iwoca launches M&A marketplace as data reveals SME succession gap

• iwoca has launched manda, an M&A platform connecting small businesses looking to sell with serious buyers, acting as a market maker that handles matching, business reports, and financial due diligence all in one place
• The launch comes as new iwoca data reveals an impending succession crisis, with only 21% of SME owners holding a formal exit plan and 37% altering plans due to April 2026 Inheritance Tax changes
• manda has already completed its first transaction, facilitating the sale of roofing contractor Total Roof Control (TRC) Midlands Ltd

iwoca today launches manda, a dedicated M&A platform designed to connect small businesses looking to sell with suitable buyers.

Unlike traditional corporate finance brokers that only represent one side of a deal, manda acts as a market maker, doing the whole job in one place. For SME owners looking to sell, manda matches them with serious buyers including search funds, family offices, and private equity firms. For buyers, manda draws on iwoca’s data on more than 100,000 SMEs to put the right opportunities in front of them, and uses bank feeds, filed accounts, VAT returns and payroll to carry out due diligence and advise on deal structuring. By bringing the whole process together, manda can make the process more accessible and affordable for SME owners by only charging a fee on completion of the deal.

iwoca data reveals a growing SME succession gap

The launch comes as new data from small and medium-sized business owners shows that a succession crisis is growing for the UK’s 5.7m SMEs. New polling from iwoca shows that only one in five (21%) SME owners have a formal, documented succession or exit plan, while a quarter (25%) have given it no thought at all.

Even owners closest to retirement lack a clear strategy. Nearly three-quarters (73%) of 55–64 year-olds say they have nothing more than a rough idea of what will happen to their business when they step back, and less than a third (29%) of SME bosses aged 65–74 have a formal plan in place. 

This comes despite heavy reliance on a business sale to fund post-work life. Half (50%) of SME owners say they will rely on their business to fund their retirement, but nearly three in 10 (29%) do not know what their business would be worth if sold today.

Government tax changes are also fuelling concerns among business owners about succession. More than a third (37%) report that they have changed their plans following the April 2026 Inheritance Tax changes, with 15% now more likely to sell and 8% more likely to close down entirely.

The data also reveals a strong preference for domestic continuity: an overseas buyer is the least preferred option for 30% of SME bosses, while selling to a larger UK company (22%) or the existing management team (20%) are the leading choices.

manda’s first deal completed

manda’s public launch follows the completion of its first deal, with the sale of roofing contractor TRC (Midlands) Ltd to TrueNorth Capital Group.

manda matched TRC against TrueNorth’s acquisition criteria, conducted the financial due diligence, and brought the parties together. iwoca managed the transaction from initial seller sourcing to completion.

Christoph Rieche, CEO and co-founder of iwoca, said: “Our analysis shows the majority of small business owners have no formal succession plan for the business they’ve built. Often the hardest part isn’t finding a buyer, but finding the right one at the right time - someone who understands the business and will take it forward. manda solves that by matching sellers with buyers who actually fit what they're looking for. For businesses across the country, this platform is going to transform how deals are done, and how companies think about succession planning.”

Bradley Lay, TrueNorth Capital Group: “TRC (Midlands) is exactly the type of business we want to bring into TrueNorth. It has an exceptional heritage, longstanding customer relationships and a reputation that has been built over generations.Our responsibility is to protect the business legacy while also providing the investment, infrastructure and support required for its next stage of growth.The roofing and external envelope market is a major part of our strategy, and TRC gives us a fantastic platform from which to continue building our capabilities in this area.”

Trevor Horne, Managing Director of TRC (Midlands) Ltd: "We'd built the business over many years, investing time and money into its creation and growth, so we wanted a buyer who would take it forward properly. The whole process was smooth and we had the right partners around us throughout, which meant we could focus on handing the business over in good shape rather than managing the logistics of the sale."