Mid-tier accountancy firm Grant Thornton has confirmed it has parted ways with a “small number” of partners as part of a review of its operating structure.
According to the Financial Times, around a dozen partners are believed to have been let go, some of whom are said to have worked for the company for over 30 years.
A spokesperson for Grant Thornton UK LLP said: “Like all businesses, we regularly review our operating structure. I can confirm that a small number of partners will leave our firm over the coming months.
“This builds on [the] steps we’ve already taken over the last year to ensure our operations are aligned to the changing needs of our clients and their stakeholders.”
The internal announcement was made ahead of the company’s next set of financial results, set to be released in December.
In its most recent results for 2018, it revealed that profits fell 8% to £72m and revenue dropped from £500m to £491m. Average pay per partner was also down to £373,000.
The news also comes after a difficult time for the firm as it faces an investigation into its role as the auditor of the now collapsed bakery firm Patisserie Valerie and also recently took the decision to step down from its role as auditor of Sports Direct.