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Creative solutions to complex problems

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About us


We are accountants dedicated to addressing the details and complexity that can otherwise disrupt deals and financial reporting. We bring commercially-minded solutions to accounting problems.
We have over 30 years' combined experience of navigating through deals and complex arrangements for a range of listed and private clients across all industries.
Most of our careers have been spent in the dedicated structuring team of a Big 4 firm. Our practice was established in 2017 in order to provide best-in-class advice, without the independence and operational constraints of a large firm.
We are passionate about solving problems for our clients. We strive to make a difference unlocking problems for deals caused by accounting, or navigating through complexity to reduce time and risk for our clients.
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We bring extensive experience, accounting know-how, corporate legal knowledge, tools and technical skills to any situation.
The services we provide are defined by our clients needs, their teams, and their preferences on an often ad hoc and evolving basis.
Projects are highly varied but our work is typified by:
  • Leveraging our experience to quickly grasp new complex arrangements and identify the likely issues and roadblocks ahead;
  • Bringing detailed accounting structuring discipline to the planning or transactions to ensure there is no ambiguity and all implications and dependencies are identified and addressed;
  • Establishing a hub of centralised materials and coordination of people to ensure knowledge is shared between workstreams and cross-over issues are managed;
  • Enhancing client/auditor interactions by providing high quality deliverables which provide clarity for management to make their judgements and a robust basis for audit.


The case studies below provide a glimpse of the diversity of projects that we have delivered for our clients.

Through this diversity is a consistency of attention to detail, collaboration, independent thinking, and relentless focus on enabling clients' objectives.

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Technical support

Deal support

Share buyback

Distributable reserves

Case studies

The firm is led by Paul Houghton and Francis Dunham who together have over 30 years of experience in this field, working in a unique Structuring team in a Big 4 firm.


  • Paul established Rebus Partners (formerly Adze Structuring) in 2017 after 14 years in the PwC Structuring team, the first of its kind in the UK.
  • After qualifying as an ICAEW chartered accountant in PwC audit (Shell, BT, Jim Henson Company), Paul joined the PwC Structuring team and spent the next 14 years leading large and complex projects across a range of industries (Royal Mail IPO structuring, EDF disposal of UK Power Networks, David Lloyd Group refinancing). Within the team he established a reputation for addressing highly complex arrangements such as capital planning for non-performing loan portfolios (RBS, Varde) and advising on asset-backed pension funding structures (Qintetiq, GKN, Allied Irish Bank). He also provided accounting advice on CSC's acquisition of Xchanging and the acquisition of ARC Holdings.
  • During this tenure, Paul also spent a period as a director as a member of the in-house PwC national and global technical teams covering business combinations, financial instruments and UK company matters.
  • Since establishing the practice in 2017, Paul has advised LSE Main Market groups and  AIM listed groups on a range of deals, distributable reserves planning, accounting change, and complex arrangements. He has also worked extensively for one of the world's largest privately owned fashion brands on adoption of IFRS 16.


  • Francis joined Paul at Rebus Partners in October 2018 following a 17 year career at PwC. 


  • Francis qualified as an ICAS chartered accountant in 2004 as an auditor with an array of listed technology, communications and energy clients. In 2005 he left audit to join the PwC Structuring team where he spent the next 13 years, and in that time became an accounting and structuring specialist.


  • Francis led the structuring of a wide range of deals, including the design and implementation of the listing structure for a number of FTSE 100 and smaller clients, main market and high yield refinancing structures, returns of value to shareholders and other transactions.

  • In addition to structuring Francis has provided advice on complex accounting on transaction related matters and the adoption of new standards, in particular in connection with financial instruments and business combinations.

  • Since joining Rebus Partners Francis has continued in the same vein, advising a number of listed and privately owned companies on accounting and structuring issues.

  • Overall Francis has advised on well over 100 projects across pretty much every sector and from multinational listed groups to small privately owned companies.

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