Accountancy firm Baker Tilly has completed its acquisition of the “profitable trading operations” of accountancy and advisory support services provider RSM Tenon, after the deal received shareholder backing.
The acquisition of RSM Tenon followed a dramatic day in which Baker Tilly initially pulled out of the acquisition only to step in at the eleventh hour to snap the firm up after it was placed into administration due to concerns it would not be able to meet repayments on its £80m debt pile.
Following the acquisition, Baker Tilly said RSM Tenon will continue trading under that name for a short period of time until it can be smoothly integrated into the former’s name. The company said in a statement that none of RSM Tenon’s 2,300 staff would be made redundant in the process.
Laurence Longe, national managing partner at Baker Tilly, said: “This merger is an excellent outcome for the clients, partners and staff of both firms.
“Bringing the professional skills, strengths and expertise of Baker Tilly and RSM Tenon together as one firm will significantly enhance our offering to the market and provide further opportunities for growth both nationally and internationally.”
