While the company confirmed it is evaluating various growth avenues, it denied being actively engaged in any transaction. Any potential deal would ensure the audit arm remains majority-owned by the firm’s 200 partners, The Times reports.

Grant Thornton Ireland, operating independently from the UK business, has said it is actively exploring strategic options for its future, but not currently engaged in any sale.

The exploration follows a similar investment in Grant Thornton’s US arm by New Mountain Capital. This comes as the accountancy industry undergoes significant restructuring, with private equity firms increasingly buying into major players.