The deal with IK Partners will see substantial funding from the IK X Fund invested in the top 30 accountancy firm, alongside significant reinvestment for the management team at Dains. The value of the deal was not disclosed but could be as high as £250m based on 4x revenues.

The majority IK stake will give Dains the funds to continue its ambitious acquisition programme, target strong organic growth in the UK and Ireland, and make further investment in its operational platform and recruitment.

Horizon Capital first invested in Dains three years ago in a deal signed in December 2021 after the partners took the decision to go down the private equity route.