The proposals, which have been agreed at management level, will now be put to the partners of both firms.
Today’s move makes the combined firm – which will keep the Grant Thornton name – sixth largest UK firm, but will boost its fee income to more than 230 million pounds. The new firm will also have around 375 partners post-merger.
David McDonnell, national managing partner of Grant Thornton, said the move had not been taken to create a competitor to the Big Five but it was aimed at building a firm of the size needed to compete in the owner-managed business market.
In a statement this afternoon, the firms gave their reasons for the merger as:
- The opportunity to significantly enhance and expand the firms’ respective market leadership in their key sectors, including owner-managed entreprenuerial and SME business and certain specialist servbice markets;
- The same compatible approach to client service and commitment to the provision of a wide range of business skills throught a single national organisation;
- The strengthening of their regional networks to make high-value specialist services and resources more widely available throughout the new organisation;
- The potential for growth in key regional locations.
The move follows the merger earlier this week of Fraser Russell and Baker Tilly.
Merger will create ‘middle tier star’
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