Soaring inflation and economic instability has weighed on UK food and drink dealmaking, with the past quarter seeing the lowest number of deals completed since the depth of the Covid crisis.

While deal volumes have largely settled in the mid-30s since a post-Covid spike in the first quarter of 2021, Q2 2022 saw deal numbers drop to just 26 as the sector faced numerous economic challenges.

The latest Grant Thornton quarterly M&A report suggested slowing activity reflected “weakened confidence” in the sector amid rising input costs, squeezed consumers and recessionary concerns.

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