail customers. However, perhaps inevitably for a broad, principles-based regime, determining how to apply the Duty in the context of different types of businesses, and particularly in relation to firms that are predominantly active in the wholesale markets, has frequently proved challenging.

The Supreme Court's decision, in HMRC v BlueCrest Capital Management (UK) LLP, has supported HMRC's narrow interpretation of "significant influence". For these purposes, a member's influence only counts if it derives from legal rights and duties and, to be significant, is likely to need to be strategic influence over the affairs of the LLP generally.

Is investment in defence moving from a specialised area to mainstream opportunities in strategic security infrastructure? Recent developments suggest so.

The UK Government has published its Defence Investment Plan (DIP), outlining a planned £298bn investment in UK defence over the next four years.