News and Insights

The UK's leading provider of professional pensions trusteeship and governance services, Independent Governance Group (IGG), today announces several new senior level appointments. 

Mike Kirby assumes the role of Non-Executive Chair, having previously worked with ECI as CEO of KB Associates. Mike will work closely with Andrew Bradshaw and the Executive Team to oversee IGG’s strategic direction and ensure that the Group continues to evolve its offering. With over three decades’ experience in asset management and financial services, Mike brings deep expertise in governance, compliance and risk management to IGG. 

Chantel Garfield will join IGG as CFO, with an extensive background in financial operations. Prior to this, Chantel served as Group CFO for several years at Charles Taylor, a claims and technology solutions provider to the global insurance market. In addition, Chantel spent a decade at LexisNexis, a global provider of legal, regulatory and business information, ultimately as Head of Financial Planning & Analysis (FP&A).   

It’s hard to believe it’s been five years since the UK went into its first COVID-19 lockdown. HR teams and businesses did a fantastic job at this time of rapidly shifting to a work from home model and supporting their teams during a difficult period of repeated lockdowns. Having adapted at pace, we have since seen companies try to find the right approach in ‘the new normal’, including often rolling back some of the flexibility that had been offered during the pandemic. At this five year milestone, we take a look at what hybrid working looks like in 2025, how HR teams are balancing the demands of employees vs the needs of employers, and what we predict is likely to happen over the next five years.

1. Fully remote to fully in office – what is the standard approach we see across our portfolio? 

There’s no single approach to remote and hybrid working as it varies by business model, geography, and access to talent. That said, there’s been a clear shift: while some businesses continue to operate fully remotely, many UK companies are rolling back flexibility, with hybrid models becoming increasingly weighted towards the office. As the talent shortage has eased, the balance of power has shifted back to employers. Companies like Disney, Twitter, and KPMG - once very vocal about flexible work - are now speaking out about reversing their policies.  

For businesses looking to make hybrid work long-term, structure and communication is key. Anchor days, better discipline in online meetings, more manager check-ins, and regular all-hands gatherings are all ways companies of are building connection even when including remote working. Clarity over expectations is fundamental to it working well. HR leaders are focussing on being consistent in their messaging and setting clear expectations from the start. 

2. What has driven the trend towards more in office time?

The move towards more in-office time isn’t just following the market. Hybrid working has benefits, from better work-life balance to supporting talent retention and broadening recruitment opportunities.  However, fully remote work has its challenges. Many businesses have seen a decline in culture and collaboration, with fewer opportunities for mentoring, informal learning, and career progression - particularly for junior employees. Without in-person interactions, visibility decreases, and talent development can slow. 

Collaboration is also harder remotely. Spontaneous discussions are replaced by rigid online meetings, and with Microsoft reporting a 153% rise in meetings since the pandemic, many employees find themselves with clogged diaries, impacting engagement and productivity. 

3. How are HR teams balancing the needs of employees and employers 

Enforced work from home during the pandemic combined with a talent shortage, meant many HR teams had to offer considerable flexibility to attract and retain talent. Now, many face the challenge of rolling back remote work without creating a two-tier system.

With hybrid work still largely preferred by employees, communication is key not just in setting expectations but in explaining why office time matters. If collaboration is the goal, but employees spend the day on Teams calls, engagement will drop. Senior leaders must set the example, policies must be clear, and office time should feel purposeful. 

At the same time, rigid return-to-office policies shouldn’t be reactive or based purely on leadership preference. The best HR teams gather feedback, track performance impact, and adapt accordingly. The shift to flexibility also isn't just about office versus work from home. Claire Webster, HR Director at Avantia comments that, "At Avantia, flexibility isn’t just about where employees work - it also includes different working patterns such as part-time schedules, compressed hours, and even the option to work overseas, particularly for those with family outside the UK."

4. Work from home is still a useful tool in the HR toolkit

As larger companies like Google and Meta shift back towards in-office work, it’s important to remember that remote work remains a powerful differentiator for mid-market businesses looking to attract talent. 

Even high-profile return-to-office announcements can be misleading, we see Google’s handbook still embracing hybrid working, with flexibility based on need. 

Many mid-sized companies have found that maintaining remote work options helps them stand out in the hiring market. For example, Claire has seen the benefits firsthand at Avantia. She explains, “We’ve been supportive of flexible working measures for years, as we believe it boosts work-life balance, productivity and engagement while reducing employee turnover. Our flexible working policy plays a key role in our hiring strategy, helping us attract top talent who may require flexible arrangements to perform at their best. It has also played a crucial role in recruiting and retaining women across all business areas, including senior positions, by supporting work-life balance and career progression. In 2019, women made up just 27% of our workforce; by 2024, that number had risen to 45%."

