Some unlucky folks at Grant Thornton U.K. are taking the hit for the firm’s miserable 2018, which saw GT stop bidding for new audit work at the largest U.K. companies, the CEO not seeking a second four-year term after a partner revolt, revenue dip from £500 million in 2017 to £491 million last year, partners’ average pay drop 8%, the firm fall from the fifth-largest to the sixth-largest accounting firm in the U.K, and an investigation into GT’s audits of U.K. coffeehouse chain Patisserie Valerie, which collapsed in early 2019 as a result of a major accounting scandal.
Economia reported on March 18:
Grant Thornton UK is planning to make 50 to 60 staff redundant as the firm continues to implement its plan to restructure its operations.
The top 10 firm is currently in consultations with staff which will complete on 10 April. Downsizing is predominantly targeted at roles in brand, marketing and communications and in people and client experience functions.
A GT spokesperson told Economia and other U.K. media outlets:
“The next phase of this transformation is to ensure our teams provide the right level of support for profitable growth and create an environment that makes it easier for our people to do great work.
“Sadly, this will result in a reduction of a number of roles in these functions and the firm has begun a consultation period with those who are impacted.
“This is not a decision we take lightly and it has not been easy, but transformation is essential to ensure we build a long-term, sustainable future for the whole firm.”
Regardless of how the firm spins it, Grant Thornton U.K. is in a serious state of disarray. Hopefully there’s no more bloodletting.
Good luck to those who are impacted by the cuts.