Travers Smith has advised long-standing client Inflexion on its minority investment in Marktlink Capital, a leading Benelux fund of funds manager providing private investors with access to private markets. The investment is being made by Partnership Capital III, Inflexion's dedicated minority fund.

Travers Smith has advised Keefe, Bruyette & Woods, a Stifel company, as Sole Sponsor to Mortgage Advice Bureau ("MAB") on its move from AIM to a listing on the Official List of the FCA, and to trading on the Main Market of the LSE.

Travers Smith has advised a consortium of lenders on the financing arrangements supporting Arcus Infrastructure Partners’ acquisition of Wifinity, a market-leading specialist connectivity services provider. Arcus acquired Wifinity through Arcus European Infrastructure Fund 3 SCSp.

Travers Smith has advised Peel Hunt and Stifel as Joint Sponsors to Young & Co.’s Brewery, P.L.C. ("Young's"), on its move from AIM to a listing on the Official List of the FCA, and to trading on the Main Market of the LSE.

It is common, if not trite, to say that the pace of change in the cryptoassets field is very rapid, but on the UK regulatory front, April 2026 has surely brought us "peak pace": on 15 April 2026, the FCA published CP26/13, including draft guidance on the regulatory perimeter (referred to as "New PERG"), one of the last pieces of the jigsaw for firms pulling together their plans to enter (or not) the UK's cryptoassets regulatory system. Just six days later, His Majesty's Treasury (HMT) published details of a package of amendments to its earlier  legislation establishing the perimeter.   

Welcome to the April 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.

On 21 April 2026, the Government announced a package of measures designed to reduce the influence of volatile international gas prices on electricity bills in Great Britain. The centrepiece is a new Wholesale Contracts for Difference ("WCfD") scheme (a voluntary fixed-price contract to be offered to existing low-carbon generators currently exposed to wholesale market prices) alongside an increase in the Electricity Generator Levy ("EGL") from 45% to 55%. The announcement follows the second major fossil fuel price shock this decade, triggered by conflict in the Middle East and the blockade of the Strait of Hormuz, which has pushed wholesale power prices above £100/MWh in recent weeks.

Travers Smith LLP has advised Cerberus Capital Management, L.P. on regulatory aspects of its affiliate's acquisition of Lendco Limited ("Lendco") from Cabot Square Capital ("Cabot") and minority shareholders. The transaction was signed on 13 April 2026 and is expected to complete in the coming weeks.

The recent High Court decision in California State Teachers' Retirement System & Ors v Boohoo Group plc [2026] EWHC 335 (Comm) underscores how questions of reliance, causation and case management may shape the future of securities claims against listed corporates accused of misleading the market. 

Travers Smith has advised Fortifi Food Processing Solutions ("Fortifi"), a global leader in food processing automation, on the acquisition of Deighton Manufacturing (UK) Ltd, a leading provider of forming, portioning, coating and frying equipment. The acquisition reflects Fortifi's broader strategy to offer complete, full-line solutions that serve the needs of food processors of all sizes.

Travers Smith has advised Enviromena on an £825m senior portfolio financing package, marking one of the largest solar financings in the UK this year and enabling a major expansion of its renewable energy platform.

As we head towards the end of the football season, could upcoming changes to unfair dismissal law have an impact on Premier League and Football League clubs?

As we have previously examined, businesses face an increasingly complex regulatory landscape and heightened litigation risk on environmental, social, and governance (“ESG”) issues. One area at the forefront of this challenge is litigation related to per- and polyfluoroalkyl substances ("PFAS"), widely used synthetic chemicals under growing scrutiny for their environmental and health impacts.

What has the FCA announced regarding the SMCR?

The FCA has confirmed it will proceed with some limited changes to the UK Senior Managers and Certification Regime (SMCR), as set out in PS26/6: Senior Managers & Certification Regime review. These represent the first phase of a planned overhaul of the regime.

Travers Smith LLP has advised longstanding client Investec Direct Lending on the financing of Triple Private Equity's landmark acquisitions of three intelligence businesses, Derivia Intelligence, Extel & Euromoney.

On 15 April 2026, the Supreme Court unanimously ruled that costs incurred by Ørsted (a global offshore energy company) on environmental surveys and studies conducted during the planning stages of its offshore windfarms did not qualify for capital allowances.

Travers Smith has advised leading social and affordable housing investor HSPG on its strategic partnership with leading global investment firm Sixth Street, and on the partnership's investment in Park Properties Housing Association (PPHA), one of the UK's largest For-Profit Registered Providers of affordable housing.

Travers Smith LLP has advised longstanding client HSBC Innovation Banking on the provision of a Senior ARR Term Loan and Working Capital Facilities, to support the combination of 4human, Eletive and tamigo by Accel-KKR. The combined group represents a leading Nordic human capital management (HCM) solution. 

Travers Smith has advised OakNorth on a £50m RCF to sustainable office and commercial property specialist CLS Holdings plc.

A regular briefing for the alternative asset management industry.