As mid-market accountancy firms look to grow beyond their regional roots, expansion is taking many forms – from senior hires to sector specialisms and international reach. Some are chasing M&A; others are taking a more deliberate path.
Once defined by regional client bases and organic growth, the UK’s mid-tier accountancy sector is looking to reposition itself. According to the ICAEW’s Evolution of Mid-Tier Accountancy Firms 2025 report, a majority of firms in this bracket are no longer content to grow slowly or locally.
More than 80% of UK mid-tier firms have completed at least one acquisition, and 67% expect further deals in the next three years. The primary motivation for this is simple: to expand their geographical reach and client base (this was cited by 80% and 92% of respondents, respectively).
This push is being amplified by a wave of private equity interest. The ICAEW found that 86% of firms rank PE-backed consolidation as one of the top trends shaping the market. For some, this investment is the quickest route to national or even international scale. But others are pushing back, choosing instead to grow on their own terms, in a way that retains cultural control and client proximity.
One such firm is Haysmacintyre, which recently announced a rebrand and now goes by HaysMac. The London-headquartered firm has announced a string of senior appointments in recent months. While, yes, this move is a sign of ambition, it’s not the kind tied to outside capital or rapid-fire M&A.
Rather than expanding purely for expansion’s sake, the firm says it’s doubling down on its core strengths. Most notably, audit.
“Underlying everything we do at HaysMac is a dedication to enhancing quality and breadth of service delivery and experience for our clients,” says Natasha Frangos, managing partner of HaysMac. “Our recruitment strategies, and series of recent senior appointments, are no different. Each and every hire in recent months has enabled us to increase the depth of our sector, market and technical expertise at director and partner grade, as we work towards our broader ambitions of reaching £100m turnover by end of 2028.”
Rather than expanding purely for expansion’s sake, the firm says it’s doubling down on its core strengths. Most notably, audit. Despite the firm’s growing service lines, audit still continues to account for 59% of revenue. That foundational work is now being complemented by a deliberate buildout in transactions, tax and advisory.
“This has been realised in our development of ‘incubator’ sectors,” Frangos explains. “Namely: Fintech; Media, Marketing & Advertising; Sports; and Retail & eCommerce.
These sectors have all been identified as key growth areas, and we’re continuing to invest in their activity.”
Other changes signal an eye on future complexity. The firm recently redefined its risk assurance and advisory services team, appointing Per-Olof Ahlstrom to lead the service line through “an ever-evolving and increasingly complex risk landscape.”
In terms of scale, international reach is an increasingly central part of the model, Frangos shares.
HaysMac is expanding its ability to service clients with cross-border needs but not by opening offices overseas. “International expansion and opportunities are core to many of our clients’ strategies,” she says. “Working with our MSI colleagues and extended global network we deliver a streamlined global offering. We continue to invest our time and effort in ensuring we have the best global partners to fulfil the needs of our clients.”
But recruiting and retaining that talent is far from simple. As mid-tier firms look to scale – with or without outside capital – the talent pipeline remains a critical pressure point.
As many mid-tier firms turn to private equity and mergers to grow, Haysmac is actively resisting that route. The goal is controlled, deliberate, people-first expansion.
Frangos is resolute in her direction for the firm, saying, “In a sector awash with private equity activity and consolidation, we’re remaining independent, maintaining control over the way we service our clients and ensuring those relationships are held in the greatest esteem.”
She reasons that the mid-market is increasingly departing from its own autonomy, whereas HaysMac’s plans are “a reflection of our own independent, partner-led, and organic growth model”.
Frangos adds, “We’re staying true to what sets us apart from the crowd, and that’s empowering determined people to do sophisticated and effective work for ambitious and forward-thinking clients.”
That sense of clarity is also guiding how the firm sees its competitive positioning. “Ultimately, we’re not looking to be all things to all clients. We’re instead here as the right solution to the right clients, namely those who are looking for clarity, confidence, and a proactive partner more personally invested in their success,” Frangos says. “While competitors continue to chase consolidation and M&A fervently, we’re happy to step away from the pack, keeping focused on developing and recruiting top talent and teams to enable our firm to successfully implement its strategy.”
But recruiting and retaining that talent is far from simple. As mid-tier firms look to scale – with or without outside capital – the talent pipeline remains a critical pressure point.
“Talent availability, particularly at the newly qualified to mid-level professionals, is a growing concern,” says Gemma Gathercole, strategic engagement lead for England at the Association of Chartered Certified Accountants (ACCA). “While graduate pipelines remain relatively strong, mid-tier firms face challenges in sourcing experienced professionals, especially in regional markets.”
That mismatch is structural, not just cyclical. “It’s important to see talent pipelines and succession planning as the same process,” she continues. “Previous recruitment peaks and troughs will have a knock-on effect at later stages leading to over or undersupply of talent. The current shortage of newly qualified or mid-career professionals can be linked to reductions in hiring due to the pandemic.”
While geography still matters, the rise of hybrid work and digital-first clients is reshaping how mid-tier firms structure themselves.
HaysMac is responding with a renewed emphasis on culture, leadership development, and internal mobility. “We’re steadfast believers in building a culture from the top down, in a way that resonates with people and makes the firm a place where people want to apply, and develop their career,” says Frangos.
The firm has strengthened its recruitment pipeline both in the UK and in its South Africa office. It has also invested in mentoring, not as a nice-to-have, but as a daily operational priority. “We have established a network where partners have the opportunity to mentor senior managers and directors, and senior leaders can work with and guide associates,” Frangos adds. “Having these development conversations centred in the day-to-day running of the firm provides valuable insights into career pathways for our ever-growing pool of younger talent.”
While geography still matters, the rise of hybrid work and digital-first clients is reshaping how mid-tier firms structure themselves. This, too, is a subtle but important factor behind the shift to wider service portfolios and growth planning.
“Hybrid work and digital transformation are reshaping firm structures and service delivery,” says Gathercole. “While clients rarely demand specific formats, firms are increasingly adopting tech-led models to drive efficiency. However, balancing remote flexibility with the need for effective in-person training and collaboration – especially for trainees and those in their early career – remains a delicate challenge.”
Firms that want to expand without diluting quality will have to find that balance, particularly as they seek to onboard new talent and develop young professionals at scale.
With private equity-backed consolidation booming and independent players like HaysMac choosing a slower, more deliberate path, the big question is whether these growth models are sustainable.
For now, the UK’s mid-tier firms face a landscape in flux. What unites them is the need to scale – geographically, structurally, and strategically – in a way that meets rising client expectations.
“Growth through consolidation is sustainable in the short to medium term, but there are limits,” Gathercole says. “As firms grow, some may later spin out or reconfigure. Market conditions, client needs, and demographic shifts will all play a role in shaping how sustainable and scalable this expansion remains in the long term.”
In other words, today’s expansion may sow the seeds of tomorrow’s restructuring.
For now, the UK’s mid-tier firms face a landscape in flux. Some are embracing consolidation; others, like HaysMac, are charting their own course. What unites them is the need to scale – geographically, structurally, and strategically – in a way that meets rising client expectations.
“No longer confined to financial metrics,” says the ICAEW’s senior technical manager, Kat Hearn, “practitioners are increasingly expected to help clients navigate complex non-financial disclosures and integrate ESG considerations into their strategic decision-making.”
Whether through M&A or organic growth, mid-market firms are being pulled into broader conversations about risk, reputation, and long-term resilience. How they respond will determine which ones remain truly national players, and which ones fade back into regional relevance.
Article appeared in Accountancy Today