Briefing Note – Managing the Transition from LIBOR to SONIA

The use of LIBOR as a reference rate in loan agreements in the UK will cease from 31 December 2021. Most UK lenders are transitioning to use SONIA (the “Sterling Overnight Index Average”) as its replacement.

We’ve included a brief guide here about the issues you need to consider if you have any existing LIBOR-based borrowing or interest rate hedging. Navigating the transition can typically prove relatively straightforward in practice.

Please contact us should you wish to have brief informal discussion around your circumstances and options.

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Planet Mark Certified

We’re proud to announce that we are a Planet Mark Certified Business. Becoming Planet Mark Certified is the latest step QMPF has taken in working towards achieving net zero, at a critical time for our planet.

Financial Sustainability in Larger Higher Education Providers: Reflections from the BUFDG Annual Meeting 2025

The UK Higher Education (“HE”) sector continues to face financial headwinds driven, in part, by limited increases in domestic tuition fees, volatility international recruitment and inflationary pressures. The May 2025 Office for Students (”OfS”) financial sustainability report highlighted that 45% of providers are expecting an operating deficit in FY24/25, with many universities announcing redundancy and restructuring programmes to improve their financial position.

Income Strip Considerations for the HE Sector

In the Higher Education sector this financing route has gained increasing prominence both through its use in off-balance sheet structures to deliver Design Build Finance and Operate (“DBFO”) student accommodation projects, such as that for University of Staffordshire (Project Detail), and its use for direct fund raising, such as transactions for the University of Lancashire and University of Kent.