Growing Multi-Academy Trusts: Expansion in an age of uncertainty

The latest Kreston Reeves Academies Benchmark Report 2026 reveals a sector still expanding, but doing so more cautiously than the headline growth figures might suggest.

At first glance, Multi-Academy Trusts (MATs) growth remains strong. Despite lower reported confidence, a further 748 schools joined MATs during the year, increasing membership by 7.6%. The average MAT now operates 13.6 schools, up from 11.7 last year, continuing the steady trend toward larger, more consolidated Trust structures.

Yet beneath this growth sits a more complex story: one of consolidation, strategic scaling, financial pressures and political reforms that are reshaping how – and why – MATs expand.

While most academies are now within MAT structures, forward growth expectations have cooled. Just 36% of Trusts expect to grow in the next 12 months, compared to 61% last year. Over a two-year horizon, 59% anticipate growth, still a sizeable proportion but notably down on previous benchmarks.

This softening in confidence comes despite stronger financial performance across the sector. The withdrawal of key growth funding – including Trust Capacity Funding (TCaF) and the £25,000 conversion support grant – has removed a financial cushion that many expanding Trusts previously relied upon.

At the same time, falling pupil numbers, SEND pressures, estate backlogs and staffing costs continue to complicate expansion decisions. Growth is no longer simply about absorbing additional schools; it is about ensuring financial resilience at scale.

Scale brings strength

The Kreston Reeves Academies Benchmark data reinforces a familiar mantra: size matters. Larger MATs continue to demonstrate stronger financial performance and greater operational resilience than smaller Trusts. Economies of scale allow central expertise to be spread across more schools, reduce duplication, and support more strategic procurement and workforce planning.

Centralisation is now firmly embedded in the sector. 86% of Trusts are considered fully centralised, up again on last year. This is not accidental. Centralised finance, HR, estates, IT and procurement functions are essential to scalable growth. Without this infrastructure, expansion risks becoming administratively and financially fragile.

Similarly, the increased use of GAG and reserves pooling reflects a maturing approach to Trust-wide resource management. Nearly half of large MATs now pool income or reserves. Pooling enables strategic deployment of funds where need is greatest, though it must be carefully managed to avoid perceptions of cross-subsidy or inequity between schools.

In short, sustainable growth requires a deliberate shift from a base made up of a collection of schools to a thoughtfully structured, genuinely integrated organisation.

Structural scale alone does not guarantee success

In today’s market scale alone is not enough and as Trusts grow, governance complexity and the need for strategic leadership increases. The days of a single headteacher running an academy trust is steadily becoming a thing of the past and many single academy trust (SATs) and small MATs are feeling the pressure for change. 

This year’s benchmark report emphasises the importance of having a diverse board made up of the right leaders, trustees and governance professionals all serving in the right roles as a crucial step to supporting Trusts expansion plans.

Although in reality this is easier said than done, in a market where recruitment of experienced trustees remains a key concern across the sector as trusts face increasing barriers to entry with rising time commitments, a requirement for a high level of diversity and increased sector scrutiny that puts Trustees at the forefront of public attention, the challenges facing growing MATs should not be underestimated. But understanding that as MATs become larger and more centralised, the need for strategic oversight, risk management capability and robust assurance frameworks intensifies and the need to overcome these barriers is pivotal to success.

Growth amplifies both strengths and weaknesses. Upholding strong leadership, clear delegation frameworks, and consistent Trust-wide standards are critical. Without cultural alignment and governance coherence, integration challenges can undermine educational and financial performance, re-emphasising the point that in a heavily regulated and scrutinised sector bigger is only better if your foundations are strong.

Capital pressures and estate risk

One of the most persistent constraints on MAT expansion continues to be the challenge of funding school estates. Many Trusts are contending with ageing buildings, rising maintenance needs, and inconsistent access to capital investment. Smaller MATs that do not yet qualify for School Condition Allocation (SCA) funding remain reliant on the highly competitive Condition Improvement Fund (CIF), leaving them with little certainty over future capital support. 

For some Trusts, growth is therefore partly motivated by the desire to reach the SCA threshold—typically five schools and around 3,000 pupils—which unlocks more predictable annual capital funding. However, this incentive brings its own complications. Expanding MATs, particularly larger ones already managing complex estates, face significant financial exposure when taking on schools with substantial maintenance backlogs or those rated as underperforming. These schools often come with deteriorating buildings, insufficient revenue reserves, and immediate investment requirements. Without the availability of growth grants and with central capital funding remaining constrained, Trusts can find themselves under pressure to subsidise essential works from their own budgets. This can place strain not only on their financial resilience but also on their capacity to deliver school improvement at the pace required. 

As a result, the Government’s long-term approach to estates funding—including its 10year programme to modernise and rebuild schools and colleges—will be critical. The clarity, scale, and reliability of future capital investment will play a major role in determining whether MATs can continue to grow sustainably while managing the estate risks and financial pressures associated with bringing underperforming schools into their Trusts. 

Schools White Paper

The Schools White Paper sets a clear direction for a more trust-led education system, with government policy signalling that all schools should join or form high quality multi academy trusts (MATs).  

This trajectory has been reinforced in the 2026 White Paper, “Every Child Achieving and Thriving,” which reiterates the aim of moving all state schools into MATs—and, significantly, introduces new “trust standards” to strengthen accountability around inclusion, value for money and transparent resource pooling.  

For trusts seeking to grow, these reforms present both opportunities and pressures. More schools—particularly those requiring intervention—will be encouraged or directed to join MATs, broadening the landscape for expansion while also opening the door for local authorities to establish their own MATs, introducing new local providers and potentially reshaping market dynamics for trusts planning regional or national growth.  

Implications for SEND Provision

Alongside school system reform, the government has announced major plans to overhaul the SEND system. These reforms aim to create a more consistent, coherent and outcomes focused approach for children with SEND and their families.  

For MATs, this creates several significant implications: 

• Greater responsibility for inclusive practices 
• Growing operational complexity 
• Additional financial pressures  
• Increased opportunities for stronger, systemwide provision supported by established Trusts with specialist teams 

Overall, the Schools White Paper and accompanying SEND reforms strengthen the expectation that MATs will become the core organisational unit of the school system. For trusts planning to grow, this represents a supportive policy environment—but also one where demonstrating capacity, quality, inclusivity and financial stability will be essential. 

Stabilising, but not yet settled

The MAT landscape in 2026 is characterised by continued growth, increasing consolidation, and the emergence of more advanced operating models. Expansion hasn’t slowed, but it has become far more intentional. 

For Trust boards, the critical question is no longer “Should we grow?” but rather “Are we genuinely ready to scale?” 

Achieving sustainable growth now requires alignment across central functions, reserves planning, governance capacity, and long term estate strategy. Without this coherence, expansion risks outpacing a Trust’s infrastructure. 

The sector has demonstrated considerable resilience to date—but the next stage of maturation will require even greater precision, discipline, and strategic clarity.

If you’d like to discuss what the latest benchmarking data means for your Trust’s growth strategy, governance structure or financial resilience, get in touch with one of our experts.