The chief executive of London-listed accountancy firm MHA has questioned how private equity funds that have descended on the sector will exit their investments, claiming more businesses are considering public markets as an alternative way to raise capital.

“PE is almost indiscriminate in terms of scaling up. If you follow that, it’s musical chairs, isn’t it? At the end of the day, it depends on who is holding the parcel when the music stops,” Rakesh Shaunak told Financial News.