$re = '/(?!\b\'\b)\'([^\']*(?:\b\'\b[^\']*)*)(?!\b\'\b)\'/m';
$str = '\'builder\'s margin\' means the percentage stated in Item 8 of Schedule 1;
Smith\'s \'rock\'n\'roll song\' ';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php