Two of the country’s well-known accountancy firms, Grant Thornton and RSM/Farrell Grant Sparks are to merge and to consolidate their combined position as the fifth largest practice in Ireland.

The move, which is subject to approval by the Competition and Consumer Protection Commission, will bring together more than 51 partners and 750 staff. 

In terms of Irish fee income, Grant Thornton, which is the sixth largest firm in the world, is about three times larger than its new partner.

The merging firms’ combined fee income at the end of last year amounted to €134m, according to a Finance Magazine survey, about €30m less than the next largest firm EY.

EY is the smallest of the so-called big four accountancy firms here, also comprising KPMG, PWC and Deloitte.

The newly-merged entity will be known as Grant Thornton and will be led by current Grant Thornton Managing Partner, Paul McCann.