CFO Network Quarterly Update – April 2026‍

Q1 2026 is the first quarter in over three years where the volume of CFO and FD appointments across Yorkshire and the East Midlands has shown a meaningful decline:

• 33% decrease vs previous quarter
• 38% decrease vs same quarter last year
• 10% decrease in rolling 12 months

These are the lowest numbers since Q1 in 2023.

Contrary to how some parts of the national media might interpret these numbers and point to economic armageddon around the Autumn Budget, geopolitical instability, tariffs and inflation, it is important to step back and look at the wider context:

• The low point in Q1 2023 was followed by two strong quarters and then the strongest quarter of appointments we have ever recorded in Q4. The lesson is simple: it takes more than one quarter to create a trend.
• Quarterly hiring patterns are often lumpy. The rolling 12-month decline of 10% is a more meaningful indicator, particularly given how active Q2 and Q3 2025 were.
• Activity across other areas of boards and senior leadership teams remains strong. Operational, commercial and technical leadership hiring is robust. Let’s just consider that the CFO candidates need the odd quarter for a breather!

Gender Diversity

Female appointments made up 39% of the total, compared to 61% male, marking the highest level of female representation since data analysis began; this is a notable increase from the 29% average recorded over the past three years.

Hot Sectors

Manufacturing and engineering have dominated hiring even more than normal. These businesses are increasingly complex, often scaling through investment or export growth, and require CFOs who can operate as true commercial leaders rather than traditional finance heads. These sectors remain more resilient than some of the evolving sectors like technology. Not exempt from volatility, but less impact on hiring than other sectors.

There is a consistent level of activity across education, training and advisory businesses, driven by consolidation, governance requirements and the need for more commercially minded finance leadership within these environments.

A third, more diverse segment is emerging across consumer, services and tech-enabled businesses, including multi-site and distribution-led models. While smaller in overall volume, this group is strategically important, often characterised by growth, change and investor readiness. These businesses are more exposed to market cycles and are increasingly open to flexible leadership models, including interim and fractional CFOs, as they look to balance capability with agility.

Regional Analysis

Leeds, Sheffield and Nottingham remain key hubs for finance leadership talent.

However, one of the most consistent observations across both datasets is the breadth of activity beyond the major cities.

Appointments are spread across locations including:

• Doncaster, Rotherham, Wakefield and York
• Leicester, Mansfield, Lincoln and Worksop

This highlights the depth and resilience of the regional economy, particularly across industrial corridors.

Private Equity and Ownership Trends

PE-invested businesses and privately owned businesses evolving towards investment are the single largest generator of new opportunities

• 24% of appointments are within PE-invested businesses
• 17% are within privately owned businesses on exit journeys

Fractional CFO's and Finance Directors

The ratio of 1 in 5 CFO hires being fractional has been reasonably constant over the past year.

The following factors feature in the appointments that we have seen in 2026 to date

PE /VC and growing SMEs continue to dominate the landscape:

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Interim

Interim finance leadership hiring has continued to build steadily over the past year, with Q1 showing further momentum. In uncertain economic conditions, businesses are placing greater emphasis on short-term performance, while investors and lenders are seeking stronger financial stewardship and visibility.

We expect this market to accelerate further through 2026. The Yorkshire and East Midlands regions benefit from a deep and high-quality interim talent pool, and those employers who engage early are best placed to access proven operators who can deliver impact from day one.

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Our Outlook

Only the very brave are predicting this market with complete confidence. That said, we are not ones to sit on the fence.

• We expect finance leadership hiring to rebuild through 2026, albeit without the sharp bounce seen in 2023. The underlying demand for high-quality CFO and FD talent remains strong and will translate into increased activity as confidence returns.
• There is clear evidence of procrastination and elongation in hiring processes, driven by the volume of change facing SMEs. Geopolitics, tax and legislative shifts are creating complexity, but many of these hires are not optional. They are delayed decisions rather than cancelled ones.
• Debt markets remain active and capital continues to flow, placing even greater importance on experienced finance leaders. CFOs and FDs are critical in navigating funding, managing risk and providing the clarity that investors and lenders require.
• Finally, there remains a strong sense of optimism across Yorkshire and the East Midlands. These are deep, resilient and entrepreneurial regional economies, with a proven track record of adapting to change. As a result, we continue to see a steady pipeline of businesses investing in leadership as they position for the next phase of growth.