They note increased caution among trade buyers while private equity is focusing on buy and build rather than new platform investments. The 14% reduction in deal volume compared to last year reflects a degree of caution amongst investors due to ongoing cost pressures in the sector and reduced consumer spend. We expect deal volumes to increase over the next six months driven by stabilising interest rates and falling inflation with market consolidation a key driver for both domestic and overseas acquirors.

Read the full report here.