February brought further signs of a choppy economy. The outlook for 2025 remained sluggish, with many forecasters pointing to a slow growth path for the UK.

However, interestingly, business leaders signalled a faint uptick in confidence. The Office for National Statistics’ Business Insights and Conditions Survey (BICS) reported that about one in six firms saw turnover rise in January compared to December — up modestly from the end of 2024.

While many businesses remained cautious, the tentative improvement in turnover offered a glimmer of hope — a reminder that even in uncertain times, some firms are adapting and holding steady. For sellers and buyers, confidence — even fragile — can influence how deals are priced and structured.

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*Sources: ONS, AHDB