This will be the largest UK private equity deal in the accountancy sector and will give the number six UK firm the resources to expand the business and invest in talent.

Grant Thornton reported fee income of £653.5m for year end 2023, up 7% on FY22, with profits up 18% to £146m, marked by strong growth in audit business. The firm has 240 partners and 5,500 staff in the UK.

A spokesperson for Grant Thornton UK LLP said: ‘Having evaluated the external landscape, we have agreed initial terms with Cinven, who we feel is best placed to support our accelerated growth in the medium term.

‘We believe partnering with Cinven will enable us to significantly upscale our investments in talent and technologies and offer an unparalleled client service and market leading people offering which is genuinely “best in class”.

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