Private equity firm Synova has picked a minority stake in Bishop Fleming to back the next growth phase of the UK-based accountancy business.

This investment from Synova, which oversees more than £1.7bn ($2.28bn) in capital in UK, Ireland and Continental European markets, will speed up Bishop Fleming's growth plan, a statement from the accountancy firm revealed.

It is aimed at positioning Bishop Fleming among the “leading” national accountancy firms in the UK, the statement added.

The deal awaits regulatory approval.

The accountancy firm's Better Growth strategy outlines a future of “sustainable” growth, with the expansion expected to introduce new capabilities, specialist expertise, and talent.

Bishop Fleming managing partner Andrew Sandiford said: “We launched our Better Growth business strategy two and half years ago, designed to double the size of our business through sustainable organic growth. Our performance during that time has been unrivalled in the mid-market space, such that we are now extending that Better Growth vision to grow beyond £200m and over 2,000 people.”

“This investment is the next logical step to develop Bishop Fleming on the national stage through strategic planned M&A activity.”

Sandiford added: “We are delighted to select Synova as an investment partner to our business. We believe they deliver the best of both worlds. Uniquely enabling us to remain majority partner-owned and led, maintaining control of our business through a traditional partnership business model, but with the exciting backing of a minority investment that perfectly aligns and accelerates our business growth plans.”

Bishop Fleming said it is only the second accountancy firm to deploy the full Workday ERP platform, an investment considered pivotal for scaling up the business.

The firm, which reported a 15% fee growth to over £48m in 2025, runs nine offices across the South-West of England and West Midlands.

Recent milestones in Bishop Fleming's growth include the launch of a new office in Birmingham at the start of 2025, expanding its presence in The Midlands.

The firm also expanded its Bristol office and relocated its Exeter office to Winslade Park.

Guidance for the transaction was provided by Alantra, a global financial services firm, with additional advisory from PwC, Strategy&, and Addleshaw Goddard.

"Bishop Fleming secures minority investment from Synova" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.

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