06/02/2026
2025 saw Black&Callow once again hitting the top spot in three key areas:
- #1 in Main Market and larger AIM IPOs
- #1 in Investment Trust merger documentation
- #1 in average number of typeset pages across all IPO Prospectuses.
In M&A, we helped with several of the largest M&A deals of the year, including Greencore’s £1.2bn offer for Bakkavor Group, and the Blackstone’s £489m acquisition of Warehouse REIT – one of the largest Real Estate P2Ps of 2025.
In Investment Trusts, we assisted with several of the largest deals, including the combination of JPMorgan Global Growth & Income and Henderson International Income Trust, creating an investor with £3,4bn in net assets. We also helped ensure the success of one of the most significant Investment Trust fundraisings of the year – a £42m raise for TwentyFour Income Fund.
In ECM, we helped with the largest Main Market and AIM IPOs including The Beauty Tech Group’s £300m listing and MHA’s £98m IPO – the largest AIM listing of the year. Across secondaries, we also assisted with Pennon Group’s £490m Rights Issue.
In all, we produced over 1,000 separate 'deal documents': everything from bulk email projects for Insolvency and Restructuring clients through personalised Proxy Forms to complex Prospectuses and Scheme documents, and in quantities ranging from one copy to tens of thousands.
iRoadshow from B&C also helped a number of high-profile projects take flight, including Capital Limited's £31m fundraising and ACG Metals’ US$15.0m placing.
In Corporate Reporting, in 2025 we helped global clients produce 82 Annual, Interim and ESG Reports. Our services ranged from full Best Practice content consultancy through copywriting, creative design, typesetting, production (printed and online) and distribution/mailing.
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As always, our heartfelt thanks go out to our wonderful clients for placing their trust in us, and to our tireless teams at Black&Callow without whose dedication, skill and commitment these achievements would not have been possible.
If you'd like to find out how we can help ensure the success of your most prestigious and challenging projects, chat with us today: hello@blackandcallow.com
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