Bishop Fleming brings investor Synova on board for next growth phase

Bishop Fleming has continued what has already been a transformative 2025, with the news it has taken on new investment. The company will use its backing from private equity firm Synova to pursue strategic mergers and acquisitions.

Bishop Fleming is an independent provider of audit, accountancy, tax, and advisory services in the UK, boasting a turnover of £43.1 million, and growth of almost 13% over its last financial year. This performance has been buoyed by the firm’s ‘Better Growth’ business strategy – launched just under three years ago – which aimed to double the size of the business through sustainable organic growth.

Having delivered on those aims, Bishop Fleming is now working to expand that Better Growth vision beyond £200 million, and over 2,000 people. To do that, the decision has been made to bring in new backing, in the form of a minority private equity investment.

Synova is a growth and private equity investor, which currently manages more than £1.7 billion of capital in the UK, Ireland and Continental Europe across markets, including financial services. The group’s investment will enable Bishop Fleming to accelerate its planned growth strategy to become one of the leading national firms in the UK.

Commenting on the investment, Andrew Sandiford, managing partner said, “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.”

The last 12 months has witnessed some significant milestones in Bishop Fleming’s growth ambition, according to a release from the firm. Looking back on the period, that includes the launch of a new office in Birmingham at the start of 2025, as well as the relocation of its Exeter office to a new, larger premises in April. The company has also strengthened its partner team on multiple occasions – adding four in June alone.

With the firm now planning to continue its significant headcount expansion, its office investments coupled with the firm’s award-winning apprenticeship programme provide the platform for further organic growth within the existing firm.

Commenting on the strategic investment, 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 its business. Synova are delighted to partner with the Bishop Fleming team on this exciting new chapter in their growth journey.”

The transaction remains subject to regulatory approval – but has reached this stage thanks to the guidance of a number of other professional services firms. Bishop Fleming was advised through the transaction by Alantra – a mid-market financial services specialist – along with transactional advisory, due diligence and legal from PwC, Strategy&, and Addleshaw Goddard.

Richard Holden, Director of Alantra concluded, “It has been a pleasure to work with Andrew and the Bishop Fleming team over the last few months guiding them through the selection, shortlisting and transaction. It is rare to find an Accounting firm with such a clear focus on sustainable growth that also prioritises its client service and collaborative culture. Together with Synova they have a great future, and we look forward to watching Bishop Fleming’s growth accelerate.”