Top 10 Transaction Services firms in the UK (2026 guide)

The UK is the densest Transaction Services market in Europe, with over a hundred active firms and three of the world's deepest deal centres (London, Manchester, Birmingham). This post reviews the 10 most active TS firms in the UK in 2026: TS headcount in London, deal flow, recruited profiles and entry-level compensation. The ranking criterion: number of mid-market and large-cap deals delivered over the last 12 months, cross-checked with team size.

1. Deloitte UK Financial Advisory

Deloitte UK is the largest Transaction Services practice in the country, with ~600 TS professionals across the UK, the majority in London. Strongest broad-coverage capability — large cap (£1bn+), mid market (£100m-£1bn), small cap — and a leading position in TMT, consumer and industrials.

• TS headcount London: ~450
• Deal flow: 250-300 engagements/year
• Profiles recruited: Russell Group + Oxbridge, Big 4 audit transfers, MBA + ACA dual qualified
• Junior salary: £45-52k + 8-12% bonus
• Specialities: QoE, carve-outs, large-cap PE, IPO due diligence

2. EY-Parthenon UK Strategy and Transactions

EY merged Parthenon into its existing transaction practice in 2021. UK TS is ~550 professionals. Particularly strong in private equity portfolio work and in cross-border deals.

• TS headcount London: ~400
• Deal flow: 200-260 engagements/year
• Profiles recruited: top UK universities, EY internal audit transfers, financial services background valued
• Junior salary: £45-52k + 10-14% bonus
• Specialities: Financial services, healthcare, energy transition, ESG due diligence

3. KPMG Deal Advisory UK

KPMG's Deal Advisory practice combines TS, M&A advisory and restructuring. UK TS team is ~500 professionals. Differentiated by integrated cross-functional teams (TS + commercial DD + tax DD) on the same engagement.

• TS headcount London: ~370
• Deal flow: 180-240 engagements/year
• Profiles recruited: Russell Group, double degrees (LBS/HEC, Oxford/Bocconi), KPMG audit graduate transfers
• Junior salary: £44-50k + 8-13% bonus
• Specialities: Private equity, infrastructure, real estate, public sector deals

4. PwC UK Deals

PwC Deals UK covers Transaction Services, M&A advisory and corporate finance, with ~550 professionals in the UK. Strong in large-cap LBOs and industrial carve-outs.

• TS headcount London: ~400
• Deal flow: 220-280 engagements/year
• Profiles recruited: Big 4 graduate schemes, PwC audit transfers, US/EU MBAs at senior
• Junior salary: £45-52k + 8-12% bonus
• Specialities: Industrials, retail & consumer, energy, financial services

5. BDO LLP

BDO is the UK's most credible mid-tier challenger to the Big 4 on TS, with ~200 TS professionals across London, Manchester and Birmingham. Sweet spot is sub-£500m enterprise value deals where Big 4 fee scales are uncompetitive.

• TS headcount London: ~120
• Deal flow: 250-300 engagements/year (high volume, smaller average)
• Profiles recruited: BDO audit transfers (frequent), regional Russell Group, ACA qualified
• Junior salary: £40-46k + 6-10% bonus
• Specialities: Lower mid market PE, owner-managed business sales, Sunday Times Top Track 250 deals

6. Grant Thornton UK

Grant Thornton is another mid-tier challenger with strong TS capability in the lower mid market. ~150 TS professionals UK-wide. Differentiates by sector-led teams (TMT, healthcare, consumer).

• TS headcount London: ~90
• Deal flow: 180-220 engagements/year
• Profiles recruited: GT audit transfers, regional universities, ACA qualified
• Junior salary: £38-44k + 6-10% bonus
• Specialities: Lower mid market, IPO support, IBR (independent business review)

7. Alvarez & Marsal UK

A&M is a US-headquartered boutique with a major London office. UK TS team is ~120 professionals, with a strong restructuring DNA carrying over to TS work — particularly active on stressed deals and turnaround situations.

• TS headcount London: ~120
• Deal flow: 150-200 engagements/year
• Profiles recruited: Big 4 transfers with restructuring exposure, US MBAs at senior levels
• Junior salary: £55-65k + 15-25% bonus
• Specialities: Stressed and distressed deals, turnaround, value creation, operational DD

8. AlixPartners UK

AlixPartners is a US boutique with ~100 professionals in London, sitting at the intersection of TS, turnaround and operational consulting. Selective deal flow, high-value engagements.

• TS headcount London: ~100
• Deal flow: 80-120 engagements/year
• Profiles recruited: top universities, prior consulting or restructuring experience valued, ACA + ICAEW preferred
• Junior salary: £55-65k + 15-25% bonus
• Specialities: Turnaround, operational improvement, PE portfolio value creation

9. FTI Consulting UK

FTI Consulting's London Corporate Finance and Restructuring practice runs a TS-equivalent function with ~100 professionals. Differentiation: forensic accounting capability integrated with TS for complex post-acquisition disputes.

• TS headcount London: ~100
• Deal flow: 120-150 engagements/year
• Profiles recruited: Big 4 transfers, forensic accounting background valued, ACA + CFA appreciated
• Junior salary: £48-55k + 12-18% bonus
• Specialities: Forensic accounting, post-acquisition disputes, expert witness work

10. RSM UK + Houlihan Lokey UK + Mazars

The top 10 is rounded out by:

• RSM UK (~120 TS professionals): mid-tier coverage, strong on owner-managed business sales and corporate carve-outs.
• Houlihan Lokey UK (~40 TS professionals): part of the broader Houlihan Lokey London office, TS is integrated with the bank's M&A and restructuring practices. Selective, high-value engagements.
• Mazars UK (~80 TS professionals, now part of Forvis Mazars post-2024 merger): mid-cap French/European franchise extended to UK.

How to choose between Big 4 and boutique?

• Big 4 (Deloitte, EY, KPMG, PwC): best to start your career — volume of deals, structured training, methodology. Clear progression, more stability, larger absolute salary over a full career.
• Boutiques (A&M, AlixPartners, FTI): best for seniors wanting fast partner exposure, higher bonuses, and a narrower focus (mid-cap, restructuring, etc.). Junior salaries 15-30% above Big 4 in absolute terms in London.

For a detailed analysis: see Big 4 vs boutique TS: which firm to choose.

What to expect in interviews

UK TS interviews follow a fairly consistent format across firms:

• Round 1: HR screening + initial fit interview (30-45 min)
• Round 2: Technical interview with a manager (60 min) — EBITDA adjustments, net debt, NWC mechanics
• Round 3: Case study, typically 60-90 minutes, sometimes in Excel
• Round 4: Final partner round (45-60 min)

Boutiques (A&M, AlixPartners) tend to run faster processes (2-3 rounds) with more partner exposure earlier. Big 4 graduate schemes use assessment centres for the volume of applicants.

Compensation summary (London, 2026)

US bank-owned firms (Houlihan Lokey, Lazard CF) sit between boutiques and pure investment banking comp.

The Transaction Services Interview Programme (€119.99, one-time) covers the technical interview content used by all these firms: QoE, working capital, net debt bridge, Excel modelling, mock interview with a Big 4 recruiter. Enrol today.