Grant Thornton UK has bought the specialist UK financial services advisory arm of global consulting firm Navigant Consulting in a further step to boost its financial services capability.

Navigant's 45-strong team, incorporating three new partners and nine directors, has a strong track record in the retail financial services market and a particular focus on the challenger banks. It is based across three offices in Leeds, London and Edinburgh.

Scott Barnes, GT CEO, said: 'Financial services is a core investment area globally for Grant Thornton and this addition demonstrates our commitment to building an offering that is market leading. As a firm, we already have a strong record of successfully integrating new businesses and people, such as our 2011 acquisition of LECG SMART which is delivering strong revenue growth benefits, and look forward to working alongside new colleagues in supporting our clients and delivering growth.'

Headquartered in Chicago, Navigant is a global consulting services operation with revenues of $844m (£567m) for the year ended December 2012.