Today’s news in brief – 19/9/2024

Grant Thornton US has been shortlisted as a potential bidder for its UK arm, alongside EQT and Permira, aiming for a valuation up to £1.5bn. The auction process follows recent reports of EQT’s bid, with Permira also advancing in the process. Grant Thornton’s US business, which sold a majority stake to private equity firm New Mountain Capital, is reportedly exploring acquisitions of both the UK and Irish branches. While Grant Thornton UK remains noncommittal about the potential transaction, it emphasises its continued focus on business growth. Bidders, including Cinven, have either declined or been unavailable for comment. Xeinadin has acquired Welsh accountancy firm Clay Shaw Butler, marking its 26th acquisition in two years. Clay Shaw Butler, which has served the Carmarthen community for over 40 years, will continue under the leadership of director Mark Jones. The firm provides accounting, auditing, and tax services, and the acquisition will allow it to expand offerings such as corporate finance and VAT advisory. Xeinadin CEO Derry Crowley praised the firm’s commitment to local businesses, while Jones emphasised the benefits of accessing Xeinadin’s wider resources, particularly as businesses navigate the new "Making Tax Digital" guidelines. Lovewell Blake has recruited 20 trainees across its offices in Norfolk and Suffolk, consisting of school leavers and graduates pursuing professional qualifications. Trainees from school or college will start the AAT program, while graduates will study for the ICAEW. Those in tax teams will work towards ATT and eventually CTA qualifications. The firm, recognized as a ‘Gold Best Employer,’ is committed to fostering talent through its annual training program. Mark Proctor, Lovewell Blake’s training partner, expressed excitement about the new cohort and highlighted the firm’s close collaboration with local schools and colleges to attract top talent. A KPMG survey of over 1,300 CEOs, including 150 from the UK, revealed that 71% of UK chief executives see Generative AI (GenAI) as a positive disruptor, enabling job redeployment rather than job loss. Many UK CEOs (68%) prioritise investment in GenAI, viewing it as an opportunity to enhance workforce skills. However, cybersecurity emerged as a primary concern for growth over the next three years. While CEOs are optimistic about their company’s prospects, confidence in the UK economy has slightly dipped. Despite challenges like economic uncertainty and workforce retirement, many expect headcount growth driven by M&A and technology investments.