Contents
- Where multiples sit now
- Why the top of the market is cooling
- Why firm quality affects price more in 2026
- Deal structure and choice of buyer
- Questions
General information for practice owners, current at the time of writing (July 2026). Figures are as reported by industry sources; rules and deadlines change — check the current position and take your own advice.
For several years UK accountancy M&A prices rose steadily. Private-equity-backed consolidation pushed valuations well above the levels of a decade ago, and reportedly almost half of the top-60 UK firms now have some level of PE involvement. In 2026 the picture is changing, and that affects any owner thinking about selling.
Where multiples sit now
| Deal type | Commonly reported |
|---|
| General practice, recurring-fee multiple | ~1.0–1.2× GRF |
| High-quality blocks of fees | talk of 1.4–1.5× |
| Larger, PE-relevant deals (EBITDA) | ~4–7× |
Those are still healthy numbers. Data from early 2026 suggests headline valuations have hit a ceiling, and buyers are checking growth assumptions far more closely than they were. Investors who paid for scale are becoming more selective.
Why the top of the market is cooling
- Consolidators are integrating what they bought. PE consolidators are moving from acquiring platforms to integrating and optimising them. They are cutting cost to justify the multiples already paid, and they are less willing to pay high prices for more firms.
- Buyers are questioning high valuations. Valuations built on optimistic growth and thin integration are being questioned, and some large consolidations have reportedly struggled to find onward buyers at their headline valuations.
- The premium is going to better firms. Buyers pay most for firms with low owner-dependency, strong recurring income and clean systems, and weaker books face wider discounts.
Why firm quality affects price more in 2026
As the market cools, the quality of the firm has a larger effect on price. In a rising market an average firm could still sell well. In a flat or cooling market, a well-organised practice with low owner-dependency can achieve a strong sale while an owner-dependent one is discounted. Owners can improve these things before a sale; see how to increase value before you sell and what reduces it.
Deal structure and choice of buyer
A high headline multiple is worth less if the deal is loaded with contingent consideration and clients leave during the buyer's “optimisation” phase. In a cooling market, the choice of buyer and the structure of the deal matter as much as the number. Our article on roll-ups vs selling direct covers this in more detail, and a realistic valuation is the place to start.
