UK SET, the first set of standard-form legal documents for self-funded search acquisitions in the UK, was convened and coordinated by Archimax and announced at the ETA Awards in London. LONDON, 6 November 2026 A working group of leading law firms, alongside industry experts, has today published UK SET, the first set of standard-form legal documents for self-funded search acquisitions in the United Kingdom. The documents are free and available at ukset.org(opens in a new tab). The initiative was convened and coordinated by Archimax Global Solutions Ltd, and was announced last night by Carl Lundberg, CEO of Gerald Edelman, at the Entrepreneurship Through Acquisition Awards in London, the fourth year of the awards and the sector's principal UK gathering. The UK SET documents were drafted by three law firms, Fox Williams LLP, Marriott Harrison LLP and Shoosmiths LLP, and reviewed and contributed to by active experts in the UK search market: Archimax Global Solutions Ltd, Gerald Edelman, Orca Equity Partners and Thalor Capital. "Having reviewed a number of these transactions, we could see the market needed documents that searchers and investors could both start from. We brought the working group together with that aim, and I'm grateful to every firm involved for giving their time and expertise without charge. We hope UK SET becomes the reference point that helps deals close more smoothly." Alexander Kalis, Founder and CEO, Archimax Global Solutions Ltd Why it exists Entrepreneurship through acquisition, in which an individual raises investment to buy and then run an established small or medium-sized business, has grown quickly in the UK over the past five years. The legal documentation has not kept pace. UK venture capital has long had model documents from UK Private Capital (formerly the BVCA), and the American search market has PACT. Britain has had nothing equivalent. Searchers arrive at their first deal with no reference point for what a market equity package looks like, and investors work from whatever their last transaction happened to say. A recognised set of documents gives a self-funded searcher a credible starting point with sellers, brokers and advisers, and lets both sides spend their time on the points that are specific to their deal. "We wanted to create a set of legal documents that would remove the mystery for self-funded searchers when raising their equity gap. By making the documents open to the public, we hope this will ease the friction and allow a smoother closing process for all." Bryan Shaw, Partner, Fox Williams LLP What it covers UK SET consists of three documents drafted to work together: a subscription agreement, a shareholders' agreement and articles of association. Together they cover the terms on which investors put money into an acquisition vehicle, how the searcher and the investors govern the company afterwards, and how proceeds are shared on an exit. The commercial terms are deliberately left open. The documents set out what there is to agree and why each point matters to the party on the other side of it, rather than dictating where the parties should land. They are published without charge and without obligation. Anyone downloading them is free to instruct a solicitor of their choosing, and the contributing firms are clear that participation is not an endorsement of any particular transaction and creates no relationship of solicitor and client. "The ETA Awards exist because this market has grown into something serious, and a serious market needs serious infrastructure. Announcing UK SET here felt right. UK SET's first step is to create the legal documents which we foresee will be the framework for the industry going forward." Carl Lundberg, CEO, Gerald Edelman, and host of the ETA Awards Availability The documents are available free of charge at ukset.org and the working group expects to publish revisions as the market develops. About UK SET UK SET stands for UK Self-Funded Entrepreneurship Terms. It is an industry initiative rather than a company. The website is administered by Archimax Global Solutions Ltd on behalf of the working group. The documents are provided for general guidance only, are not legal advice, and require tailoring by a qualified adviser for any particular transaction. About the Entrepreneurship Through Acquisition Awards The ETA Awards are hosted annually by Gerald Edelman and recognise achievement across the UK entrepreneurship through acquisition market. The 2026 awards, the fourth, were held in London on Thursday 5 November. The drafting firms Fox Williams LLP is a full-service London law firm with over 50 partners. Its corporate practice advises on mergers, acquisitions, fundraising and partnership matters, alongside financial services, employment, technology and dispute resolution. Marriott Harrison LLP is a specialist London law firm, partnering with high-growth entrepreneurs and the investors who back them, from raising the equity to completing the deal and planning the exit. Shoosmiths is a leading UK law firm with particular strength in M&A, private equity and venture capital, complemented by significant expertise in leveraged finance. Its highly active deal team advised on more than 250 transactions with an aggregate value of over $7bn in 2025, ranking 1st for M&A activity in London (Experian MarketIQ). This combination of transactional breadth, financing expertise and deal execution experience underpins Shoosmiths' market-leading search fund practice. The contributing firms Archimax Global Solutions Ltd is a UK-based investor in entrepreneurship through acquisition and runs the B.O.R.I.N.G. Investment Club, a private invitation-only syndicate providing deal-by-deal equity gap co-investment in search and ETA transactions. Gerald Edelman is a UK accounting and advisory firm. Its corporate finance team advises on search acquisitions, including financial due diligence on target businesses, and the firm hosts the annual ETA Awards. Orca Equity Partners is a London-based investor specialising in entrepreneurship through acquisition, backing acquisition entrepreneurs who buy and lead established, profitable European SMEs. Thalor Capital LLP is a UK-based group of search investors backing entrepreneurs to acquire and develop an existing company.