Stavros Ioannou: Cinven investment in Grant Thornton UK will also contribute to the development of Grant Thornton Cyprus

Grant Thornton UK - and by extension Grant Thornton Cyprus - will be accelerating further growth through the recent agreement for a strategic investment with Cinven, an alternative investment fund manager in one of the largest accounting firms in the United Kingdom.

More specifically, Cinven Limited, a member of the Cinven Group and alternative investment fund manager, has acquired control of Grant Thornton UK Advisory & Tax LLP, a newly formed limited liability company - registered in England and Wales - which will hold the non-audit functions of Grant Thornton UK.

The company will be active in the provision of advisory and tax services, such as business and transaction advisory services, transaction valuation, environmental, social and corporate governance (ESG) strategy and corporate finance advisory services.

Cinven's acquisition of control of Grant Thornton UK Advisory & Tax LLP is being carried out through Pacioli Topco (Jersey) Limited, which is owned and controlled by the Eighth Cinven Fund, which in turn is indirectly controlled by Cinven Limited.

It is worth noting that the Commission for the Protection of Competition (CPC) received a merger notification for this specific transaction, the terms of which are confidential and which is expected to be completed by the end of March, subject to its approval by the regulatory authorities.

What the investment means for Grant Thornton Cyprus

When invited by InBusinessNews to comment on the above development, the CEO of Grant Thornton Cyprus, Stavros Ioannou, stated the following:

"Grant Thornton Cyprus last summer announced a strategic investment from Grant Thornton UK.

Then, last December, Grant Thornton UK announced that it had secured external investment from Cinven (which is currently pending regulatory approval).

This investment is expected to contribute to the growth of both Grant Thornton UK and, by extension, Grant Thornton Cyprus, further enhancing our firms' capabilities to serve our clients and stakeholders."

Regarding the day-to-day operations of Grant Thornton Cyprus, Ioannou indicated that "we will continue to work closely with Grant Thornton UK, just as we do today."

The investment in Grant Thornton Cyprus is a milestone

It is recalled that in a recent interview with InBusinessNews, in the context of the IN Business Forecasting 2025 series , Stavros Ioannou described Grant Thornton UK's strategic investment in Grant Thornton Cyprus as "a milestone for us and our path as it constitutes a major vote of confidence in both our team and the Cypriot market".

He further noted that Grant Thornton UK's investment "enables us to expand our services, incorporating innovative technologies and specialized solutions for our clients."

(Source: InBusinessNews)