It's been another changeable couple of months within the UK tax world. The UK tax profession is undergoing a significant transformation, driven by high-profile strategic shifts among leading firms. Recent developments highlight the growing role of private equity (PE) in reshaping the market and the rise of specialisation and consolidation as firms seek to adapt to an evolving landscape.
Grant Thornton has secured a major new funding deal with Cinven. This decision to accept private equity investment marks a groundbreaking moment. This move reflects the increasing influence of external capital in driving growth, technological innovation, and service diversification in professional services. With PE backing, firms can invest more aggressively in technology, talent, and expansion, potentially redefining how tax advisory services are delivered.
With Evelyn Partners agreeing to sell its accounting & tax arm to Apex Partners (Subject to regulatory approval in early 2025). Coupled with its ‘rebranding’ to S&W, a nod to the old Smith & Willamson brand where it will be splitting its business back to focus on bespoke offerings for private clients and businesses. This strategic pivot underscores a trend toward specialization, where firms aim to strengthen their identity and cater to niche markets.
In parallel, Sumer Group’s acquisition of HW Fisher highlights ongoing consolidation in the sector. As mid-tier firms combine resources, they are better equipped to compete with both global giants and smaller boutiques. This comes hot on the heels of their acquisition of Simmons Gainsford, Scrutton Bland.
Finally, Moore Kingston Smith has announced a significant merger with Shipleys and WMT in recent months, strengthening its position in the mid-tier accounting market. This union enhances its expertise across tax, audit, and advisory services, broadening its client reach and consolidating resources to compete more effectively in the evolving professional services landscape.
These shifts signal a dynamic future for UK tax practices—one where adaptability, investment, and specialisation will determine success in a competitive and rapidly changing market. - So as you can see the world of a tax professional is never a dull moment!