The investment will provide London based Paperchase with funding to focus on global acquisitions and build up the hospitality specialist.

Set up over 30 years ago by founder Aku Patel, Paperchase has global turnover in excess of £20m and specialises in the global hospitality sector, providing financial management, accounting services, bookkeeping and analytics insight.

The value of the deal was not disclosed but BGF said it ‘has completed a significant multi-million investment in Paperchase Accountancy (GDC), a market leader in financial management for the hospitality sector’.

Paperchase is headquartered in London with its main operations in Ahmedabad in India, and also has offices in New York, Miami and Dubai, as well as Indore and Kerala. The majority of the 1,200 staff are based out of India with over 30 UK staff based in London.