This is the biggest deal in the mid-tier accountancy sector for some time, creating a £100m fee income business, trebling Affinia’s revenue while strengthening the brand under a new name, UHY Affinia.

The transaction will see Affinia, formerly known as LB Group, and backed by private equity firm Sovereign Capital Partners, combine with the London, Nottingham and Brighton firms of UHY Hacker Young, subject to all regulatory and other approval processes completing.