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 Baker Tilly swallows debt-laden accountancy rival RSM Tenon

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PostSubject: Baker Tilly swallows debt-laden accountancy rival RSM Tenon    Fri Nov 17, 2017 5:00 pm

Baker Tilly swallows debt-laden accountancy rival RSM Tenon
   
     August 22, 2013
     Adam Jones, Accountancy Correspondent
   

    RSM Tenon has been put into administration and then swallowed by a rival accountancy group after acquisitions left it saddled with heavy debts.The auditor and adviser on Thursday said it had failed to secure an offer for the whole company from the UK arm of Baker Tilly, prompting it to appoint three insolvency practitioners from Deloitte as joint administrators.The administrators immediately sold the company’s trading entities to Baker Tilly – a deal that will not benefit RSM Tenon shareholders, who had already been warned that their shares were probably worthless. Shares in the group were valued at 1.12p when they were suspended on Thursday, compared with 66.25p at their peak in January 2011.Lloyds Banking Group, the sole lender to RSM Tenon, will not get its secured debt back in full either. At the end of 2012, it was owed £80m. However, Baker Tilly said Lloyds had provided financial backing for its acquisition of the trading arms.RSM Tenon, the UK’s tenth-biggest auditor by fee income, was unusual in having a stock market listing. Rival auditors and consultants are almost exclusively structured as private partnerships.The business originally listed as a cash shell called Tenon in 2000 on the Aim junior market. Its undoing was partly down to its purchase of RSM Bentley Jennison and certain assets from Vantis in 2009 and 2010.Its shares slid in 2011 as it struggled to make its dealmaking pay. Andy Raynor, the chief executive who presided over the RSM Bentley Jennison and Vantis deals, left in the wake of a profit warning in January 2012, receiving a pay-off of £603,000.
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