Quayle Munro
Quayle Munro was a Scottish-founded merchant bank and corporate finance advisory firm acquired by Houlihan Lokey in 2018.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
History
Quayle Munro was established in Edinburgh in 1983 by Ian Quayle Jones and Michael Munro. Jones had previously been an executive director of British Linen Bank, while Munro had been a director of East of Scotland Investment Managers. Their stated objective was to create a professional financial services firm for industrial and commercial companies, especially businesses based in Scotland and Northern England. The firm operated from 42 Charlotte Square in Edinburgh, and Sir Alan Smith was its first chairman. In its early years, Quayle Munro developed a reputation for corporate finance work involving Scottish and United Kingdom companies. During the 1980s it participated in Dawson International’s £650 million bid for Coats PLC and advised on the £135 million full placing and listing of Shanks Group. Its work also extended into public-sector and infrastructure finance. The firm advised the Scottish Office on the privatisation of ScotRail and the Scottish Bus Group, assisted with the disposal of Scottish Enterprise’s investment portfolio, and worked on financing arrangements for the Skye Bridge. The Skye Bridge transaction was identified as the United Kingdom’s first private finance initiative deal. This helped establish Quayle Munro as an important adviser on PFI transactions in Scotland. It continued to advise on a majority of Scottish PFI deals until the Scottish Futures Trust was introduced in 2008, changing the institutional environment for infrastructure procurement and finance in Scotland. In March 1993, Quayle Munro announced a reverse takeover of East of Scotland Industrial Investments. The enlarged company was named Quayle Munro Holdings and pursued a public listing. Its shares began trading on the London Stock Exchange in June 1993. In 2003 the company moved its quotation from the main market to the Alternative Investment Market. Ian Jones explained that AIM had not existed when the company first listed and was by then considered more appropriate for Quayle Munro’s corporate structure. The firm expanded its London presence during the 2000s. In July 2007 it acquired New Boathouse Capital for £7.5 million to develop its corporate finance activities. In April 2008 it acquired Van Tulleken, a London corporate advisory firm with expertise in the media and information technology sectors. These acquisitions broadened the firm’s advisory reach beyond its original Scottish base. In July 2012 Quayle Munro moved its headquarters to London, reflecting a greater emphasis on corporate finance. Its Edinburgh project finance business was sold to senior management in September of the same year. The listed holding company retained a 30 percent stake in the newly independent Quayle Munro Project Finance business, preserving an economic connection to the activity while focusing the main firm on corporate advisory work. In July 2013 Quayle Munro Holdings announced that it would delist from the stock market and become a private company. The stated rationale was to simplify the group’s structure and streamline costs. The firm was later acquired by Houlihan Lokey in January 2018. Since the available reference material does not specify whether Quayle Munro continues as a separately operating legal entity or only as an acquired business name, its current standalone status is recorded as unknown.
- 2018
Acquisition by Houlihan Lokey
[1]Houlihan Lokey acquires Quayle Munro in January, ending its period as an independent merchant bank.
- 2013
Quayle Munro announces delisting
[1]The holding company announces plans to leave the stock market and become private in order to simplify its structure and reduce costs.
- 2012
Headquarters move to London
[1]Quayle Munro relocates its headquarters to London and refocuses the main business on corporate finance.
- 2012
Project finance operation is separated
[1]Senior management acquires the Edinburgh project finance business, with Quayle Munro Holdings retaining a 30 percent stake in the new company.
- 2008
Van Tulleken acquisition
[1]The firm acquires Van Tulleken, adding London-based media and information technology advisory capabilities.
- 2007
New Boathouse Capital acquisition
[1]Quayle Munro acquires New Boathouse Capital in London to expand its corporate finance business.
- 2003
Listing moves to AIM
[1]The company transfers its quotation from the main market to the Alternative Investment Market.
- 1993
Reverse takeover and public listing
[1]Quayle Munro announces a reverse takeover of East of Scotland Industrial Investments, forms Quayle Munro Holdings and begins trading on the London Stock Exchange.
- 1983
Quayle Munro is founded in Edinburgh
[1]Ian Quayle Jones and Michael Munro establish the merchant bank to advise industrial and commercial companies, particularly in Scotland and Northern England.
- 1980
Early corporate finance and infrastructure assignments
[1]During the 1980s the firm advises on major corporate transactions and Scottish public-sector projects, including the Skye Bridge financing and privatisation-related work.
