Thu, 22 Aug 2013 | ADMINISTRATION
Administrators from Deloitte were called into RSM Tenon this morning with the immediate sale of its trading operations to Baker Tilly.
RSM Tenon is one of the big players in the accountancy and administration field, and is the only listed accountant in Britain. It had net debts of £80.4 million at the close of 2012, up from £78.3 million six months prior. Shares in the company were suspended from this morning.
Baker Tilly had announced a keen interest in buying the struggling accountancy firm on 25 July. After running the rule over the business, Baker Tilly had decided against further action this morning, hours before RSM Tenon's administration was announced. Its appetite for the business was not satisfied, however, and news of the administration opened up a new route to acquisition.
Lloyds Banking Group had told Baker Tilly that if it breaks its banking agreements it would not be willing to offer a waiver. As a result RSM Tenon entered administration. In a statement it said: “Consequently, and in the absence of any other available facilities, the company does not expect to continue to be able to meet its liabilities as they fall due. The board of the company therefore concluded that, in such circumstances, the appointment of administrators was the most appropriate course of action.”
The firm is presently trading as normal, and its main trading entities are unaffected by the move. Likewise, no RSM Tenon staff, clients or suppliers are expected to be materially affected.
The sale is expected to complete within 14 days, and is subject to regulatory and shareholder approval.
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