Bishop Fleming plans national expansion backed by private equity

Accountancy and advisory firm Bishop Fleming is planning to expand nationally through mergers and acquisitions, supported by a minority investment from private equity firm Synova.

The firm, which offers audit, tax and consultancy services, said the deal would accelerate its ‘Better Growth’ strategy, first launched two and a half years ago. The strategy aims to double the size of the business and grow turnover to more than £200m, with a workforce of over 2,000.

Bishop Fleming described Synova as a partner that would allow it to retain majority partner-ownership while providing capital to support its ambitions. 

Synova manages more than £1.7bn of capital across the UK, Ireland and Europe. 

Andrew Sandiford, managing partner of Bishop Fleming, said: “This investment is the next logical step to develop Bishop Fleming on the national stage through strategic planned M&A activity.

“We are delighted to select Synova as an investment partner. They uniquely enable us to remain majority partner-owned and led, maintaining control of our business through a traditional partnership model, but with the backing of a minority investment that perfectly aligns and accelerates our business growth plans.”

Oli Bevan, partner at Synova, added: “Bishop Fleming has delivered impressive performance over recent years and has an exciting vision for its business. It has a solid heritage and foundation for growth and now has a platform to scale up.”

Bishop Fleming reported fee income of more than £48m in 2025, a 15% increase year-on-year, with 20% growth in its audit service line alone. The firm also became the second UK accountancy business to fully implement the Workday ERP platform.

Other recent developments include the opening of a Birmingham office in Colmore Row, an expansion of its Bristol premises, and a relocation of its Exeter office to Winslade Park. The firm now operates nine offices across the UK.

The company has also invested in talent and infrastructure, including an apprenticeship programme rated ‘Outstanding’ by Ofsted, and has been named a Great Place to Work for three consecutive years.