Armstrong works alongside investors and management teams to deliver successful acquisitions, operational improvements and profitable exits.


    Armstrong works alongside investors and management teams to deliver successful acquisitions, operational improvements and profitable exits.

  • expertise
  • Expertise

  • about
  • About

  • Armstrong is founded on independence, integrity and clear commercial advice


    Armstrong was founded to deliver investors and management teams alike with refreshingly conclusive Commercial Due Diligence based on deep understanding of a business and its marketplace.

    Having successfully built one Commercial Due Diligence practice from scratch, Tom Raymond created Armstrong as a new type of business that embodies our values as well as delivering good work.

    As owner-managers, we understand that the business lives or dies by our credibility.

    We aim to be the Commercial Due Diligence provider of choice for mid market private equity transactions in the UK.

    Armstrong do

    • Clearly and unequivocally state our insights and conclusions
    • Quantify the impact of these insights on the business plan and valuation
    • Build close relationships with all parties – clients, management teams and other advisors – to provide advice that will be useful beyond the timeframe of the transaction
    • Identify the available exit options and make operational recommendations to maximise returns
    • Let you work with a senior director, always

    Armstrong don't

    • Draw unclear conclusions and shroud them in caveats or pages of disclaimers
    • Provide partial vendor due diligence – commercial challenge and impartiality is retained whomever the client
    • Push-sell clients follow on consulting services
    • Worry about conflicting agendas with our corporate finance, accounting or strategy divisions – we don’t have any
  • Testimonials

  • Armstrong have supported Envirotec through our initial MBI, the subsequent MBO and our bolt-on acquisition of Westway Cooling. Armstrong’s approach to understanding our niche market has enabled us to make informed decisions based on the commercial reality.

    Chris Lister, MD, Envirotec

  • Armstrong understood the value in FDM’s unique Mountie operational model from a very early stage. They were able to understand the business drivers and scale of opportunity, then communicate this effectively. We have subsequently worked with the team to refine our strategy and on other areas of tactical development.

    Rod Flavell, CEO, FDM Group

  • Armstrong has provided concept testing and development support for all of CloserStill’s events. We value their ability to spot additional opportunities in a new concept, and identify what the difficulties are going to be when launching a new show. That gives our operational teams the chance to develop solutions before they have even happened.

    Ralph Collett, Director, CloserStill

  • news
  • News

  • Armstrong has provided commercial due diligence for NVM Private Equity’s investment in UK serviced office broker Flexioffices (Flexi). Led by an experienced management team, Flexi works with 3,000 flexible office facilities across London and the UK, offering a wide variety of styles and designs from traditional office space to modern and quirky. Flexi has relationships with many of the leading providers of flexible offices, and some of its major clients include ASOS, Bovis Homes, Eventbrite, Spotify, Deliveroo and Argos. The company also serves the requirements of a wide variety of SMEs

    Armstrong has supported another bolt-on acquisition for CloserStill, B2B event operator and Inflexion portfolio business. As part of CloserStill’s geocloning strategy, the business has acquired Learning, the leading corporate learning conference in the US for Chief Learning Offices and other senior corporate decision makers. The deal continues CloserStill’s strategy of expanding its successful events overseas, in this case, Learning Technologies – Europe’s largest such event. For further information on this deal, or the event management sector in general, please contact:

    Armstrong has provided commercial due diligence for YFM Equity Partners’ investment in public sector cloud software solutions provider Arcus Global. The business has developed a proprietary SaaS platform that enables Local Authorities and other Public Sector organisations to transform end to end service delivery in areas such as Digital Transactions, Planning, Building Control, Regulatory Services and Waste Management.  Arcus has experienced rapid growth due to a shift towards cloud-based solutions for software and infrastructure requirements. The company is also a specialist

    Armstrong has provided commercial due diligence for Connection Capital’s investment in specialist lab equipment manufacturer, HEL. HEL designs and supplies a range of highly specialised, custom-made modular lab instruments and testing equipment. Typical products include different forms of “reaction stations” which for example screen for thermal hazards or use catalysts to test chemical reactions. The company supplies a range of blue-chip chemical, pharmaceutical, biotech and academic and research institutions worldwide, including Pfizer, GSK, Shell, Dow, MIT, the University of

  • team
  • Team

    Armstrong is a tight-knit team of commercially experienced and committed individuals. We come from a diverse range of backgrounds and industries, with different areas of sector expertise and personal skill. What we share is a belief in market principles, customer-centric-thinking and the determination to make a positive difference to our customers’ businesses. As a team we have worked on over 600 projects which enables us to bring insight and value to transactions in a very short time.

