Bishop Fleming said the deal will fund ‘plans to expand into a national business through several strategic merger and acquisitions, backed by a minority private equity investment from Synova’.

London headquartered Synova currently manages more than £1.7bn of capital in the UK, Ireland and Europe across markets, including financial services, and this deal is the first time the firm has ventured into the accountancy sector.

As a result of the Synova partnership, now the ambitious plan is to grow Bishop Fleming fourfold, ‘beyond £200m and over 2,000 people through an accelerated growth strategy’, said Andrew Sandiford, managing partner at Bishop Fleming.

Bishop Fleming reported fee income of £45.8m for year end May 2024, with significant year on year growth of 20%, putting it in 36th ranking in the Top 75 Firms survey.