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Corporate Finance & Strategy

Bold strategy, rigorously valued.

We help the boards, CEOs, CFOs and investment teams of financial services and investment management businesses decide where to play, what to buy or sell, and what it is worth — then stay to make it happen.

Request a callHow we help clients

Selected work

  • $400mBuy-side M&A valuations in TMT
  • €300mFive-year business plan for a bank group's NPL investment platform
  • £18b†Financial and commercial adviser to HM Government on a new nuclear power station
  • €9b†Fairness opinion on a banking acquisition

Selected mandates. † Advised by our Managing Director while at KPMG.

Where to start

Three first engagements with a fixed scope. Each ends in a document your board, your auditor or your credit committee can act on; the fee and the timetable are in the proposal.

A business plan and financing case

For a firm that is planning, raising debt or preparing a deal.

The plan your board approves and your financiers fund: the P&L, balance sheet, cash flow and capital, tested against scenarios, with the credit-committee presentation and the answers to the questions it will ask.

Request a call about a business plan and financing case

Strategy & M&APortfolio Solutions

An independent valuation

For a holder of hard-to-value assets facing an audit, a dealing date or an investor's question.

Loan books, portfolios, derivatives or a company, valued by someone who did not price the deal, with the models disclosed and every input traceable, in the form the auditor, the valuation committee or the investor needs.

Now: the FCA's proposed AIFM rules reach smaller managers for the first time, and for financial years beginning on or after 15 December 2026 auditors must evaluate and document the objectivity of the experts they rely on.

Request a call about an independent valuation

Independent Valuation

A year-end finance review

For a CFO closing the year with a small team.

IFRS 9 numbers that reconcile: expected credit losses, POCI and fair value; the planning and control behind them; and the data trail an auditor or a supervisor can follow, with the fixes ranked before the audit starts.

Now: supervisors are testing collection curves and provisioning on purchased portfolios, and the IASB's hedge-accounting proposals take comments until 30 November 2026.

Request a call about a year-end finance review

CFO & Finance Excellence

About Bell Capital

Bell Capital Ltd is a London-based corporate finance and strategy advisory founded in 2014. It advises the boards, CEOs, CFOs and investment teams of financial services and investment management businesses on independent valuation, the finance function, strategy and M&A, and credit portfolios, and works in strategic partnership with Kelvyn (opens in new tab), a financial operating system. Every mandate is led at Managing Director level.

What each capability covers

Plain definitions of what we do, who it is for, and examples of the work — so the answer is clear before the first call.

Independent Valuation

Independent Valuation is valuation work by an adviser who did not price the deal: loan books and portfolios, derivatives, companies, and the models behind them, for auditors, valuation committees, investors and boards. We do not value what we have bought, sold or built for the same client.

Example: Global bank

€4.9b†

Valuation of €4.9b of loan portfolios and €2.4b of OTC derivatives for a global bank.

† Advised by our Managing Director while at KPMG.

Related reading: Dual-Curve Bootstrapping: Why Convention Consistency Matters for EUR Swap Pricing

Request a call about Independent Valuation

Portfolio & instrument valuation

Loan books, non-performing exposures, OTC derivatives and companies, valued for the auditor, the valuation committee or the investor, with the models disclosed and every input traceable.

Valuation policy & valuation for funds

A valuation policy and the design of the valuation function, and the loan-book valuation at each dealing date in support of it, for credit funds, ELTIFs and LTAFs under AIFMD II and the FCA's proposed AIFM rules.

Reviews & opinions

IFRS 9 reviews of purchased portfolios (collection curves, POCI and fair value), and fairness opinions for boards and limited-partner committees.

With Kelvyn — portfolio data, actuals and plans come out of the platform as the exports a reviewer works from. Where Kelvyn produced a client's numbers, we do not review them: that work goes to another valuer.

CFO & Finance Excellence

CFO & Finance Excellence is the work of a CFO's own team, done with them: IFRS 9 measurement, planning and control, capital and covenants, hedge accounting and treasury, and the finance and risk operating system that traces every figure to its source. We build the plan as the adviser, and we support the CFO's planning and control that has to exist before an adviser can be engaged at all.

Example: Engineering group with €2.9b revenue

€340m†

Design of the group's hedge-accounting policy, fair-value models for c. €340m of OTC derivatives and an assessment of hedge effectiveness, followed by leading the operational transformation of the finance and accounting function.

† Advised by our Managing Director while at KPMG.

Related reading: AI-Powered Workflow Automation for Financial Institutions

Request a call about CFO & Finance Excellence

IFRS 9 measurement & planning and control

Amortised cost and fair value for each portfolio, POCI and the credit-adjusted effective interest rate, expected credit losses, and the planning and control behind them: the cost base, staff, capital and covenants, through to the statutory statements.

Hedge accounting & treasury

IAS/IFRS-compliant hedge-accounting policy; cash-flow and fair-value hedging strategies with FX, rate and commodity derivatives; fair-value models you own; funding structures and credit lines; and the impact of the IASB's Risk Mitigation Accounting proposals for banks and insurers.

