Trio in battle to buy stake in accountancy firm Grant Thornton UK

A trio of buyout firms have been shortlisted to buy a stake in the UK operations of Grant Thornton, one of Britain’s six biggest accountancy firms.

Sky News has learnt that Cinven, EQT and New Mountain Capital – the backer of Grant Thornton’s US business – have made the cut in a process that could value the UK firm at more than £1.5bn.

Other contenders, including Permira and Carlyle are said to no longer be in contention, although insiders cautioned that the list was subject to change.

Grant Thornton has around 200 UK equity partners, who will have a say on the deal.

The firm has improved its financial performance following a turbulent period for its leadership, with a £1.3m fine being imposed for “serious failings” in 2022 in relation to its audit of Sports Direct, the sportswear empire founded by Mike Ashley and now known as Frasers Group.

It was also handed a £2.3m penalty the year before for demonstrating a “serious lack of competence” in relation to its work on Patisserie Holdings, the owner of the collapsed cafe chain Patisserie Valerie.

Since then, Grant Thornton has slashed the number of so-called public interest entity (PIEs) audit clients, a category which includes banks, insurers and other companies deemed to be of particular importance.

A spokesperson for Grant Thornton UK LLP said: “As all businesses do, we continually evaluate the external business and economic landscape and explore various avenues that will drive growth for our firm.

“This enables us to make informed decisions about what’s best for our people, our clients, and our firm.

“No decisions have been made and, whilst we are considering our options, we will not be commenting further.”

Cinven, EQT and Permira declined to comment.