RSM Tenon has been immediately bought up by Baker Tilly after being placed in administration.
Deloitte administrators have sold RSM Tenon’s trading entities to Baker Tilly in a pre-pack administration, following Baker Tilly’s recent rejection of a merger or buyout of the struggling accountancy firm.
The deal has saved 2,300 jobs nationally in 35 offices.
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 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.’
Shareholders will get nothing back however, and RSM Tenon’s bankers, Lloyd’s, will suffer a financial hit.