ACCOUNTANCY firm Grant Thornton has boosted the part of its practice that deals with business failures as a result of buying part of a rival service provider.

The firm, whose headquarters are in Kensington Place, has bought the insolvency and restructuring arm of Begbies Traynor in the Channel Islands.

Three staff have transferred to Grant Thornton as a result of the deal. UK publications have reported a price in the region of £250,000 for the business.

However, spokesman David Spring said that the figures reported were inaccurate, although he did say the sum paid was ‘not insignificant’.