What Hardman & Co does

Hardman & Co is a London-based corporate research and consultancy firm (legal entity Hardman Research Ltd), founded in 1996 and operating as an Appointed Representative of FCA-authorised Palace Ventures Limited (FRN 433291). It positions itself as the longest-established commissioned research provider in the UK, with a team of 15 analysts carrying 400+ years of collective experience, and is led by Keith Hiscock (CEO), Kirsty Macrae (COO) and Richard Angus (Head of Business Development). Its three service lines are Corporate Research & Advice, Tax-Advantaged Research (focused on EIS, VCT and similar UK schemes) and Bespoke Consulting/Valuation work for private companies.

The firm's core product is human-authored, commissioned research reports produced for a diversified base of roughly 20+ named corporate clients spanning investment companies, financial services, banking, venture capital, life sciences, technology and mining. Reports are distributed via Bloomberg, Hargreaves Lansdown, Investegate, Dow Jones, Google Finance, Yahoo Finance, Thomson Reuters, Directors Talk and London South East, and the firm has recently extended into audio via an EIS & VC Basics podcast mini-series (2026) and into regional UK mid-market events via partnerships with GrowthInvest and Pro-Manchester. It is also a member of EISA.

Commercially, Hardman & Co operates a sales-led, commissioned-research business model with no publicly disclosed pricing, no API and no application product. All revenue is derived from professional services — corporate research retainers, tax-advantaged research mandates and bespoke valuation/consulting engagements. The firm has no disclosed funding history, no M&A activity and no public revenue figures, and it does not use AI/ML as a material element of its production stack, leaving human analyst expertise and distribution relationships as its principal commercial assets.

Name

Hardman & Co

Legal name

Hardman Research Ltd

Website

https://hardmanandco.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Hardman & Co is a London-based commissioned corporate research and consultancy firm, founded 1996, providing research, tax-advantaged (EIS/VCT) coverage and bespoke valuation services to UK listed and private companies across financial services, life sciences, mining and technology.

Ownership category

akta.pro rank

Product category

Investment Research Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Private Client/High-Net-Worth Advisory (FSAEAAAN)

akta.pro secondary industry

Buy-Side M&A Advisory (FSAEAGAB)

Keywords

• Corporate investment research
• Tax advantaged research
• Capital markets advisory
• Bespoke valuation services
• Independent equity research

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Corporate Research & Advice: Commissioned research services for public and private companies, including detailed company analysis, investor communications, and capital markets advisory. Revenue generated through fees paid by companies for research coverage.
2. Tax Advantaged Research Services: Independent reviews of SEIS, EIS, VCT, and Business Relief products for managers, advisers, and investors. Generates revenue through commissioned reviews of tax-advantaged investment products.
3. Bespoke Consulting Services: Custom advisory services including capital markets advisory, pre-IPO research, due diligence reports, business valuations, and expert witness cases.

Go-to-market motion1 record

Distribution channels11 records

Marketing channels8 records

Core offering

Hardman & Co is a corporate research and consultancy business that produces independent commissioned investment research and analysis for listed and private companies, tax-advantaged product providers, and institutional investors. Its core offerings span detailed company research and sector coverage, independent reviews of SEIS, EIS, VCT and Business Relief products, bespoke capital markets advisory including pre-IPO research, due diligence, valuations, and expert witness work, and global distribution of research to both institutional and retail audiences.