The finance operating system

The data, workflows, automation and controls that trace every figure to its source for auditors and supervisors, including the design of AI-assisted workflows: automated rather than reconciled by hand, with the reporting duties of the credit-servicer and fund regimes built in.

With Kelvyn — the IFRS 9 compliance engine computes amortised cost, collection curves and regulatory balance sheets from portfolio data — so the policies we design are executed, not re-keyed.

Strategy & M&A

Strategy & M&A is corporate and business-unit strategy grounded in numbers, with M&A as the launchpad for transformation and growth: business plans and financing cases for boards and credit committees, buy- and sell-side transaction support, readiness for a sale, merger or capital raise, and the integration that decides whether the deal pays.

Example: Listed telecoms group

$400m

Buy-side valuations of three acquisition targets in Latin America: business cases standalone and with synergies, DCF valuations with IRR and sensitivities, due-diligence findings on one target, and the board papers, including the request to approve a non-binding offer.

Related reading: Valuing FinTech Platforms: Beyond Revenue Multiples

Request a call about Strategy & M&A

Business plans & financing cases

Plans a board approves and a credit committee funds: growth options, the capital they need, the P&L, balance sheet, cash flow and capital adequacy, tested against scenarios rather than a single hockey stick, including the plan behind an authorisation or a new credit line.

M&A transaction support

Buy-side and sell-side business cases, standalone and with synergies, DCF valuations with sensitivities, financial due diligence and the board papers, including the request to approve an offer.

Capital-event readiness & integration

Removing the key-person and data-verifiability discounts buyers apply in diligence before a buyer arrives, then day-one readiness and post-merger integration: synergy tracking, entity rationalisation and divestitures, run to a plan the CFO can report against.

With Kelvyn — board resolutions move from CEO to chairman to board vote digitally, with hash-verified archives, and the plan we write is tracked against its actuals from the first board cycle.

Portfolio Solutions

Portfolio Solutions is valuation and transaction support for what sits on the balance sheet, on the buyer's or the seller's side: the pricing of loan books and non-performing exposures for a purchase or a sale, the purchase programme and business plan of an NPL platform, and the data and operations that run them.

Example: Bank group's NPL investment platform

€300m

Five-year business plan for a bank group's NPL investment platform, with about €300m of portfolio purchases over five years, then its three-year version for the bank group: recovery curves for new portfolios by segment, the programme of purchases and sales, the P&L, balance sheet, cash flow and capital adequacy, and funding through seven-year credit lines with a revolving line kept available.

Request a call about Portfolio Solutions

NPL platform plans & purchase programmes

Business plans and purchase budgets for NPL investment platforms: recovery curves by segment, underwriting multiples, the programme of purchases and sales, and the funding lines behind it.

Portfolio transactions

Pricing and analysis for portfolio disposals and acquisitions: collection curves, tranche allocation, blended IRR and the data tape.

NPL portfolio management

Restructuring strategies for non-performing books, servicer monitoring against the business plan, and the operations and data that run a portfolio from purchase to sale.

With Kelvyn — the lifecycle of owned and sold portfolios is tracked — actuals against plans, and the book retained after a partial sale — with a structured sell-side marketplace when it is time to trade.

Why clients stay

Quantitative to the core

Every recommendation is backed by a model we built and can defend.

Senior from day one

One relationship, one accountable lead, no hand-offs.

Built to be executed

We stay through integration and the first board cycle.

Partnered with Kelvyn

A financial operating system keeps portfolios, governance and IFRS 9 reporting running after we leave. About the partnership (opens in new tab)

Frequently asked questions

What does Bell Capital do?

Bell Capital advises on corporate finance and strategy in four capabilities: Independent Valuation, CFO & Finance Excellence, Strategy & M&A and Portfolio Solutions.

What does Bell Capital value independently?

Loan books and non-performing exposures, OTC derivatives, companies, and the models behind them, for auditors, valuation committees, investors and boards, plus fairness opinions. We do not give an independent valuation of assets we priced, sold or built for the same client, including numbers produced for that client on Kelvyn.

What is Bell Capital's relationship with Kelvyn?

Kelvyn is a financial-operating-system company and our strategic partner. Clients' portfolios, valuations, IFRS 9 reporting and board governance run on Kelvyn after an engagement ends.

Which sectors does Bell Capital serve?

Two industries: financial services (banks, factoring, insurance) and investment management, whatever the assets managed: credit portfolios, NPEs, other financial assets or physical assets. Technology, fintech included, is expertise we bring to both.

Who leads the work, and how do I start?

Every mandate is led at Managing Director level. Request a call or email contact@bellcp.com; a senior adviser replies within one business day.

Our people

Stefano Campana

Managing Director, London. Formerly KPMG and Barclays Investment Banking.

Start with a conversation

A senior adviser replies by email within one business day to arrange a call. Confidential, no obligation.

Or write to contact@bellcp.com