Mid-tier firm Grant Thornton is to replace Deloitte as auditors for outsourcing group Interserve, bringing its share of the FTSE 250 audit clients to six.
According to the 2012 annual report, Deloitte was paid £900,000 for audit and assurance services, and a further £200,000 for non-audit services. The Big Four firm has audited the £3.1bn turnover company for 15 years since 1989.
Interserve operates a range of support services and construction companies in the public and private sectors in the UK and internationally.
Scott Barnes, GT CEO, said: ‘Following a competitive tender process, we are delighted to be proposed as auditor to Interserve plc. The appointment is recognition of our proven track record in working with large, dynamic, complex organisations. It is also testament to Interserve's innovative approach as they lead the way in stimulating change in the audit market.’
Anne Fahy, chair of the Interserve audit committee said: ‘We thank Deloitte for their significant contribution as Interserve's auditors over many years and we look forward to working with Grant Thornton UK going forward.’
GT’s appointment is subject to approval by Interserve shareholders at the company’s AGM on 13 May 2014.
The Interserve win brings the total FTSE 250 client list to six for Grant Thornton. Audit-related revenues accounted for £130m (including some accounting services) according to the Accountancy Top 75 Firms Survey 2014.
As well as adding to its FTSE 250 client list, GT became an auditor of a FTSE 100 firm for the first time last year, when Sports Direct was promoted to the blue chip index.