Claire adds, "The benefits of flexible working for both employers and employees are clear - from happier, more engaged and productive teams to a more competitive and attractive job market offering."

While it’s a relief that the pandemic now feels like a distant and strange memory, its impact on the way we work is still being felt by both employees and employers. Communication, consistency, and clear structures have been key to making remote, hybrid, or in-office setups work.

The allure of the US market is undeniable for businesses looking to expand internationally. Its size and diversity offers immense growth potential, however scaling in the US also presents its own set of challenges and opportunities.

At the 2024 Growth Summit, a panel hosted by ECI’s North America Growth Specialist, Brett Pentz, featured the team at ECI portfolio companies Moneypenny and Peoplesafe, who shared their insights in unlocking growth in the US.

In this article, we’ll explore key takeaways from the panel discussion, focusing on strategies for market entry, differences between the UK and US markets, and how businesses can adapt their approach to achieve sustainable growth across the Atlantic.  

Entering the US market: Organic growth vs acquisition 

One of the first strategic decisions businesses face when entering the US market is whether to opt for organic growth or pursue acquisitions. Prior to their investment from ECI, Moneypenny decided to expand organically as it didn’t create such a big cash demand on the business. They set up a small office in Charleston, South Carolina in 2015, with a couple of employees and a lean digital-first strategy. The early days were challenging, but the company’s decision to focus on organic growth allowed them to test the market and refine their approach as they grew.  

With a couple of desks from IKEA and crossed fingers, Moneypenny’s entry was resourceful. Despite the early hurdles, their US presence has flourished, and the proof of concept meant they were well placed to go on and make subsequent North American acquisitions. Moneypenny now employs 250 people in Atlanta and serves 5,000 clients, thanks to a mix of organic growth and acquisitions. 

By contrast, Peoplesafe, the world’s largest workforce safety solutions provider, took an acquisition-driven approach to entering North America. After defining their strategy, the company’s acquired a North American business just over a year ago, giving them a strategic foothold in the market. 

Differences in market dynamics: UK vs US

One of the biggest challenges of operating in North America is understanding its scale and complexity. In reality, it’s like dealing with 50 different countries, with each state operating under its own set of regulations and market dynamics. For businesses, this means that a one-size-fits-all approach is unlikely to work.

One key lesson for Moneypenny was the importance of targeted marketing. In the UK, a sector-focused approach had served the company well, but in the US, the vastness of the market meant that they had to be more precise in selecting regions and industries. Initially, they made the mistake of spreading themselves too thin at first, with the company’s early marketing strategies not localised enough to capture the nuances of different US markets.

For Peoplesafe, it was important to understand the different use cases and local pieces of regulation and legislation that would support the adoption of its solution. ECI’s Brett Pentz supported Peoplesafe’s North American team to identify the most attractive verticals and states to enter organically.

Building the right team and company culture

Expanding into the US also requires building a strong team and effectively blending company cultures. Hiring locally while maintaining the core values of a UK-based business is vital. For Moneypenny, a critical turning point was when they hired a CEO of North America, who helped them navigate the cultural differences between the UK and US offices. However, the small details matter. Moneypenny had to adjust everything, from their dress code to the way they engaged with our US team. It’s not possible to simply transplant UK culture into the US.

The same sentiment was echoed at Peoplesafe, but with the added insight that building trust with remote teams is crucial. Virtual meetings alone are not enough to create a strong sense of connection. Teams need to be present as face-to-face interactions help smooth relations and build a much-needed personal rapport in leadership transitions.

Finding an investor who can help

ECI’s US presence played a key role in North American expansion for Peoplesafe and Moneypenny. From identifying M&A opportunities to providing strategic support, having an investor with an understanding of the market and boots on the ground can make a big difference. For Peoplesafe, ECI’s data-driven approach to market research helped guide their decisions on which states and sectors to target, with detailed research and analysis. For Moneypenny, our network and expertise enabled Moneypenny to secure off-market deals that significantly boosted their US presence.

Final thoughts: Lessons learned

Being prepared for a learning curve is a recurring theme when discussing entering the North American market. The approach can’t be rushed, with time and resource needed to fully understand the market and a mindset that’s willing to adapt. Businesses should not underestimate the value of trust - whether it’s with customers, employees, or acquisition targets, and building strong relationships is key. Especially in a market as vast and competitive as the US.

While the US market offers significant growth potential, success requires a thoughtful approach that combines local expertise with the right strategic support. For businesses considering expansion into the US, the experiences of Moneypenny and Peoplesafe provide valuable lessons on how to unlock this growth potential while avoiding common pitfalls.

