Have Accountancy Practice Valuations Peaked in 2026?

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, the story of UK accountancy M&A has been one direction: up. Private-equity-backed consolidation pushed valuations to levels that would have seemed fanciful a decade ago — reportedly almost half of the top-60 UK firms now have some level of PE involvement. In 2026, the picture is shifting, and if you're thinking about selling, the change matters.

Where multiples sit now

Those are still healthy numbers. But data from early 2026 suggests headline valuations have hit a ceiling, and buyers are scrutinising aggressive growth assumptions far more closely than they were. The easy money that chased scale for its own sake is becoming more discerning.

Why the top of the market is cooling

• From buying to optimising. PE consolidators are moving from acquiring platforms to integrating and optimising them — cutting cost to justify the multiples already paid, rather than paying up for more.
• Scrutiny of aggressive deals. Valuations built on optimistic growth and thin integration are being questioned; some large consolidations have reportedly struggled to find onward buyers at their headline valuations.
• Flight to quality. The premium is concentrating on genuinely good firms — low owner-dependency, strong recurring income, clean systems — while weaker books face wider discounts.

Quality matters more than ever

The single most important implication is this: as the market cools, quality is doing more of the work. In a rising market, a mediocre firm could ride the tide; in a flat-to-cooling one, the difference between a tidy, low-dependency practice and an owner-dependent one is the difference between a strong sale and a discounted one. That's very much within your control — see how to increase value before you sell and what reduces it.

Structure and buyer choice matter too

A headline multiple from an aggressive consolidator is worth little if the deal is loaded with contingent consideration and your clients get churned in the "optimisation" phase. In a cooling market, who you sell to — and how the deal is structured — matters as much as the number. Read our take on roll-ups vs selling direct, and start from a realistic valuation.

Frequently asked questions

Have accountancy practice valuations peaked?

Data from early 2026 suggests headline valuations have hit a ceiling after years of private-equity-fuelled rises, with buyers scrutinising aggressive multiples more closely. Multiples remain healthy, but the premium is concentrating on genuinely high-quality firms.

What multiple are practices selling for in 2026?

General practice commonly trades around 1.0–1.2× gross recurring fees, with high-quality blocks attracting talk of 1.4–1.5×, and larger PE-style deals framed at roughly 4–7× EBITDA. Figures are as reported and vary by quality.

Should I sell now if valuations have peaked?

If your firm is strong, selling from a position of strength generally beats waiting for a rebound that may not come. But the right timing is personal — it depends on your energy, plans and firm quality. What's clear is that quality now matters more, so lifting value first can pay off.

Why does quality matter more in a cooling market?

In a rising market even average firms rode the tide; as the market flattens, buyers pay a premium for low owner-dependency, strong recurring income and clean systems, and discount weaker books more heavily. The gap between good and average firms widens.