Cinven, EQT, and New Mountain Capital (backer of Grant Thornton’s US business) are reportedly shortlisted to acquire a stake in the firm. The deal could value Grant Thornton UK at over £1.5 billion.

This potential sale follows a period of financial improvement for Grant Thornton UK, despite facing challenges including fines related to audits of Sports Direct and Patisserie Holdings. The firm has since reduced its number of public interest entity audit clients.

A spokesperson for Grant Thornton UK LLP told Sky News: “As all businesses do, we continually evaluate the external business and economic landscape and explore various avenues that will drive growth for our firm.

“This enables us to make informed decisions about what’s best for our people, our clients, and our firm.

“No decisions have been made and, whilst we are considering our options, we will not be commenting further.”