Grant Thornton gains double-digit growth following PE approval
Accountancy giant Grant Thornton has generated double-digit revenue over the last 12 months, just as its private equity investment gained regulatory approval.
In the twelve months to 31 December 2024, Grant Thornton’s UK net revenue rose from £654m to £724m, while operating profits increased minimally by £1m from £146m to £147m.
The firm’s average profit per partner in 2024 rose six per cent to £682,000.
The results follow the completion of its transaction with private equity house Cinven, which has now gained regulatory approvals.
The deal, first announced in November, sees Grant Thornton become the largest UK professional services business to take external equity investment.
The firm stated that profitability was offset mainly by transaction costs incurred by professional fees related to the PE investment.
Additionally, Grant Thornton said it invested £39m in exceptional bonuses for its people in recent weeks.
Once the PE investment kicks in, it plans to introduce an Employee Benefit Trust for many of its people below partner grade, “which will make Grant Thornton the only large firm in the UK to offer equity units to employees”.
Malcolm Gomersall, CEO of Grant Thornton UK, said: “2024 was another remarkable year for our firm. Financially, we have built on our track record over the past four years and consistently grown in a sustainable manner.”
“The momentum we’ve generated over the past few years positions us strongly for 2025 and beyond as we open a new chapter in our firm’s history with our partnership with Cinven.”
“Our partners’ unanimous decision to make our partnership model fit for the future through external equity investment from Cinven shows how excited we are for the evolution of the business model and is testament to the alignment of partners and our people in their commitment to deliver growth in both the short and long term,” he added.
Gomersall, formerly the COO, took on the leadership role last January after Dave Dunckley stood down in a surprise early departure move.