Desk-tracked data on the private-equity consolidation of UK professional services — the platforms, the deals, the people moving inside them, and the independents still standing. Updated monthly.
The wave, in numbers
Latest on the ledger
Most recent dated entries from the desk's acquisition ledger. Deal records are compiled from public announcements.
By sector
| Sector | Platforms | Dated deals | Senior people inside | In window now | Independents tracked |
|---|---|---|---|---|---|
| Accountancy & advisory | 15 | 115 | 1,979 | 1,142 | 1,626 |
| Wealth & financial planning | 17 | 69 | 412 | 164 | 582 |
| R&D & innovation incentives | 7 | 5 | 42 | 31 | 29 |
| Legal services | 6 | 25 | — | — | 765 |
People are moving
168 senior arrivals at tracked platforms in the last four months (157 into accountancy platforms · 11 into wealth platforms) — and 154 people hit month twelve of their post-deal window this quarter. Recent moves the desk logged:
Individuals are never named on this page. The desk tracks moves at person level; the Index reports them in aggregate.
Trends & analysis
The exit wall is the story of 2026. The first generation of platforms was built on a simple promise: sell to us now, get the second bite when we exit bigger. This year the market began testing that promise — one flagship accountancy auction was shelved after bids missed the asking multiple, and another £1bn platform is openly exploring its options. When a platform can't transact, the people who took paper instead of cash discover their equity has a queue, and the queue has a bell curve. Expect the pressure to surface first among sellers 12–36 months post-deal — the cohort our desk tracks by name.
Wealth is consolidating the consolidators. The IFA wave has entered its second phase: platforms buying platforms, advisers sold twice in three years without moving desks. Each pass adds covenants and subtracts autonomy. Meanwhile the new-AR feed keeps producing the opposite species — advisers going independent — which tells you where the energy actually wants to flow.
Supply and demand are inverting. 1,337 senior fee-generators sit inside the trigger window today, and 154 more hit month twelve this quarter. On the other side, 3,002 independent, founder-led firms are still standing — and the growth signals we poll weekly (leadership hires, new charges, office openings) show a meaningful share of them in active buying mode. The consolidators concentrated the talent; the independents get to shop for it.
The full picture
Every month the desk publishes the complete State of the Consolidation — sector by sector: platform league tables, deal flow, window cohorts, and where the independents are hiring. Free, by email.
One email a month. The weekly Mandate is separate — sharper, and also free.