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
People counts include senior fee-generating roles only (partners, directors, MDs, principals, owners) — the same filter the desk itself works from. Support, compliance and non-fee roles are excluded.
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 | 1,632 | 1,002 | 1,626 |
| Wealth & financial planning | 17 | 69 | 268 | 121 | 582 |
| R&D & innovation incentives | 7 | 5 | 24 | 19 | 29 |
| Legal services | 6 | 25 | — | — | 765 |
People are moving
146 senior arrivals at tracked platforms in the last four months (139 into accountancy platforms · 7 into wealth platforms) — and 130 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. 1,142 senior fee-generators sit inside the trigger window today, and 130 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.