Product overview

Hardman & Co is a corporate research and consultancy business offering a portfolio of services: Corporate Research & Advice (independent investment research and analysis), Tax Enhanced Services (reviews of SEIS, EIS, VCT and Business Relief products), Bespoke Consulting Services (capital markets advisory, pre-IPO research, due diligence, valuations, expert witness), and Bespoke Valuation Services (for private businesses, fund managers, ACDs, and depositories). The company also provides Global Distribution and Investor Communications services to help companies reach investors. The firm distributes research through its website and third-party platforms including Bloomberg and LSE. Their content offerings include The EIS Navigator Podcast series covering UK venture capital topics.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Research & Advice Independent investment research and analysis services for listed and pre-IPO companies, providing detailed company analysis, sector coverage, valuation reports, and investor communications to help corporates engage with institutional and retail investors.
• Tax Advantaged Research Services Detailed and independent reviews of SEIS, EIS, VCT and Business Relief products for fund managers, advisers and investors, including product panels and bespoke consultancy to support adviser due diligence under MiFID II.
• Bespoke Consulting Services Custom capital markets advisory covering pre-IPO research, due diligence reports, business valuations, and expert witness cases for clients with specific transactional or strategic needs.
• Bespoke Valuation Services Tailored valuation and advisory services for private businesses, fund managers, authorized corporate directors (ACDs), and depositories, including M&A transactions, fair value consultancy, and portfolio monitoring.
• The EIS Navigator Podcast A fortnightly podcast series exploring the UK venture capital industry, small growth companies, and the funds and people who invest in them, including the EIS & VC Basics educational mini-series.

Quantifiable outcome

• Research distributed to both institutional and retail investors (including £750bn private client communities)

Named customers20 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor.

• GrowthInvestminorGTM or Marketing PartnerHardman & Co partners with GrowthInvest for Tax Advantaged Forums, co-hosting online events featuring EIS fund managers presenting investment opportunities to advisers and investors.
• Pro-ManchesterminorGTM or Marketing PartnerHardman & Co partners with Pro-Manchester to deliver seminars on private company valuations, hosting events at Hall Brown in Manchester for founders, advisers and investors.
• Hall BrownminorOthersManchester-based law firm providing venue for Hardman & Co's private company valuations seminar series.
• EISA (Enterprise Investment Scheme Association)minorOthersHardman & Co staff participate in EISA, the industry body for EIS and venture capital schemes in the UK.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Equity Development: UK small-cap commissioned research and investor relations firm, providing independent research for AIM and main market companies — directly comparable service offering and customer base to Hardman & Co.
• Cenkos Securities: Specialist UK small-cap broker with research, corporate finance, and broking services for growth companies — directly comparable on commissioned research model and target client base.
• SP Angel Corporate Finance: London-based corporate finance and research house focused on UK small and mid-cap companies, with comparable research and advisory offerings to Hardman & Co.
• Edison Group: UK-based investment research and investor relations consultancy producing commissioned research for listed companies, with strong overlap to Hardman & Co's corporate research and tax-advantaged product review offerings. Closest comparable boutique on scale and business model.
• Allenby Capital: London-based corporate finance adviser and small-cap broker producing independent research alongside capital markets advisory — overlaps Hardman & Co on commissioned research for UK small/mid-caps and pre-IPO advisory work.
• Singer Capital Markets: UK small and mid-cap broker providing independent research and corporate finance advisory to AIM and main market companies — closely comparable to Hardman & Co's listed-corporate research and advisory focus.
• Cavendish (formerly finnCap): UK adviser to growth companies combining corporate broking, research, and capital markets advisory; a confirmed Hardman & Co research coverage client and the most operationally comparable mid-market UK small-cap advisory peer.
• Shore Capital: UK small-cap broker and research house with sector research coverage across investment companies, financials, and consumer — directly comparable on commissioned research and corporate client base to Hardman & Co.

Broad incumbents

• Panmure Gordon: UK broker and advisory firm with research, corporate broking, and capital markets capabilities — a more established, full-service peer operating in the same listed-company research and advisory market as Hardman & Co.
• Liberum Capital: Larger UK broker with broader sector coverage and full-service execution capabilities, including commissioned research — a scaled incumbent that overlaps Hardman & Co on listed-corporate research mandates but operates at materially greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/HardmanandCo
• LinkedInlinkedin.com/company/hardman-&-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hardman & Co