---
title: "Literature review on the balance between publicly-listed and privately-held companies"
ocid: "ocds-h6vhtk-05f072"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-05f072"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-05f072.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-05f072.json"
source: "Find A Tender Service"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2026-03-10"
---

# Literature review on the balance between publicly-listed and privately-held companies

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-h6vhtk-05f072

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## Summary

The Financial Reporting Council Limited has completed the contract award process for a literature review on the balance between publicly-listed and privately-held companies. The procurement took place under the open competition method and resulted in LPCHINA LTD being awarded the contract, valued at £34,400, starting on 16th February 2026 and ending on 15th May 2026, with potential extension until 30th September 2026. Based in London, the FRC seeks to understand shifts in UK corporate structures through analysis ranging across various economic and legal disciplines. This initiative aims to inform their regulatory approach and provide insights into changing capital sources within UK markets, including the London Stock Exchange and private equity sectors.

This procurement creates significant business opportunities, especially for SMEs and research-oriented firms capable of navigating complex economic and corporate governance topics. The contract allows for further research services akin to the initial project, highlighting ongoing collaboration potential. Businesses engaging in research and development consultancy services are well-suited to leverage this tender, enhancing their expertise in monitoring market trends and contributing to discussions on corporate governance and policy impacts in the UK and beyond. The open nature of the competition favours businesses with innovative approaches and thorough analytical methodologies.

## Notice

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC was seeking a Literature review on the balance between publicly-listed and privately-held companies. The number of UK publicly-listed companies (PLCs) has fallen over the past decade. At the same time more companies are choosing to remain unlisted and financing their growth through private capital . The UK has become Europe's largest private-equity hub, and its leading venture capital market , both of which are funding privately held (non-listed) companies (PHCs). As part of its ongoing market monitoring activities, the FRC was seeking research services to deliver a review of the leading expert literature to understand the scale, trajectory and international context of these changes. As well as potential implications which might arise. This will include peer-reviewed academic research, as well as studies carried out with suitable rigour by professional bodies, industry organisations, and think tanks (grey literature). The review will draw on literature from a range of relevant disciplines including, but not limited to: law, economics, political economy, business, public administration. It should be written to inform non-academic readers about the following: * The leading analyses of evidence on theses changes, including: o The scale, trajectory, and other relevant characteristics. o Views on what might happen next. o The international context from relevant jurisdiction(s). o The causes/drivers of the change and whether they are evolving over time, including evidence on how and why commercial entities choose between different potential sources of funding. * Whether the literature provides any information relevant to understanding any potential impact on: o Our regulation, in particular the effect of shifts in sources of capital when combined with the existing policy landscape and legislative definitions which drive audit and corporate reporting requirements. o Any additional, relevant policy implications for us to consider. The review should be focused on the UK but may also draw on literature that brings insights from other jurisdictions, where clearly relevant. The markets in-scope for this research will include: * London Stock Exchange (LSE) Main Market * LSE Alternative Investment Market (AIM) * Relevant markets of the Aquis exchange * UK private-equity, venture capital, and private-credit markets We may also include other UK debt and equity markets. This will be discussed with the successful research contractor once appointed. The suggested approach for the Literature Review was: Methodology * Search strategy: databases (e.g. JSTOR, SSRN, Web of Science, Scopus), policy portals, news archives. * Literature: o Inclusion/exclusion criteria should include, but not be limited to: relevance to UK context, credibility/quality/reliability, publication date, citations (or equivalent). o Biases and perspectives to be identified, where present, but not by themselves to be critria for exclusion. * Analytical approach: thematic coding, comparative case analyses, cross-discipliniary comparison (gaps and/or contradictions), synthesis of findings.

### Lot Information

Lot 1

Options: * Additional research services of the same nature.

Renewal: * The right to additional purchases while the contract is valid. * To allow for any pause research activities that may impact the timelines.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/021526-2026 |
| Notice type | UK7 - Contract Details Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Below threshold - open competition |
| Tender suitability | SME, VCSE |
| Awardee scale | SME |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 10 Mar 2026 |
| Submission deadline | 16 Jan 2026 |
| Future notice date | Not specified |
| Award date | 12 Feb 2026 |
| Contract period | 16 Feb 2026 - 15 May 2026 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £40,000 |
| Lots value | £40,000 |
| Awards value | Not specified |
| Contracts value | £34,400 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Complete |
| Awards status | Active |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED |
| Locality | LONDON |
| Post town | East London |
| Postcode | E14 9GE |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI4 Inner London - East |
| ITL 3 | TLI42 Tower Hamlets |
| Local authority | Tower Hamlets |
| Electoral ward | Blackwall & Cubitt Town |
| Westminster constituency | Poplar and Limehouse |
| Delivery location | TLC North East (England), TLD North West (England), TLE Yorkshire and The Humber, TLF East Midlands (England), TLG West Midlands (England), TLH East (England), TLI London, TLJ South East (England), TLK South West (England) |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | LPCHINA |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 10 Mar 2026 at 17:07 - Award - UK7 - Contract Details Notice - https://www.find-tender.service.gov.uk/Notice/021526-2026
- 10 Dec 2025 at 13:17 - TenderUpdate - UK4 - Tender Notice - https://www.find-tender.service.gov.uk/Notice/081493-2025
- 8 Dec 2025 at 10:41 - Tender - UK4 - Tender Notice - https://www.find-tender.service.gov.uk/Notice/080479-2025

## Documents

- https://www.find-tender.service.gov.uk/Notice/021526-2026
  10th March 2026 - Contract details notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/081493-2025
  10th December 2025 - Tender notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/080479-2025
  8th December 2025 - Tender notice on Find a Tender
- https://www.find-tender.service.gov.uk/Notice/Attachment/A-8802
- https://www.find-tender.service.gov.uk/Notice/Attachment/A-8808
- https://www.find-tender.service.gov.uk/Notice/Attachment/A-8995

## Notice URLs

- http://www.frc.org.uk
- http://www.pelaidbare.com
- https://www.legislation.gov.uk/ukpga/2023/54/contents

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-05f072. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-05f072.json.