Phase 3 of the UK's Energy Saving Opportunities Scheme ("ESOS") might feel uncomfortably fresh in the minds of those responsible for their organisation's compliance with it, but Phase 4 is already in sight. ESOS, which requires large organisations with UK operations to audit their energy usage and consider opportunities for reducing it, operates on a four-year cycle, but delays to Phase 3 reduced that to around two years.

Just before Parliament broke for summer recess on 16 July 2026, the Department of Work and Pensions published several papers and consultations, all focused on driving forward the changes affecting defined contribution (DC) pension schemes being introduced by the Pension Schemes Act 2026 (the PSA2026). This briefing summarises the main points for DC trustees and providers.  

On 29 June 2026, the UK Supreme Court granted permission to appeal in a landmark collective action against some of the UK's largest water companies. The case has now reached the highest court in the UK, following refusals by both the Competition Appeal Tribunal and the Court of Appeal to certify the class actions brought by Professor Carolyn Roberts.

Travers Smith has advised Bowmark Capital on the financing arrangements supporting its acquisition of a majority shareholding in InfraXmedia from Opus Origin.

Welcome to Frontline by Travers Smith – our series addressing the key issues affecting the defence sector. 

Travers Smith has advised DP World on the transfer of six contract logistics sites serving major grocery customers, with more than two million square feet of warehouse capacity and 2,000 personnel from GXO Logistics. GXO’s transfer of the sites was a regulatory condition to the UK Competition and Markets Authority’s (CMA) approval of GXO’s acquisition of Wincanton.

The revisions to the AIM Rules for Companies proposed by the London Stock Exchange, following on from its June 2026 consultation paper (AIM Notice 62), are now in force.

The key changes adopted by the London Stock Exchange ("LSE") and contained in the revised AIM Rules for Companies (the "Revised AIM Rules") (found here), are summarised below:

Travers Smith has advised long-standing AIM-listed client TruFin plc on the disposal of Playstack Limited and its c.£80m return of capital to shareholders and Rule 9 waiver following the sale of its 84.5 per cent interest in leading UK games publisher Playstack Limited to VantageCo Limited for an enterprise value of £125m. 

Latest episode: HMRC's consultation on modernising the distributions framework (Part 2: Demergers and the Loans to Participators rules)

Travers Smith has advised longstanding client Autotrader Group plc, the UK's largest automotive marketplace, on the refinancing and upsizing of its syndicated facilities agreement, comprising a £600 million term and revolving credit facility provided by a syndicate of 10 lenders.

Published in IFLR: Finance Partner Ryan Ayrton explores how defence finance is converging with infrastructure investment and what it means for lenders, investors and lawyers.

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.

The message from Dame Anne Glover at Travers Smith's 5th annual Alternative Insights Summit last month was direct: UK pension funds should invest more in early-stage venture and growth stage capital. The figures certainly support that view.