EY UK Chairman announces new consulting firm; secures $300Mn PE funding!

• Steve Varley, (former Chairman of EY UK) and Marissa Thomas (PwC UK’s most senior leaders) launched a bold new consulting firm: Unity Advisory.
• Guess what…They raised a whopping $300Mn from Private Equity giant Warburg Pincus! 
• Their mission? To disrupt the Big 4 consulting model.
• No audits, no conflicts. 100% advisory.

Who are the founders of Unity Advisory?

Steve Varley – Former UK EY Chairman and Managing Partner from 2011 to 2020

He led significant growth, with revenues doubling under his leadership. Strengthened EY UK’s reputation in the professional services sector.

Post-EY Role: Appointed as EY’s first Global Vice Chair for Sustainability, showcasing his commitment to environmental and forward-looking business initiatives.

Marissa Thomas – Former Chief Operating Officer, PwC UK

She spent over 31 years at PwC, rising through the ranks with several senior roles:

• Head of UK Deals
• Head of UK Tax
• Chief Operating Officer
• Managing Partner

Marissa Thomas was a top contender for PwC UK’s Senior Partner role… but didn’t make the final shortlist

Just weeks after the leadership race, she exited the firm in Feb 2025—and now she’s back with a bold new chapter

What makes Unity Advisory a game-changer?

No Audit Services – Unity cuts out the audit conflict, offering a fresh, laser-focused advisory approach.

Tech-driven – They’re leveraging AI to offer smarter, faster, and more efficient solutions across:

• Tax Strategy
• Complex M&A Advisory
• Cutting-edge Tech Consulting

A Flexible Fee Model – Performance-based pricing and bespoke retainers, designed to put clients first and make consulting more agile.

“The Big 4 are a classy bunch of service providers, but people are looking for a proposition that is super client-centric, has really low administrative cost, is AI-led rather than based on legacy infrastructure and, crucially, has no conflicts,” says Steve Varley.

Talent Strategy: Of course, they’re also hiring talent who’ve worked in Big 4 AND inside companies—people who understand finance from both sides.

Who is it for?

Unity is targeting mid-sized, fast-growing, private equity-backed companies—the kind that want top-tier advisory without the slow-moving Big 4 experience.

Yes, they do have a flexible fee model: From performance-based pricing to bespoke advisory retainers, Unity is rethinking how consulting is bought and sold.

Why everyone’s watching this move

This is part of a much bigger trend where there is a rise in private equity-backed consulting firms! 

The professional services world—once ruled by “partner-owned firms”—is seeing increasing interest from PE players.

• In 2023, Grant Thornton UK sold a majority stake to private equity firm Cinven.
• Warburg Pincus also backed Steve McGill’s insurance venture, McGill & Partners in building a speciality brokerage business.
• Now, Unity Advisory is adding fuel to a rapidly growing trend — private equity is doubling down on professional services.

And the UK and US aren’t alone…

India joins the Party

India is emerging as a hotbed for VC/PE-backed disruption in professional services:

• Uniqus Consultech, founded by former KPMG leader Jamil Khatri, raised ~INR 547.6 Cr ($61.4M) from Nexus Venture Partners and Sorin Investments to build an AI-first ESG, risk, and accounting advisory firm. The firm is now valued at $250M just two years post-launch.

• KNAV, a global accounting and advisory firm with a US-India-UK corridor, attracted investment from Zerodha co-founder Nikhil Kamath. The firm hit $35.5M in revenue in 2024.

• From boutique compliance platforms like IndusLaw to AI-powered tax tech startups, investor appetite in this space is exploding.

Wrapping up…

A new breed of consulting firm is emerging—conflict-free, tech-led, and deeply aligned with CFO needs.

The Big 4 may still rule, but they’re no longer unchallenged.

And the capital is flowing fast to those willing to disrupt!