In full: list of Scottish deals for quarter one of 2026

Credit: Evelyn Partners | Credit: Evelyn Partners

Scotland’s deal market opened 2026 with a series of high-profile transactions that suggest momentum is returning, but beneath those headline deals a more selective and cautious environment is taking hold.

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Blockbuster moves such as NatWest’s £2.7bn acquisition of Evelyn Partners and AG Barr’s twin acquisitions have driven much of the quarter’s visibility, masking a market where completing deals has become more complex and competitive.

Activity levels have picked up since the early weeks of the year, with a noticeable push ahead of the new tax year, particularly among owner-managed businesses. However, that uplift has not translated into an easier path to completion.

Corporate solicitor at Bellwether Green, Stephanie Farrell, said: “We’ve seen deal levels gain momentum since mid-January after a sluggish start to 2026.

“As usual, there has been a high level of activity ahead of the new tax year, particularly across the owner/managed market where people looked to take advantage of the lower rate of Capital Gains Tax before the increase comes into force on 6th April.”

Despite that activity, underlying pressures remain. Rising costs and persistent inflation are continuing to weigh on businesses, shaping buyer behaviour and extending deal timelines.

“There is no doubt that Scottish SMEs are under pressure, as all sectors continue to face inflation and increased costs – this has led to buyers becoming more cautious,” Stephanie added.

Reflecting that shift, diligence processes are taking longer, with more detailed financial scrutiny and greater use of deferred consideration structures.

The result is a market where deals are still getting done, but only for the strongest, best-prepared businesses.