One of the United Kingdom’s longest-established independent accounting firms is reportedly exploring a potential sale valued at up to £450 million amid heightened activity in the professional services industry. Saffery, headquartered in London and founded in 1855, has engaged advisers from KPMG to assess investment opportunities, which may include a formal sale process later this year.

Saffery provides tax, accounting, and audit services through its network of nine offices across the UK, employing approximately 1,300 staff. Market insiders estimate the firm could command between £350 million and £450 million if it proceeds to market.

This interest in potential sales comes amid a recent spate of transactions within the sector. Last summer, the accountancy group AAB was acquired by Goldman Sachs Alternatives for around £250 million after being put up for sale by private equity owner August Equity. Despite this, several factors are contributing to concern about the sustainability of investor appetite. These include uncertainties related to the impact of artificial intelligence on professional services, geopolitical tensions such as the conflict in Iran, and rising valuation expectations from some sellers.

Earlier this year, a notable planned transaction—the £1 billion sale of Xenaidin by its private equity owner Exponent—was called off after reportedly failing to attract satisfactory bids, illustrating the challenges currently facing buyers and sellers.

A spokesperson for Saffery stated that no decisions have been finalized and that the firm will complete its internal review before determining next steps. KPMG, the advisory firm assisting Saffery, declined to comment on the matter.