Former EY and PwC execs launch firm to challenge Big Four in UK
A new UK-based advisory firm, Unity Advisory, is poised to challenge the Big Four, according to reports from the Financial Times.
The firm, led by former senior executives from EY and PwC, is backed by private equity firm Warburg Pincus and will focus on serving mid-sized businesses with a more agile, client-focused model.
Steve Varley, the former UK chair of EY, has taken on the role of chairman, while Marissa Thomas, who previously served as COO at PwC, will head the firm as CEO.
Both leaders bring decades of experience in global firms and are now targeting firms with revenues between £500 million and £1.5 billion, especially those backed by private equity.
In a deliberate move to stand apart from the larger players, Unity will not offer audit services.
This decision is aimed at avoiding the conflicts of interest and regulatory scrutiny that have become prevalent in Big Four firms.
Instead, Unity will focus on tax, accounting, and M&A advisory services, with an emphasis on providing AI-driven solutions and innovative pricing models.
The move comes at a time when the Big Four have been facing multiple challenges. PwC has been embroiled in several scandals in Australia, China, and the Middle East, which has led to some clients seeking alternatives.
Analysts cited in the Financial Times have suggested that these challenges are opening the door for firms like Unity to offer a more flexible, client-centric alternative.
Unity Advisory’s leadership sees its approach as a response to growing frustrations over bureaucratic overheads and the cost of compliance within larger firms.
As the accounting sector shifts towards more technology-driven services, Unity is positioning itself as a smarter, more responsive choice for mid-sized companies.
Resources & Whitepapers
Accounting Software The power of customisation in accounting systems
Unity’s backing by Warburg Pincus, a prominent private equity group, is a clear indicator of the firm’s potential.
The focus on client-first services and innovative advisory is seen as a key strategy to differentiate the firm from traditional players in the market.
The firm’s launch reflects a broader trend in the accounting sector, where private equity investments are disrupting the traditional, partner-owned business models of major firms.
Warburg Pincus views Unity as a competitive force in the CFO services market and is betting that the firm’s flexible, tech-driven model will capture market share from the Big Four.
