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KAREN JOY BACUDO
Finance Editor
Bishop Fleming has appointed former PwC Partner Tom Ayerst as Advisory Partner in its Bristol office, where he will lead the firm’s Transaction Services team.
Ayerst joins the accountancy and advisory firm after more than 30 years at PwC. Based in Bristol, he led the regional Transaction Services and Deals business and also served as Office Senior Partner for the West.
He will lead the expansion of Bishop Fleming’s due diligence work across the South West and wider region, supporting businesses, advisers, and lower and mid-market private equity investors involved in transactions.
His appointment follows recent hires in Birmingham as Bishop Fleming steps up investment in its advisory practice. The Bristol-based role is intended to strengthen support for clients and dealmakers in a market where equity investment activity has risen sharply.
According to the British Business Bank’s Small Business Equity Tracker 2026, equity investment in the South West rose 104% in 2025. That has prompted firms serving the region’s smaller and mid-sized companies to increase transaction advisory work as investors seek opportunities outside London.
Ayerst spent the first 15 years of his career in London before moving west, where he advised privately owned and mid-market businesses, corporates, and private equity investors. His background is in financial due diligence and transactions, areas of growing importance for firms pursuing acquisitions, fundraising, and exits.
For Bishop Fleming, the hire also marks a milestone: Ayerst becomes the firm’s 60th partner as it continues a broader recruitment push across its offices from the West Midlands to the South West.
Regional deals
The South West has seen sustained investor interest across sectors including technology, professional services, manufacturing, and consumer businesses. Mid-market transactions in the region often depend on specialist financial review work to test earnings, cash flow, debt positions, and working capital before completion.
That demand has intensified competition among accountancy firms and corporate finance advisers for senior deal specialists with established regional networks. Ayerst’s move from a Big Four firm to a regional player highlights the pressure to deepen local coverage while keeping senior advisers close to clients.
Bishop Fleming plans to build a regional team of due diligence specialists. The aim is to give businesses and investors hands-on support during transactions, particularly in the lower mid-market, where deal teams are often leaner and buyers expect detailed scrutiny before committing capital.
Ayerst said investor demand in the South West was increasing. “Investor activity in the mid and lower mid-market in the South West is growing, and businesses and investors want experienced advisers who can provide valuable insights throughout a transaction. I’m looking forward to building a strong team of regionally based due diligence specialists who will work closely with businesses and investors across the region.
“This is an exciting stage of my career, and the role, the firm’s ambition, as well as its culture, clearly align with my experience and values. Bishop Fleming has a strong people-based culture and a commitment to delivering high-quality consultancy to its clients.”
Bishop Fleming’s advisory leadership framed the appointment as part of a wider build-out of its transaction support services. Demand for due diligence has remained resilient even as dealmaking conditions have shifted, with buyers and lenders placing greater weight on earnings quality and downside risks.
Charles Davey, Partner and Head of Advisory at Bishop Fleming, said: “Tom brings exceptional depth of experience in financial due diligence and a strong understanding of the regional market, making him a significant addition to our growing advisory team.
“His appointment reflects our ambition to continue investing in our capabilities and people as we respond to increasing demand from businesses and investors across the lower mid-market. Tom’s experience, relationships, and commitment to the region will be invaluable as we grow our due diligence offering and support more clients through transactions.”
Bishop Fleming reports annual turnover of more than GBP £50 million and employs more than 500 staff across nine offices. It is ranked fifth in the Accountancy Age Mid-Tier Power Index and says it is the largest provider of audit services to multi-academy trusts in the academy sector.
The appointment indicates that Bishop Fleming sees transactions work as an increasingly important part of its advisory business, particularly as private equity investors and owner-managed companies in the South West seek local support on acquisitions, disposals, and investment rounds.