PRESS RELEASE
12 September 2008
Pictured above Brendan Foster and Paul Raleigh.
Accountancy and audit firm Grant Thornton is merging with Foster McAteer, one of the country’s leading insolvency practices. The combined firm will create the largest corporate recovery and insolvency unit in Ireland.
Foster McAteer, in addition to being one of the top insolvency firms in the country has a significant audit, tax and corporate finance practice.
The firm, which has fees this year in excess of €4 million has five partners and 24 staff, all of whom will join Grant Thornton.
Grant Thornton is the fastest growing accountancy and audit firm in Ireland and has grown its fees from €14m in 2003 to more than €45 million in revenues this year. The merger will bring the revenue of the combined firm to more than €50 million with a staff and partners complement of 450 across the country. “This merger provides great synergy for the firm and underscores our ambition to significantly grow the business by developing market leading positions in chosen areas like corporate recovery,” said Grant Thornton Managing Partner Paul Raleigh.
“The merger also enables us to further expand our privately held business and corporate finance activities.”
Brendan Foster, founding partner of Foster McAteer and current President of ACCA Ireland said: “This is a hugely exciting development for our firm and our clients. Despite the changing economic environment many of our clients continue to expand and the merger will enable us to increase our depth and range of professional services. Our enlarged insolvency and recovery team are ideally positioned to advise companies and individuals during these challenging times.”