Baker Tilly has acquired RSM Tenon after the firm was put into administration this morning.
In July, Baker Tilly announced it was in talks to buy RSM Tenon but in a statement to the stockmarket this morning, Baker Tilly said it was pulling out of a potential deal.
Lloyds Banking Group informed RSM Tenon this morning that the firm was likely to break its banking covenents and three insolvency practitioners from Deloitte were appointed as administrators.
Following this appointment, Baker Tilly has bought all of RSM Tenon’s trading subsidiaries, including the advice arm, from the administrators.
Deloitte joint administrator and restructuring services partner Matt Smith says: “RSM Tenon is a well-known accounting and advisory business serving a wide variety of businesses.
“Immediately following our appointment, a sale of RSM Tenon Group plc’s trading subsidiaries to Baker Tilly was agreed and is expected to complete within two weeks, following regulatory and internal approval at Baker Tilly, which we are advised is a formality.
”We believe the proposed sale to Baker Tilly represents the best outcome for the RSM Tenon 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.”