    For more information, please contact one of the senior team below.

  • Tom Raymond

    Tom founded Armstrong in 2005, with the simple aim of building long-term client relationships based on clear advice and commercial realism. He has supported over 700 engagements over that period. Before creating Armstrong, Tom worked in a strategy boutique, supporting corporate, SME and PE clients with strategy and CDD. Previously he worked for Mars on the management development programme in supply, manufacturing and market-side roles, and held buying and production support positions at Marks & Spencer and Unilever. Tom has a first class honours science degree from Reading University.

  • Mike Callow

    Mike has worked on over 25 PE and VC backed deals across Europe as principal and corporate financier, and founded an e-commerce venture in 2012. Mike is a technology specialist and has extensive deal experience covering origination, due diligence, deal execution, operational transformation and turnaround. He started his career at PwC Strategy.

  • Chris Hitch

    Chris joined Armstrong in 2015 as non-exec Chairman.  He has major inputs into strategy, organisational and skills development, working to support Tom Raymond and the team in growing the business. With a background in manufacturing operations, Chris brings an alternative perspective on business and focus to the group. A successful entrepreneur and property developer, Chris offers a flexible, pragmatic, people-centric approach and is able to make critical decisions quickly, whilst offering independent development support to the team as the business grows.

  • Arif Ahmed

    Arif is an entrepreneur and investor currently involved in early stage technology and healthcare ventures, as well as providing specialist advisory and market access services to Armstrong. He has served on the boards of several healthcare and technology companies and has a demonstrable track record of commercialising businesses in complex regulatory environments. Early in his career that started in the IT industry, he co-founded a software firm that developed a Department of Health system covering over a million users. Prior to this he was a management consultant at several independent technology consultancies, operating in the fields of IT, strategy, healthcare and e-commerce.

  • Caroline Powell

    Caroline is a seasoned consumer researcher and multi-channel marketer. She works across a wide range of sectors for Armstrong, covering travel, healthcare, IT, B2B and B2C events. Caroline’s specialist areas of interest are in customer insight and multi-channel marketing development, to which she brings an astute and commercial perspective. Previously Caroline held senior B2B and B2C marketing roles and has over 30 years’ experience in international brand management, business development, new product development and communications into the luxury fashion, sportswear and industrial sectors with Acordis (Akzo Nobel), Courtaulds Fibres and Sirdar. She studied Marketing at Leeds and Knitwear Design with Art History at Nottingham.

  • Claire Brown

    Claire has worked with Armstrong for over a decade, covering a wide range of sectors for international and UK based projects, in health, IT, retail, aerospace, renewable energy, hotels and travel, veterinary, beauty, and more. She has developed a special interest in the events sector, both in B2B and B2C, driving projects on new concept development, new event feasibility studies and the development of existing event strategies, all with an incisive marketing perspective. Prior to this role with Armstrong Claire was Global Marketing Lead at Amtico, an MBO from Courtaulds PLC, and held marketing and business development roles in Courtelle and Courtaulds Acetate. She studied Management Science and French at the University of Bradford, far too long ago to admit to..

  • Clare Johnson

    Clare has 30 years’ experience in launching and running international businesses, incorporating commercial due diligence on partners, competitors and customers as well as the overall market.  Her experience includes launching in India, China, and Russia, running teams of international agents, and acting as European agent for US operators. She has worked in sectors including health, wellbeing, motor, industrial, open space management, office services and leisure. She has been a finalist in the Chartered Institute of Marketing Awards. Clare has an honours degree in music, and is considering her doctoral dissertation subject matter.  Her first introduction to Armstrong was as a client.

