Celebrating excellence in the accounting profession, Accountancy Age's Top 50+50 2024 spotlights the top accountancy firms in the UK.
Brought to you in partnership with Source Advisors, previously known as GovGrant in the UK.
in partnership with
The Top 50+50 Accountancy Firms 2024 have been revealed.
Each year, we collate information on the top 100 firms, putting a spotlight on those shaping and defining UK accountancy.
The table is based on voluntary submission of data and ranked by firms’ total UK fee income for the last financial year.
Accountancy Age also gathers information on other key aspects of each firm, including the number of female partners vs male partners, investment in technology, ethnic minority representation and other factors. The data is used to provide a detailed snapshot of the industry, which we can compare with the previous year’s findings, with a research report based off the findings to follow shortly.
In this year’s rankings, in partnership with Source Advisors, there was little change among the top ten firms. But there was some reshuffling among the challenger firms – Evelyn Partners has bumped Grant Thornton down a spot, taking 6th place this year. Evelyn Partners reported a total fee income of £701 million, compared to Grant Thornton’s £654 million.
Much of Evelyn Partners’ growth has been as a result of its bold M&A strategy over the past 2 years.. The firm acquired Leathers LLP, a firm of Chartered Accountants and tax specialists with offices in Harrogate and Newcastle in February 2023. Two months later, a leading international disputes team from KPMG UK joined Evelyn’s Forensic Services practice in London.
But Evelyn’s M&A spree didn’t stop there – in April that same uyearit acquired Ashcroft Partnership LLP, a fast-growing Cambridge-based accountancy firm that offers a range of assurance, corporate finance, business and personal tax services. In the final months of 2023, it completed the purchase of Creaseys Group Limited, a Tunbridge Wells based accountancy and tax advisory firm with particularly strong expertise advising private equity professionals; this was followed by the purchase of Harwood Hutton, a well-established, multi-disciplined firm of accountants and tax advisers headquartered in Beaconsfield
Among the top ten, in terms of % change in fee income, Forvis Mazars and BDO came out top, both reporting 16% growth. RSM reported the highest fee per partner – £3.9 million; this was second only to CBTax (£9.49 million in fees per partner) which only employees two partners. RSM currently has 134 partners employed within its ranks.
PwC maintained the top spot with a fee income of £6.32 billion, a 9% increase from 2023 – this is the first time a member of the Big Four has breached the £6 billion mark.
Deloitte once more played second fiddle, but did cross the £5 billion rubicon, reporting total fee income of £5.7 billion for 2024. Fees per partner at Deloitte have fallen however, from £1.06 million to £1.01 million. Of those firms that disclosed their technology spend, Deloitte topped the rankings, reporting spending £135 million on tech in the last financial year. This was a far cry from the next reported spend of £9 million by MHA.
Fellow Big Four contenders EY and KPMG have retained their third and fourth spots, with both experiencing more moderate increase in fee income to £3.7 and £2.9 billion respectively.
BDO maintained its fifth place spot, reporting a 16% increase in fee income to £934.5 million.
There were eight new entrants into the top 100 this year, Sumer ranking the highest at number 16. The firm is quickly becoming a challenger in the market, reporting a total fee income of £139.9 million – a 605% increase since 2023. The firm, backed by Penta Capital, has been on a spending spree.
In the past financial year, Sumer have acquired the following practices: Jerroms, Simmons Gainsford, Carpenter Box, EQ Accountants, Cowgills, Scrutton Bland, Sumer Northern Ireland, Douglas Home & Co, ASM Belfast, DPC Chartered Accountants. Two of these firms rank in the top 100 firms in their own right.
New entrants into the 50+50 2024 also included Thompson Wright, Harrison Beale & Owen, DSG, Macalvins Group, HURST, FLB Accountants and Blick Rothenberg.
A firm which has enjoyed a terrific year of growth was Affinia (LB Group). The firm rose 29 positions to 43rd after a mammoth 147% increase in its income fees from the previous year. The firm has recently had investment from PE firm Sovereign Capital Partners and has been on an M&A journey over the past 12 months. In February, the firm purchased RE Group Limited, followed by Dyer & Co in May. In the last quarter of the year, the firm has purchased GWC, NSO, Baxter & Co and Clarkson Hyde.
Shaw Gibbs (124%) and BKL (119%) have also seen huge jumps in their rankings this year, both rising 13 positions.
Fees from consultancy services have continued to rise across the top 100. In 2024, fee income from consultancy averaged £77.2 million, up from £75.9 million the year before. Firms have also seen a rise in fees from Audit (£72.3 million) and Tax (£57.1 million).
Audit fees particularly have seen a resurgence this year. Across the 100, they have risen on average 25.38% year on year. Among the top ten, this figure was slightly lower at 12.58%.
Accountancy Age will be publishing more data relating to the 50+50 over the next few weeks. Make sure you’re subscribed to our daily newsletter to stay up to date. If you wish to receive a 50+50 logo to display on your website, please contact [email protected].
