Grant Thornton said it could not compete after failing to capture the audits of Marks & Spencer and other businesses JACK HILL/THE TIMESBritain’s fifth largest accounting firm has given up trying to win new blue-chip audit customers after losing out in battles to capture the audits of Marks & Spencer and others from the big four. Grant Thornton said it could no longer compete against the stranglehold of the big four and would not pitch for FTSE 350 business after coming “a glorious second” too many times. The firm is the biggest of the second-line accountants in Britain with 185 partners, 4,500 staff and £500 million of annual revenues. It is part of the global network Grant Thornton International, with offices in 130 countries, and traces its UK roots to 1904, when Thornton, Webb & Co was founded. Grant Thornton, No 5 in the UK by revenues,…

Source: The Times March 29, 2018 23:00 UTC