  • Claudia Lichtenegger

    Claudia is a multi-lingual consultant who worked as a Senior Research Analyst at Bain & Company in Sweden, where she worked across multiple sectors. Her focus is in the Industrial Goods & Services and Oil & Gas & Energy sectors. Claudia is Swiss / Italian and speaks multiple languages. Prior to joining Armstrong she worked at the Italian Ministry of Economy and Finances and the Italian Embassy in Switzerland. She graduated cum laude in Economics from Tor Vergata University in Rome.

  • Denis Kent

    Denis's background is as a consultant in the pharmaceutical industry, advising global pharma companies on long-term strategy issues such as geographic expansion and portfolio optimisation. Leveraging his market research, he authored a number of white papers looking into key industry trends including pharma M&A.  Denis holds a Master’s degree in Biochemistry from the University of Oxford

  • Dom Firebrace

    Dom brings research and marketing expertise and supports Armstrong largely in the events sector both internationally and in the UK. Previously she worked in B2C and B2B marketing for major players in the retail sector (Tesco, Sainsbury's), and has also run her own SME in pet and plant care. She has a degree in Business Studies from Leeds Metropolitan University.

  • Ewa Levine

    Prior to joining Armstrong in 2014 Ewa worked at Bain & Company in Sweden. She is a specialist in cross-border research in multiple sectors; business services, consumer goods, healthcare, IT, retail and wholesale, manufacturing and more. Previously she held various positions in marketing and business development in Australia and Poland, assisting in formulating market entry and business strategies, mainly in the financial services sector. Ewa studied languages and literature at Macquarie University in Australia and holds a degree in Political Science from Stockholm University.

  • Gareth Davies

    Gareth has worked for more than two and a half decades in the Oil and Gas industry and has held a number of roles including; founding and selling a software company; Consulting Director at Deloitte; and various roles over twenty years in industry at Schlumberger and BG Group. Since graduation he has lived and worked in seven countries. He holds an Honours Degree in Electronic and Information Engineering and an MBA from London Business School.

  • Ged Dixon

    Ged has worked as a consultant since 1997 and with Tom Raymond since 2000. He has deployed his senior interviewing skills supporting hundreds of M&A and strategy exercises during that time. His experience covers diverse sectors from industrials (manufacturing, engineering, automotive, rail, aviation) to oil and gas, IT, healthcare and social housing and many others. Ged has a BA degree in English and an MA in Philosophy, both from London University, and speaks fluent Italian.

  • Ian Pawson

    In CDD, Ian’s passion is developing valuable and elusive market insights, trends and outcomes by a combination of detailed research, seeking out top-of-their-game market experts and influencers to debate competitive intensity, drivers and strategies, and talking to and sharing insights with customers. Before joining the Armstrong team as a manufacturing and supply chain specialist, Ian was a seasoned CEO in the PE and leveraged buyout space, leading multinational businesses that still made widgets. He was CEO in a £150m global AIM listed group for a decade; having previously held territory MD roles in each of the USA, EU and UK.  He graduated in material sciences at London Brunel University.

  • John Immins

    John worked for many years in retail design and manufacture, leading multi-skilled development teams in this competitive and fast moving industry. As Development Director at DCI-Artform he led the design, development and implementation of global merchandising programmes for the world’s leading cosmetics houses and retailers. Since 2014 he has been lending his experience and insight to Armstrong as a consultant covering a wide variety of CDD and strategic support projects. John holds a BA (Hons) Degree in Industrial Design from Leicester Polytechnic.

  • Karen Avery

    Bio coming shortly

  • Kathy Phillips

    Kathy’s background is in market research. She was Research Director at British Market Research Bureau (15 years) and at Millward Brown (5 years), working across multiple sectors both public and private, designing and implementing best practice custom research programs aligned to business needs. She has worked with Armstrong since 2012. Kathy has a first class honours degree in Management and French from the University of Bradford School of Management, and the Strasbourg European Business School.

