Accountancy firms are of particular interest to private equity funds at present. The rise is largely due to the relative ease in growing these businesses through ‘platform’ structures, with further acquisitions added to grow their client bases and revenues, said law firm Mayer Brown, which analysed the market.

The overall accounting market is reporting significant growth levels of on average 8% with the combined revenue of the Top 75 Firms totalling £21.25bn in 2022.

Until recently, private equity managers had seen professional services as a high risk investment as key employees could leave the acquired business at any minute, impacting its revenues.