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Rebus Partners is an ICAEW member firm dedicated to providing specialist accounting advice to clients through deals, change and accounting-related aspects of company law.


Our capability is routed in accounting, but focused on its real world application and interaction with legal, tax, commercial and practical issues in order to deliver practical and robust solutions.

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.

The practice was established in 2017 and in that time has delivered projects for listed groups (LSE main market, and  AIM), inbounds, and private companies in the UK and overseas addressing a wide variety of issues.


Where pure accounting knowledge is something of a commodity, we are dedicated to delivering lasting solutions to a range of real world issues which take account of broad considerations and are fully aligned to the needs of the business.

Paul Houghton
  • 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 Dunham

  • 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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