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Sector Experience

A percentage holding says very little on its own.

A meaningful company stake can shape a family’s financial position long before a sale takes place. Sector knowledge is what turns an ownership figure into something usable – showing how the asset creates value and what it may ask of family capital along the way.

Explore our experience

Our Perspective

Ownership analysis starts with how the business makes money.

Operating information only becomes useful once it sits in its proper commercial setting. That is where Silver and Spare starts, working out what genuinely drives cash generation or value before drawing conclusions from a set of numbers.

Private investments are then checked against the same picture, so a family can see whether new capital adds diversification or simply repeats a risk it already carries.

Our clients have meaningful interests in financial services, B2B software or hospitality. Each sector is read on its own commercial terms before it is connected to the decisions the family faces.

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Financial Services and Fintech

Financial Infrastructure

Understanding the economics behind financial-services ownership.

Some financial-services businesses earn through transaction activity or interest spreads; others depend on administration fees or subscriptions. The distinction matters, because it determines what a holding might mean for private liquidity and how much confidence to place in future income.

Retained ownership and further company funding are both weighed against that same picture.

Payments

Transaction growth says little without take rate alongside it. Merchant concentration is the other variable that decides whether a payments business is producing durable revenue or a fragile one.

Digital Lending

Growth in a loan book is only half the story – credit quality and funding cost decide whether that growth is building value or simply adding risk.

Wealth Platforms

Assets under administration and net flows set the recurring-revenue base of a wealth platform. Fee levels then determine how much of that base reaches earnings, which in turn shapes what the holding is worth and what it can distribute.

Insurance Technology

Distribution and software drive value for some insurance platforms; underwriting risk drives it for others. Where the business retains that risk, claims performance sits at the centre of the ownership case.

Foreign Exchange

Transaction flow and pricing spread set the revenue for an FX business, but resilience depends on how that revenue holds up as market conditions and regulatory permissions shift.

Investment Administration

Income here tends to track the assets or accounts under administration. Client retention and platform reliability are the clearest signals of whether that income can be sustained.

Financial Data

Recurring revenue is strongest where data is embedded in a customer’s workflow. Renewal behaviour and the cost of sourcing that data both factor into how much the holding is genuinely worth.

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B2B Software

Recurring Revenue

Helping families invest around long-term software ownership.

Recurring income only holds up if customers keep using the product. Silver and Spare starts there – reading the revenue base of the business and what it is likely to demand from capital going forward.

Revenue Quality

Contracted revenue offers visibility, but not all contracts offer the same amount. Length and pricing model both change how much confidence that visibility deserves.

Retention

Renewal rates reveal whether a product has stayed useful to its customers. That, more than growth alone, is what determines the durability of the cash behind the holding.

Customer Concentration

Even a growing software company can lean on a handful of accounts. Losing one of them can move the value of the holding more than a quarter of new sales.

Implementation

Complex implementation cuts both ways – it can lock a product in once installed, but it also slows revenue and raises the cost of winning the next customer.

Product Position

A CRM system sits close to the sales process; a property-management platform sits close to day-to-day operations; accounting software sits inside the financial records themselves. How embedded a product is tends to say more about retention than its growth rate does.

Hotels and Hospitality

Operating Assets

Bringing hospitality ownership into the wider family picture.

A hospitality holding can combine the property with the operating business, and each element carries its own return and its own claim on capital. Working out where returns come from is the first step in understanding what the asset may still ask of the family.

Every new hospitality opportunity is read against existing exposure, to see whether it broadens the portfolio or simply doubles down on the same market.

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Room Performance

Occupancy shows how much capacity is being used; average daily rate shows what price that capacity is achieving. Revenue per available room brings the two together into a single read on trading performance.

Operating Structure

Owning the property is a different financial position from operating the hotel itself, and a management or franchise agreement changes again how much income the owner keeps.

Restaurants

Cover volume and spend per guest set the top line; labour and food costs decide how much of it survives as profit. Sustained demand is what keeps that balance in the family’s favour.

Capital Expenditure

Refurbishment protects a hotel’s market position, but it can also arrive as a substantial and sometimes unplanned call on family liquidity – one that needs to sit alongside other investment commitments.

Selected Hospitality Investments

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Hospitality · Paris · Hotel Real Estate

Pullman Paris Tour Eiffel

Silver and Spare participated in the investor consortium managed by Batipart Europe that acquired the 435-room Pullman Paris Tour Eiffel in 2026. QuinSpark continues as operating partner, with a renovation programme planned for the property.

We coordinated participation by client families after assessing available liquidity and existing hospitality holdings. The investment added a major central Paris hotel to their private-market interests.

Transaction announcement

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Hospitality · Take-Private · International

Soho House & Co

Silver and Spare participated in the investor group that took Soho House & Co private in January 2026. The transaction valued the international membership and hospitality group at approximately $2.7 billion.

We coordinated client participation after assessing existing private-market exposure and available liquidity. The investment added an international hospitality platform to their private holdings.

Transaction announcement

Family Office Relevance

From Operating Data to Family Decisions

Turning sector insight into family-level action.

Sector information is only useful once it changes a decision. Silver and Spare’s role is to translate what is happening inside the business into terms that matter for liquidity and the wider investment position.

Valuation

Valuation assumptions are tested against the measures that matter for the sector in question, so reported wealth stays clearly separated from capital the family can genuinely draw on.

Liquidity

A funding request from a company, or a refurbishment bill from a hotel, both draw on the same pool of liquidity held outside the business. Weighing them together avoids surprises.

Portfolio Exposure

A private portfolio can end up leaning on the same market conditions as a family business without anyone intending it. Spotting that overlap across listed holdings, funds and direct positions is what makes real diversification possible.

Transactions

A partial sale leaves a different financial position behind than a full exit. Getting the wider investment position ready in advance depends on knowing which of the two is being considered.

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Discuss Your Interests

Silver and Spare works from the economics of the assets involved. That understanding informs how company interests and private capital are considered together.

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