The sale of Grant Thornton UK to private equity firm Cinven could be seen as a watershed moment for the UK accountancy market. It’s not just the size, if reports of a £1.3bn deal are accurate, but the shift from a traditional partnership model to a corporate structure that makes it particularly noteworthy.

Private equity investors are attracted to accountancy firms which already perform well, and which they think can perform even better. One of the benefits of private equity investment is a chunky injection of cash to accelerate market share through acquisitions, new talent, investment in technology, operational efficiencies, and a range of other changes that can drive sales and increase profits.