Grant Thornton International welcomes the merger of Grant Thornton Ireland and Foster McAteer

David McDonnell, chief executive officer of Grant Thornton International today announced the merger between Grant Thornton Ireland and Foster McAteer, one of Ireland'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 Ireland, also has a significant audit, tax and corporate finance practice. The firm, which had fees this year in excess of €4 million, has five partners and 24 staff, all of whom will join Grant Thornton.

Said Paul Raleigh, managing partner of Grant Thornton Ireland: "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. 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."

David McDonnell, chief executive officer of Grant Thornton International said: "This merger, is a further demonstration of the global strategy of Grant Thornton International, continuing our commitment to develop and grow our global organisation."

Grant Thornton is the fastest growing accountancy and audit firm in Ireland and has grown its fees from €14 million 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.

Notes to editors

About Grant Thornton International Ltd*
Grant Thornton International is one of the world's leading organisations of independently owned and managed accounting and consulting firms. The strength of each local firm is reflected in the quality of our organisation. Grant Thornton International member firms share a commitment to providing the same high quality service to their clients wherever they choose to do business.

Grant Thornton International does not deliver services in its own name. Each member and correspondent firm in Grant Thornton International is a separate independent national firm. These firms are not members of one international partnership or otherwise legal partners with each other, nor is any one firm responsible for the services or activities of any other. Each firm governs itself and handles its administrative matters on a local basis.

*All references to Grant Thornton International in the press release and this "Notes to editor" section are to Grant Thornton International Ltd. Grant Thornton International Ltd is a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales.