Grant Thornton CI announces acquisition
GRANT Thornton Channel Islands has acquired the audit business of Saffery Champness in Guernsey – and signalled future 'transactions' could be on the cards.
The company said the deal was in support of its growth strategy, enabling it to expand into the local business market as well as financial services sectors and outsourced finance functions.
Six staff from Saffery Champness will join Grant Thornton, including Jeremy Ellis as director in Guernsey. There will be no job losses or redundancies, with Grant Thornton now having a team of 165 in the Channel Islands after significant growth in the last decade.
Adam Budworth, managing director, Grant Thornton Ltd, said: ‘I am delighted with this acquisition, the latest in a series we have successfully completed in the last 18 months or so and welcome the team on board.
‘I am also looking forward to completing other transactions in the future as we continue to grow our presence, locally, here in the Channel Islands.’
Cyril Swale, head of office in Guernsey for Grant Thornton, described it was a ‘very good move for all parties’.
‘There are significant similarities between our organisations in terms of corporate values and a mutual dedication to client service, so becoming part of Grant Thornton is a natural next step for the team,’ he added.
Nick Batiste, managing director of Saffery Champness Registered Fiduciaries in Guernsey, said: ‘After a wider strategic review and very careful consideration, we have decided to sharpen our focus on our core business areas in Guernsey to ensure we are best placed for the future.
‘We will of course very much miss Jeremy and his team as colleagues, but we’re pleased that they have a bright future as part of Grant Thornton in the Channel Islands.’
The transaction will have no impact on the rest of the business of Saffery Champness in Guernsey, nor on the wider audit business of Saffery Champness in the UK.
