Grant Thornton UK has minimize a good portion of its UK-based secretarial workers, with many roles being moved to the agency’s sister firm in India, in accordance with individuals accustomed to the matter.
The transfer follows the agency’s sale of a majority stake to non-public fairness group Cinven final yr and comes amid wider efforts to streamline operations.
A number of sources point out that round 40 secretarial positions have been outsourced, although the entire variety of cuts stays unclear. Estimates from throughout the agency counsel the determine is near 100.
The reductions affected private assistants and assist workers, with departures occurring in June.
The choice displays a broader pattern amongst skilled companies corporations, which more and more relocate administrative and assist roles to lower-cost jurisdictions or substitute them by means of expertise and synthetic intelligence.
Sources mentioned the cuts weren’t taken flippantly, with companions reportedly “embarrassed” by the influence on workers, however underneath strain to switch extra roles to India.
Grant Thornton UK mentioned the strikes had been a part of an ongoing evolution of supply fashions.
“While a small variety of individuals have left the agency, these choices had been made impartial of our transaction with Cinven in response to the evolving wants of the enterprise,” the agency mentioned. It added that advisers had been supporting digital transformation and progress plans, and that no formal restructuring was being undertaken.
The UK arm of Grant Thornton agreed to the bulk stake sale to Cinven in 2024, rejecting a competing provide from New Mountain Capital, which holds a stake in Grant Thornton US.
Following the deal, consultancy AlixPartners was engaged to overview points of the agency’s operations, together with initiatives to enhance productiveness.
Cinven, in accordance with sources, has not been straight concerned within the implementation of the workers reductions, which had been dealt with by Grant Thornton itself. The personal fairness group has invested within the agency, together with committing £39 million to a bonus pool, as a part of broader progress plans.
The choice to maneuver secretarial features to India underscores the strategic significance of the Indian arm of Grant Thornton, which already supplies accounting and assist companies to the UK agency.
The Indian enterprise, the biggest by worker numbers throughout the community, is seen as a key element in ongoing enlargement plans and potential acquisitions throughout the international community.
Grant Thornton UK mentioned an inner survey discovered that 98 per cent of companions stay proud to be a part of the agency. Cinven and Grant Thornton India declined to touch upon the workers modifications.
