The decision to explore private equity was taken in July and now the 240-strong partnership has signed off the deal.

The value of the transaction was not disclosed although it is likely to be in excess of £1bn  and it is expected to complete towards the end of Q1 2025 subject to regulatory approval.

The investment from European private equity firm Cinven is set to drive growth at the UK’s seventh largest accountancy firm, with ambitions to break the £1bn revenue barrier. This would require a major acquisitions programme to grow revenue from the current £654m reported for year end December 2023, up 7% on the previous year.

Grant Thornton said the external capital would ‘accelerate the next phase of its growth, allowing it to substantially invest in its talent and technologies’.

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