Negotiations between private equity firms and the management teams of the companies they are trying to buy could be likened to a couple writing their own vows before a wedding. Both are hoping the venture will be a success and might secretly be hoping the promises they make won’t come back to haunt them.

But in the UK, many of these relationships risk becoming strained some years hence, because the vows demanded by one side are so tough. This is because there is so much competition for deals that management teams are able to call the shots.