Despite all the talk of the M&A sphere slowing down over the last few years, there were still plenty of big deals that were signed off on in 2025.
Forbes Burton founder and Managing Director, Rick Smith, remarked that “there’s still plenty of activity in UK M&As with several big players gaining market share or entering new markets. Talk of a decrease in M&As recently has perhaps been a little exaggerated, as while a merger or acquistion still provides the quickest and most effective way for a business to grow, it’ll continue to be a popular option among dealmakers”.
While some of the companies listed here aren’t necessarily UK owned, the deals themselves still had an impact on UK businesses, whether they were bought out or absorbed into a conglomerate.
Notable M&A Deals in 2025
Vodafone – Three
July 2025 saw the completion of a merger that had been years in the making.
The deal had been the subject of much scrutiny from consumer watchdogs and the Competition and Markets Authority who feared that a merger between the two would lead to higher bills for the UK due to fewer options.
Despite this, the deal was cleared, and the combined might of the two makes them the largest mobile phone network in the UK.
Pizza Hut
Pizza Hut’s UK arm bought 64 restaurants through a pre-pack administration from DC London Pie Ltd. Sadly, the remaining 68 restaurants in the company’s portfolio were deemed surplus to requirements and closed.
Fever Tree – Molson Coors
The UK-based tonic brand has enjoyed huge success across the Atlantic, to the point that it’s now the number one brand for tonic and ginger beer in the US.
Of course, this didn’t go unnoticed for long before drinks behemoth, Molson Coors came knocking at the door.
An 8.5% stake was sold to them for £71 million.
Compleat Foods
The food and drink manufacturer has been on somewhat of an acquisition spree lately. After a 2024 that saw them acquire both SK Foods and Zorba Foods, 2025 carried on in much the same fashion.
Deals for Harvey & Brockless, Freshpak, The Real Yorkshire Pudding Co were all completed, and plans were mentioned to buy Greencore’s Sauces & Soups in 2026.
AstraZeneca – Esobiotec
Vivo cell therapy company, Esobiotec was acquired by pharmaceutical giant, AstraZeneca in a deal potentially reaching $1 billion.
An initial payment of $425 million has been made, with the remaining $575 million being paid once development and regulatory milestones are met.
Greencore – Bakkavor
Expected to complete in early 2026, Greencore’s acquisition of Bakkavor in a £1.2 billion deal will expand their food portfolio significantly.
Müller – Biotiful Gut Health
In an effort to expand their offering of digestive wellness products, Müller bought Biotiful Gut Health in mid-2025.
The owners of the UK kefir brand received over £100 million as part of the buyout.
Associated British Foods – Hovis
The two UK businesses agreed a deal in summer 2025, though it has yet to be cleared by the Competions and Markets Authority at time of writing.
Associated British Foods, already owner of Kingsmill and Allison’s, have targeted Hovis in a £75 million deal as a means to increase market share and cut production costs.
Deliveroo – DoorDash
Deliveroo’s US counterpart, DoorDash splashed £2.9 billion on the UK food delivery firm to expand their reach.
The combined might of the two businesses now means that they cater to customers in over 40 different countries.
Virgin Media O2 – Daisy Group
B2B IT and communications company, Daisy Group, was merged with Virgin Media O2 in August to create Daisy O2.
Unilever – Dr. Squatch
$1.5 billion had to change hands in order for Unilever to get their hands on male-grooming business, Dr. Squatch.
Famous Grouse – William Grant & Sons
Scotland’s best-selling whisky joined fellow Scotch brands such as Glenfiddich, Monkey Shoulder, and The Balvenie as part of William Grant & Sons’ drinks portfolio
Evri – DHL UK
A merger of both firm’s UK arms created Evri Premium, which is a premium service using DHL’s network for high-value and time-sensitive items.
AG Barr – The Turmeric Co
Producers of Irn-Bru, AG Barr, added the functional drink company to their roster in July 2025. The London-based company was headed by former West Brom and Wales striker, Hal Robson-Kanu.
The ex-footballer founded The Turmeric Co to help improve the recovery of muscle soreness in athletes.
Essential Home – Advent International
Although not ostensibly household names, Advent’s purchase of a majority stake in Essential Home was essentially Reckitt Benckiser’s offloading of major brands such as Air Wick, Cillit Bang, and Calgon.
Essential Home now trades as a standalone business under the Advent umbrella, with its previous owners enjoying a minority stake of 30%.
Funky Pigeon – Card Factory
Having previously been part of WHSmith, Funky Pigeon was snapped up by The Card factory for £24 million in August.
The acquisition provides The Card Factory with a popular online platform on which to develop their digital reach further.
Fraser Group – eBuyer
After unpaid bills and winding-up petitions put eBuyer in trouble, it was eventually saved from an imminent collapse when Fraser Group bought it out of administration.
It’s thought that Mike Ashley sees eBuyer’s specialism in PC components as an ideal bedfellow for existing electronics firms on its roster such as GAME and Currys.
Sheridans – Casa Redondo
The drink, famous for its striking bottle that separates vanilla cream from coffee liquor was bought by Portuguese firm, Casa Redondo from Diageo.
Asda – Leon
In an attempt to bring the restaurant chain back to its roots, the ASDA-owned business was sold back to its co-founder, John Vincent in late 2025. Unfortunately, 20 stores were closed as part of the restructuring.
Carlsberg – Britvic
£3.3 billion exchanged hands as Carlsberg swooped for UK drinks manufacturer, Britvic.
Not only is Britvic home to brands such as J2O, Robinsons, and Tango, but it also holds the exclusive licence to produce Pepsi, 7up, and other drinks in the UK for PepsiCo.
Looking to acquire another business or sell your own?
Mergers, acquisitions, and sales all require a considerable amount of know-how to navigate. With several tasks to juggle at once, you need someone you can trust to achieve the results you’re looking for.
Forbes Burton have helped countless businesses to get their deals over the line, and have experts on hand ready to assist. Call us on 0800 060 8508, or email advice@forbesburton.com for your free consultation with no obligation.
