Macquarie-backed AMS Group acquires Sheffield tax disputes specialist

What's the deal? AMS Group, a Manchester-headquartered accounting and advisory firm backed by Macquarie Capital, has acquired NHD Tax Solutions, a Sheffield-based specialist in tax disputes and HMRC investigations. Financial terms were not disclosed.

NHD was founded in 2021 by Nick Davies and is led by Davies alongside Sarah Scala and Rebecca Hunt. The firm's existing team will stay on and continue serving clients, now with access to AMS Group's broader advisory, audit, and transactional capabilities.

Why now? AMS Group secured investment from Macquarie Capital in July 2025 specifically to fund expansion through M&A. The acquisition of NHD is a direct product of that backing.

AMS called Sheffield a "strategic priority" and said NHD provides "the ideal platform" for further growth in the region. The group, founded in 1982, serves owner-managed businesses, high-growth startups, and medium-sized companies across multiple sectors.

What could go wrong? Integration risk is the obvious concern. NHD's value lies in its specialist reputation and client relationships — both of which can erode quickly if the acquisition changes the firm's culture or service model.

Davies acknowledged this directly: "This partnership is about building on those foundations, not replacing them. AMS approached us because of what we've already created here."

The signal: This deal is part of a long-running consolidation wave in UK professional services. Private equity and institutional capital — in this case Macquarie — continue to roll up niche advisory firms, betting that scale and cross-selling will drive returns. For small specialist firms, the calculus is straightforward: join a larger platform and access resources that would take years to build independently.

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