Partner Article

Baker Tilly snap up RSM Tenon in pre-pack

Baker Tilly have acquired debt-stricken Sunderland accountancy firm, RSM Tenon in a last minute pre-pack deal.

The deal saw Baker Tilly pull out of bid talks early this morning, forcing its rival into administration.

Baker Tilly will now take over the profitable parts of RSM Tenon’s business in move that it described as “an excellent outcome for RSM Tenon’s clients and employees.”

The firm said the financial support of Lloyds TSB has been essential to safeguard the jobs of RSM’s employees.

Laurence Longe, Baker Tilly’s national managing partner, said: “As a people business, the key asset of RSM Tenon has always been its highly skilled and professional workforce of partners and staff.

“Baker Tilly and RSM Tenon are businesses of a comparable scale operating in similar markets across the UK and internationally, and so combining our strengths and skills will provide us with new opportunities for growth, as well as further strengthening and expanding our offering to the market.”

Matt Smith, joint administrator and restructuring services partner at Deloitte, commented: “We believe the proposed sale to Baker Tilly represents the best outcome for the RSM group. The management of the group have stabilised the business, returning it to profitability over the past 18 months and making this transaction possible to secure its future.

“In the meantime we are working closely with the directors of the trading entities and their management and staff to continue to support the business until the sale is completed. We appreciate the cooperation and support from the staff, customers, suppliers and landlords during this period.

“Trading in RSM Tenon Group plc’s shares on the London Stock Exchange has been suspended in light of our appointment.”

This was posted in Bdaily's Members' News section by Tom Keighley .