ECI has supported its portfolio to make 80+ acquisitions, which means we’ve seen the power of an effective acquisition strategy. We’ve previously discussed the importance of the right M&A strategy, but the M&A market is highly competitive. How do you turn that strategy into successful execution? The ECI Origination Team, who are on hand to support management teams throughout the entire life cycle of acquisitions, and our portfolio, share the top five secrets they’ve learned. 

1. Smart use of technology

Technology can be a supercharger for buy-and-build strategies. Research is often done manually, involving extensive data collection, which is then managed in a spreadsheet alongside an M&A pipeline (and sometimes left to gather dust!). This kind of work is ideal for automation. But what does that look like in practice? Skyler ver Bruggen explains how Amplifind™360 helps portfolio companies manage their M&A pipeline more effectively.

“Amplifind™360 is designed to help our portfolio companies track and manage their pipeline of targets while also enriching their data from market mapping. It’s not a sourcing tool, but rather a way to provide valuable insights.  

Managing an M&A pipeline in Excel can be inefficient as data quickly becomes outdated, and collaboration is difficult. With Amplifind™360, we’ve created a platform that makes this process far more seamless and interactive. It enables real-time collaboration, keeps information structured and accessible, and ensures that companies have a clearer, data-driven view of their opportunities. We’ve seen that moving to a more dynamic system like this is a step up for our portfolio companies and has helped make their M&A processes more efficient.”

2. Win strategies

Once you know your top targets, how do you change your strategy to effectively win the deal? Skyler ver Bruggen, Director in ECI’s Origination Team, not only thinks through these strategies for ECI’s own pipeline, but also works closely with management teams to think through effective strategies. She comments:

“Firstly, your win strategy may differ between ‘on market’ and ‘off market’ acquisitions. This will influence the speed at which you’ll have to move, and the competitive dynamics. In both cases, it’s important to think about the different stakeholders. One thing I’ve found is that it’s important to give yourself some space outside the usual deal conversations to do this, and make room for some ‘blue sky thinking.’ The relationship is key. Who are the most important stakeholders and how well do you know them? If there are gaps, how can you do more? Then think about what motivates each of the stakeholders before putting forward an offer. Will your offer meet those motivations? Understanding your M&A pipeline as a whole also plays a role. How important this acquisition is to your growth strategy? If it has scarcity value or brings a product or capability you need, that will influence what price you can pay to win.”

3. Effectively unlocking targets 

Everyone loves the idea of an off-market deal - it's often seen as the ideal outcome. But in reality, that's not always possible. Paul Burton, Chief Strategy Officer at Commify, explains why long-term relationship-building is the key to success in M&A:

"Everyone loves off-market deals - that’s always the nirvana. But let's be practical; it's not always possible. You can't force someone to sell if they’re not ready, so for us, it's really about building long-term relationships.

Whether a deal ends up being off-market or turns into a more structured sale process, the best outcomes come from identifying a business early, developing trust with the owners, and not being pushy. That relationship-building is crucial. This might be my day job, but for most business owners, selling their company is a once-in-a-lifetime decision and far outside their comfort zone. Having that empathy, showing them you're the right partner, and being their preferred buyer when the time is right puts you in the best position - no matter what the process looks like.”

4. Incorporating culture

When assessing an acquisition target, cultural fit is one of the hardest and most crucial factors to evaluate. A well-aligned culture makes integration smoother, while a mismatch can create long-term challenges. Andrew Collis, CFO at Moneypenny, shares his perspective on why cultural alignment and communication are key: 

“Having a clear plan is essential to ensure everyone is aligned. If management is staying, it's really important that they buy into that plan. If you want them to stick around, they need to feel involved. Listen to them, respect their ideas, and recognise that they know the business better than anyone. 

Another big lesson we've learned is the importance of winning the hearts and minds of the staff who are staying. Take the time to engage with them, explain what joining a larger group means, why the business was acquired, and what opportunities it creates for them. Whether it's career progression, stability, or new resources, helping them understand the bigger picture makes a real difference. It's something we've focused on more over time, and it's been a key part of making integrations successful.”

5. Integration

So, you have a hit! You have successfully made the acquisition. Now the hard work starts. Effective buy and build is all about integration and having a repeatable and scalable process. As CFO at Moneypenny, Andrew Collis has overseen four strategic acquisitions since our investment. How has he put successful integration at the heart of M&A?

“For successful integration, communicating a clear plan is key. This should cover everything from communications to staff, communications to customers, system migration, technology, and bank accounts. Each item within the plan should have a clear owner. Regular project communication is vital as the plan is executed. There will be bumps in the road along the way but having regular project meetings will allow any issues to be resolved effectively and as a team. At the end of the integration assess its success against the criteria initially laid out in the business case, and finally take forward and document the learnings for the next acquisition (as there will be learnings!)”