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Grant Thornton sells advisory business to 1825

The wealth unit, which has £1.7bn of assets under advice, consists of 100 employees, including 34 financial planners, all of whom will be joining 1825.

The deal, which has been rumoured for a few weeks, is reportedly an attempt by Grant Thornton to distance itself from potential conflicts of interest, and to “streamline its focus”.

Dave Dunckley, the recently appointed CEO of Grant Thornton UK, said, “As we increase our focus on our strategy to provide high quality audit, tax and advisory services to our core markets, it is clear the wealth advisory team’s growth potential would be best delivered by a business focused solely on the financial advice market.

“The team’s clients will undoubtedly be better served through 1825’s approach and proposition, with the businesses sharing a natural alignment in values and goals, so it makes practical sense for the team to be in an environment in which it can flourish. We wish Neil [Messenger] and the team continued success into the future.”

In the wake of proposals from the Competition and Markets Authority (CMA), and from the Kingman review, the accountancy profession in the UK is under increasingly sharp scrutiny. Grant Thornton in particular has come in for criticism over its audit work on Patisserie Valerie.

Last week the firm announced a major overhaul of its audit arm. The changes include a new Audit Quality Board, a £7m investment in people and technology, an independent review of audit at the firm, and new centres of excellence in London and Birmingham.

The deal is expected to be completed in Q4, 2019 and the terms remain undisclosed.

Why Do Rugby Union Players Make Such Good Business People?

Rugby union is known around the globe for being a hard hitting, but fair sport. In many ways it’s hard to imagine parallels between the boardroom and rugby pitch. But the Advisory Excellence journalism department found that might not be the case.

Rugby union’s historical frugality is a major reason for its close and practical ties to business, says Sean Fitzpatrick. Sean recently spoke at Grant Thornton’s Inspiring Business event, which was part of a series dedicated to generating ideas amongst coveted audiences.

George Gregan is one of the Australia’s most successful rugby union players. However, five years into his international career George started his own small business called GG’s Espresso shop, which is based in Sydney Australia’s business district.

George and Erica Gregan

George and Erica Gregan

To a soccer fan this might sound like an odd move, but there lies one of the major differences between a game in which you throw the ball and one in which you kick it.

Rugby union went professional in 1995, and although the amount of money pumped into the sport has steadily increased, players’ wages are still small compared to that of soccer.

Entrepreneurship is therefore crucial for players heading into their twilight years.

Advisory Excellence would like to give shout out to The Rugby Business Network. A popular world-wide not-for-profit organisation that aims to connect senior business people who share a passion for rugby union at private networking dinners and events.