Thomas Ellis, the newly appointed managing partner of Hakluyt, has committed to keeping the British advisory firm independent despite a wave of acquisitions reshaping the consulting sector. In his first public remarks since taking over, Ellis emphasized Hakluyt’s focus on boosting profitability following rapid expansion, which has grown its workforce to nearly 200 across 13 global offices.
Ellis dismissed speculation about potential mergers, stating, “We’re a partnership of independently minded individuals. We value our boutique status and see significant growth potential ahead.” The firm recently reported a 16% revenue increase to £131 million for the year ending June 2024, with operating profits rising 13.5% to £29.5 million.
Ellis succeeded Varun Chandra, who left last August to serve as UK Prime Minister Keir Starmer’s chief business adviser. Under their leadership, Hakluyt has worked to move beyond its reputation as a secretive intelligence-linked firm, positioning itself as a transparent advisory business serving major corporations and investors.
Despite its evolution, Hakluyt remains under scrutiny for its ties to the British government. Earlier reports revealed that Chandra continued receiving dividends from his stake in the firm after departing, though Hakluyt clarified that he no longer holds voting rights or operational influence.
Looking ahead, Ellis aims to enhance profitability by deepening client relationships and expanding higher-value services. The firm already advises over 75% of the top 20 private equity firms and 45% of the FTSE 100.
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