Grant Thornton raises cash to take on Big Four

Grant Thornton raises cash from its partners as it looks to grow and take on the Big Four firms.

The capital call is thought to have taken place around Easter. Grant Thornton declined to put a figure on the cash raised, but it is thought to be less than £10m.

Industry insiders this week expressed surprise that the firm had sought to raise such a small sum, given that it turns over more than £30m a month. The sum would mean raising no more than around £30,000 per partner, at most.

‘Earlier this year there was a capital call. It is a regular thing that happens every three to four years, and happens at a time when we are growing,’ the firm said.

The cash would be ‘working capital for the growth of the business… to fund wages and buildings,’ a spokesman said.

The exact amount will be revealed in GT’s accounts this year.

Earlier this year, the firm was granted a £5m facility by the Royal Bank of Scotland, a figure seen as relatively modest given GT’s size.

The firm denied that the latest capital raising had been intended to plug a hole created by the Robson Rhodes merger.

Robson Rhodes was saddled with huge debts, but GT’s balance sheet was strong by comparison.