Accountancy firm Grant Thornton is exploring a radical plan to sell a stake in the 100-year-old business to private equity, in what would be the latest in a string of deals reshaping the accountancy industry.
Grant Thornton UK has begun sounding out private equity firms over a potential deal that could see them buy into the business, which is jointly owned by more than 200 partners.
Grant Thornton’s audit practice would need to remain majority owned by the firm’s partners under the terms of any deal.
In March, its US business agreed to sell a majority stake to investment firm New Mountain Capital to accelerate its investments into technology and automation in the hope of delivering higher growth.
That came only weeks after private equity