Throughout Q1, we saw a strong and consistent demand for Tax and Treasury professionals, both on an interim and permanent basis. That has been the case across the FTSE 250 and the private equity space.
There are several key factors for this. The first has been the positivity generated by the successful roll-out and take-up of the Covid-19 vaccination in the UK.
Second, the fact that Brexit went ahead gave a measure of certainty and stability to the market place around conditions going forward.
A third factor related to the previous two is that there has been a release of pent-up demand from PE funds. Specifically, we have seen strong demand from PE funds seeking to drop people into their portfolio companies in greenfield Tax and Treasury roles. That is a clear indicator of pent-up demand being met as large organisations and individuals press ahead.
Even though business conditions are still impacted by Government guidelines over the implementation – and relaxation – of Covid-19 restrictions, many companies are looking for a Head of Tax or Head of Treasury on an interim basis for six months to help with pre-deal work.
Meanwhile, they are also running a parallel search for permanent post-acquisition hires to ensure their processes and procedures are compliant and their global tax footprint is appropriate.