Identifying your targets can take the longest time. There's no real rhyme or reason to it – you could find a seller first time or it could take 18 months. After you've found one it usually takes a further four to five months to do the deal.
The complexity of the due diligence process has increased enormously in the past few years and is the biggest change. There is a lot of new legislation to adhere to, such as environmental requirements, pensions and insurance. There are a lot more hoops to go through.
It's a buyer's market right now. Prices have come down in the last couple of years. But we are seeing more activity. The market has been consistent for some time in terms of interest and tax rates, which is good for funders and backers of deals. It means the volumes are coming back.