Tax group Vantis has offloaded its advisory business to RSM Tenon, in a deal worth £7 million as part of a broader drive to dispose of its UK accounting, tax, business recovery and advisory divisions.
RSM Tenon is the new owner of Vantis Financial Management and the Business Advisory and Tax Services in London, Epsom and Leicester, along with the Business Recovery Services Marlow office.
In the acquisition, Tenon will inherit about 300 employees and what is estimated to be £27 million to its yearly income.
A set of deals has already seen Vantis dispose of its core operations, while safeguarding the positions of 900 staff members.
The key business disposals are in response to a suspension of Vantis' shares on 14 June due to fears that its substantial debts would put its ability to trade as a going concern in jeopardy.
Having recorded losses of £6.7 million on a turnover of £90 million in April 2009, Vantis was soon put into administration after a restructuring deal could not be finalised.
RSM Tenon has made two acquisitions within the space of one year, the first one being Bentley Jennison. It will now focus on integrating Bentley Jennison and parts of the Vantis group with its own business. A spokesperson for Tenon said it would not seek any more potential acquisitions.
