Grant Thornton raises cash to take on Big Four

Grant Thornton raises cash to take on Big Four

Mid-tier firm raises funds from its partners as part of a plan to take on the 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.

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

4m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

5m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

6m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

6m

Related Articles

PwC accountant caught with 1700 upskirting images on phone

Accounting Firms PwC accountant caught with 1700 upskirting images on phone

1m Chris Jewers
RSM’s China expansion to result in 40% growth

Accounting Firms RSM’s China expansion to result in 40% growth

1m Chris Jewers
BDO appoints two new advisory partners

Accounting Firms BDO appoints two new advisory partners

1m Chris Jewers
FRC audit inspection finds no improvement on last year

Accounting Firms FRC audit inspection finds no improvement on last year

1m Chris Jewers
Rise of integrated SME ‘cockpit’ means accountants must evolve fast

Accounting Firms Rise of integrated SME ‘cockpit’ means accountants must evolve fast

1m Louis Carbonnier, Co-CEO and co-founder at Hokodo
Will accountants still be with us in 2030?

Accounting Firms Will accountants still be with us in 2030?

2m Beth McLoughlin, Managing Editor
Accounting is falling behind other professional services - here's how it can catch up

Accounting Firms Accounting is falling behind other professional services - here's how it can catch up

2m Tim Wakeford, VP financials product strategy
Is this all we can aspire to as a profession?

Accounting Firms Is this all we can aspire to as a profession?

2m James Poyser