The Scale-Up Capital Crisis: Alasdair Haynes on Why the IPO Process Must Change

Is the UK truly "rubbish" at scaling up its most promising companies?

Host Ralph Grayson welcomes financial markets trailblazer Alasdair Haynes, founder and now President of Aquis Exchange, for an honest discussion on building and scaling a disruptive business. Alasdair shares his 48-year journey, from City trading floors to successfully exiting Aquis to SIX Group, and provides a firsthand account of the founder-to-President transition.

The conversation dissects the critical importance of board evolution and founder succession planning, emphasising that it must be for the "common good" of the company, not a mere "tick box exercise". They dive deep into the urgency of reforming the equity markets to make the IPO process more straightforward, cheaper, and faster for small, growth companies.

This push for public market revival is especially relevant as global IPO proceeds surged 89% year-over-year in Q3 2025, demonstrating renewed investor confidence worldwide. Alasdair introduces his "three stages of company growth" model and passionately argues for a governance structure that is proportionate, allowing entrepreneurs to focus 90% of their time on building the business.

• (00:00) - Introduction to The Boardroom Path
• (02:51) - Alasdair's Early Career and Lessons Learned
• (06:15) - The Importance of Board Evolution
• (08:38) - Mentorship and Board Dynamics
• (11:12) - Founder Succession Planning
• (17:17) - The IPO Market and Growth Capital
• (26:08) - Public vs. Private Boards
• (38:26) - Final Thoughts

Alasdair Haynes: Founder and President of Aquis Exchange (SIX Group). A visionary financial markets executive with nearly five decades of experience, Alasdair is celebrated for disrupting traditional exchange models, notably by pioneering a subscription-based pricing structure at Aquis. He previously served as CEO of Chi-X Europe and is an inaugural Chair of TheCityUK's Business Council, and sits on the UK FCA's Practitioners' Panel. His expertise lies in championing open, fair, and innovative capital markets and reforming the accessibility of scale-up capital for growth companies.

Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.

Episode Insights:

• The essential differences between the board needed for a startup, an IPO, a scale-up, and an acquisition.
• Why founder-CEO succession is never a tick-box exercise and the two critical reasons a plan is always necessary.
• How to use psychometric analysis (EQ/IQ) and communication methods to build a stronger board-to-executive relationship.
• Alasdair Haynes’ 'three school' model for companies and how it applies to the proportionality of governance for different growth stages.
• The core challenges of the UK’s scale-up capital market and the need for radical change to make IPOs easier and cheaper.

Action Points:

1. Evaluate Your Board's Stage-Fit: Review your current board's composition against your company's immediate strategic phase (e.g., startup, scale-up, exit). If your board hasn't evolved with the business, plan a change to ensure you have directors with the necessary expertise, such as acquisition experience for an exit.
2. Implement Proportionate Governance: Challenge the idea that one size fits all for governance. If you are a small company, ensure your governance structure is proportionate to your size and allows management to focus most of their time on the core business rather than excessive compliance reporting.
3. Prioritise the CEO-Chair Relationship: As a founder or CEO, dedicate time to fostering a relationship of deep respect and support with your Chair. This relationship is critical to the company's success; if it breaks down, the company will face significant issues.

The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career.

Subscribe now, and take your first confident step along The Boardroom Path.

Learn more about Sainty Hird & Partners at saintyhird.com.

The Boardroom Path is produced by Story Ninety-Four in Oxford, UK.