  • Karen Jewell

    Karen has 25 years of commercial experience at senior management / executive leadership level in both blue-chip private and public sector organisations. Her experience spans organisational development, mergers and acquisitions, transformation and change management, human resources, corporate strategy and policy. Karen’s first introduction to Armstrong was 4 years ago as a client. Karen began her career on a management development programme in the energy / utilities sector, has an Honours Degree in Economics and is a Fellow of the CIPD.

  • Klas Neuman

    Klas has worked as market research consultant since 1994 across a diverse range of industrial and commercial sectors, specialising in B2B interviews at all management levels/with key opinion leaders, face-to-face depths, group moderation and telephone depth interviewing in technically complex, international, qualitative studies. Projects have encompassed market strategy studies (market opportunity, segmentation, positioning), customer satisfaction and benchmarking, taking R&D to market and assessing new ventures/products, diversification studies, and attitudinal and image studies. In the last 10 years he has also worked on over 50 CDD engagements. Klas has a BA in International Relations from Brown University.

  • Mark Lyons

    Mark Lyons is a highly experienced, multilingual, qualitative research specialist, able to conduct interviews with CXO and other senior level respondents in six languages. He has a proven ability to master highly complex and technical subject matter quickly. He has deployed his B2B fieldwork skills in over 60 different countries, covering topics from eCommerce to E.coli, diagnostics to the digital economy, trade fairs to telecoms and international development to industrial textiles. His core capability is to understand project objectives, is motivated by his own curiosity and treats each interview as an opportunity to engage with the respondent, provide key answers and keep the door open for further exchanges.

  • Mark Turner

    Mark’s career is founded in technology and business journalism before later moving into publication and event management. He first started working with Armstrong in 2010 and has helped complete some 35 projects across a range of industrial sectors - and continents - and has developed a specialisation in the events and technology sectors. He has a degree in Electrical and Electronic Engineering from the University of Manchester.

  • Matt Mcnally

    Prior to moving into CDD he worked as an analyst for a number of boutique consultancy firms advising FTSE 100 companies across a range of B2C and B2B industries, including financial services, digital media and technology. Since joining Armstrong Matt has worked on projects in a variety of sectors, including e-commerce, aerospace and business services. Matt graduated with a BA in Economics from Cambridge University.

  • Pete Jewell

    Pete has strong CDD experience, having joined Armstrong back in 2006, not long after the company was founded. He previously worked in senior marketing roles for niche SME businesses across a variety of sectors, including toy manufacturing, the leisure and travel industries. During his time with Armstrong, Pete has worked as a consultant on a wide range of CDD and market analysis projects. Pete has an Honours Degree in Business Studies and a CIM Diploma in Marketing.

  • Peter Cookson

    Peter is an experienced consultant and is at the heart of Armstrong’s increasing focus on use of big data to provide better strategic and operational insight. His background is in investment banking quantitative analytics, gained from stints in London, NYC and Paris. Peter has an MBA from Manchester Business School and an MA in Philosophy from Birkbeck College.

  • Rachel Buckley

    Rachel has worked on projects in a variety of sectors including aerospace, facilities management and software. Rachel has previous experience working within corporate finance as a market researcher and analyst at BDO.

  • Richard Sherrard

    Richard has worked as a diligence and corporate finance adviser to clients in local government, education, healthcare and financial sectors. He has been involved across the M&A deal cycle, with a particular focus on financial modelling and scenario evaluation. Richard has a degree in Mathematics with Theoretical Physics from UCL.

  • Rob Welsh

    Rob has worked on a wide variety of projects since joining Armstrong; encompassing the investment industry and financial markets, IT, waste management, oil and gas sectors, among others. Most of his career was spent in investment banking, initially as an equity analyst then moving into equity sales and trading and latterly specializing in emerging electronic trading technologies. Prior to joining Armstrong, he consulted in the fund management industry and in business development across multiple sectors.

  • Discover More

    We are always open to approaches from energetic, dedicated individuals who are motivated by delivering great work as part of a high performing team. Interested?

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