Grant Thornton has made sweeping reductions to its UK secretarial workforce, outsourcing the bulk of roles to India in a cost-cutting move that comes just months after the firm sold a majority stake to private equity group Cinven.
Scale of the Cuts
According to people familiar with the matter, nearly 100 personal assistants and support staff were affected, though the exact figure was not disclosed internally. Around 40 positions have been transferred to Grant Thornton’s sister company in India, which already provides accounting and back-office services to its UK counterpart.
The move follows a broader industry trend of relocating administrative and secretarial functions to lower-cost regions or replacing them with technology and artificial intelligence. One insider said partners at the UK firm were “embarrassed” by the decision but acknowledged there was “pressure to get more and more roles to India.”
Strategic Context
The cuts come amid structural changes at the firm after Cinven’s investment, although Grant Thornton UK insisted the decision was unrelated to the private equity deal. The firm stated: “Like all professional service firms, we continually evolve delivery models. Whilst a small number of people have left the firm, these decisions were made independent of our transaction with Cinven in response to the evolving needs of the business.”
Cinven, for its part, emphasized that it was not responsible for staff reductions, adding that Grant Thornton manages its operations independently and that the buyout group has committed £39mn to a partner bonus pool as part of its investment.
Ongoing Reviews and Productivity Drive
Grant Thornton UK has also engaged advisers, including consultants from AlixPartners, to review its operations with a focus on boosting productivity and supporting a digital transformation. The firm rejected suggestions of any broader “restructuring,” underscoring that its initiatives are aimed at modernizing service delivery.
An internal survey earlier this year found that 98% of partners expressed pride in being part of the firm, despite the upheaval.
The Role of India in Global Strategy
Grant Thornton India, already the network’s largest member by employee numbers, is seen as strategically crucial to the firm’s global future. The Indian branch is reportedly weighing whether to align more closely with the US or UK businesses — each backed by different private equity groups — or to remain independent.
Observers note that the decision reflects India’s growing role in professional services outsourcing. As one UK partner put it: “India is the key firm in that race.”
