Founded in 2022 by former KPMG chief operating officer Warren Mead, the firm has rapidly expanded through a consolidation strategy, acquiring over 34 independent accounting groups in just over three years.

Now the country’s 12th largest accounting practice, Sumer generates around £300 million in annual revenues and employs approximately 3,000 people, focusing primarily on small and medium-sized businesses rather than large corporate clients.

The company’s owner, Penta Capital Partners, had appointed advisory boutique Continuum last September to oversee a review of the business, which sparked the potential ten-figure sale. However, the private equity backer is now exploring alternative financial strategies instead of an outright divestment, amid some investor questions regarding the firm’s sky-high valuation, City AM reports.

Penta Capital Partners is currently weighing whether to move Sumer into a continuation vehicle. This mechanism would allow existing investors to either cash out or reinvest their stakes into a new fund, giving the business the necessary resources for prolonged growth.

While continuation funds are a growing trend within the professional services sector, they remain controversial due to potential conflicts of interest arising from asset transfers between funds managed by the same team.

Alternatively, Sumer is considering a dividend recapitalisation, which would involve taking out a loan to reward its current investors without relinquishing ownership of the firm.