Products and positioning
A specialist corporate finance and merchant banking adviser with roots in Scotland and expertise across industrial companies, infrastructure, privatisation and public-private finance transactions.
Professional services · 1983
Corporate finance advisory
Quayle Munro’s core offering was advice to industrial and commercial companies on corporate finance matters. Its work included transaction structuring, strategic financial advice, acquisitions, disposals, equity transactions and assistance with public-market listings. The business initially emphasized companies in Scotland and Northern England before expanding its London presence.
Government and infrastructure advisory
Privatisation and public-sector financial advice
The firm advised Scottish public bodies on the privatisation of ScotRail and the Scottish Bus Group, the disposal of Scottish Enterprise’s investment portfolio and options concerning the privatisation of water facilities. This work placed Quayle Munro at the intersection of merchant banking, public policy and infrastructure reform.
Infrastructure finance
Project finance and PFI advisory
Quayle Munro advised on infrastructure financing, including the Skye Bridge transaction, described in the reference material as the United Kingdom’s first private finance initiative deal. The firm became a leading adviser on Scottish PFI transactions until the Scottish Futures Trust was introduced in 2008. The Edinburgh project finance operation was separated from the main business in 2012.
Brand decisions
2018
Acquisition by Houlihan LokeyM&ABackground
Quayle Munro had developed from a Scottish merchant bank into a London-focused corporate finance adviser with sector and infrastructure experience.
Action taken
Houlihan Lokey acquired Quayle Munro in January 2018.
Aftermath
Quayle Munro became part of Houlihan Lokey. The available reference material does not establish whether the name continues as an independent operating entity.
2013
Return to private ownershipStrategyBackground
The listed structure was considered unnecessarily complex and costly for the company’s business model.
Action taken
Quayle Munro Holdings announced that it would delist from the stock market and become a private firm.
Aftermath
The company ceased to operate as a publicly listed business before its acquisition by Houlihan Lokey in 2018.
2012
Refocus on London-based corporate financeStrategyBackground
Quayle Munro sought to concentrate the main business on corporate finance and strengthen its London base.
Action taken
The headquarters moved to London, while the Edinburgh project finance operation was sold to senior management. Quayle Munro Holdings retained a 30 percent interest in the new project finance company.
Aftermath
The transaction separated the project finance operation from the core corporate finance business while preserving a minority economic interest.
Retained interest in Quayle Munro Project Finance. 30% (2012)
2003
Transfer of the company listing to AIMStrategyBackground
Quayle Munro had listed on the London Stock Exchange in 1993, before the Alternative Investment Market existed. Management later judged AIM to be more suitable for the company’s size and corporate structure.
Action taken
Quayle Munro moved its quotation from the main market to AIM.
Aftermath
The company continued as a publicly traded business on AIM until it later announced a return to private ownership.
Recent events
- 2018
Houlihan Lokey acquires Quayle Munro[1]
M&A
Houlihan Lokey acquired Quayle Munro, bringing the specialist corporate finance firm into the larger investment banking group.
- 2013
Quayle Munro announces delisting and return to private ownership[1]
Other
Quayle Munro Holdings announced that it would leave the public markets to simplify its structure and reduce administrative and operating costs.
- 2012
Quayle Munro relocates headquarters to London[1]
Other
The headquarters moved from Edinburgh to London as the firm concentrated on corporate finance activities.
- 2012
Quayle Munro separates its project finance business[1]
M&A
The Edinburgh-based project finance operation was sold to senior management, while Quayle Munro Holdings retained a 30 percent interest in the new Quayle Munro Project Finance company.
- 2008
Quayle Munro acquires Van Tulleken[1]
M&A
The firm acquired a London corporate advisory business specializing in media and information technology.
- 2007
Quayle Munro acquires New Boathouse Capital[1]
M&A
The acquisition of the London-based firm was intended to strengthen Quayle Munro’s corporate finance business.
- 2003
Quayle Munro moves listing to AIM[1]
Other
The company transferred its quotation from the London Stock Exchange’s main market to the Alternative Investment Market, which management viewed as a better fit for its structure.
- 1993
Quayle Munro announces reverse takeover of East of Scotland Industrial Investments[1]
M&A · Other
The transaction was intended to create Quayle Munro Holdings and support a London Stock Exchange listing.
- 1993
Quayle Munro shares begin trading on the London Stock Exchange[1]
Other
Following the reverse takeover, the company’s shares commenced trading on the London Stock Exchange.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/quayle-munro · Editorial policy · How profiles are compiled