Deloitte appointed Administrator of RSM Tenon

Sean McClernon and Office Managing Director Chris Hill at Tenon's Cedar House office, Sandbrook Park

Matt Smith, Nick Edwards and Clare Boardman of Deloitte, the business advisory firm, have been appointed Joint Administrators to RSM Tenon Group plc, a leading accounting and advisory business, whihc has an office on Sandbrook Park, Rochdale.

The trading entities of the RSM Tenon group have not entered insolvency proceedings and will continue to operate as usual. Under a proposed sale of the trading entities of the group to Baker Tilly, subject to certain approvals, no job losses are expected. The group operates out of 35 offices and employs c2,300 staff.

Matt Smith, Joint Administrator and restructuring services partner at Deloitte, commented: “RSM Tenon is a well-known accounting and advisory business serving a wide variety of businesses.

“Immediately following our appointment, a sale of RSM Tenon Group plc’s trading subsidiaries to Baker Tilly was agreed and is expected to complete within two weeks, following regulatory and internal approval at Baker Tilly, which we are advised is a formality.

“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.

“In the meantime we are working closely with the directors of the trading entities and their management and staff to continue to support the business until the sale is completed. We appreciate the cooperation and support from the staff, customers, suppliers and landlords during this period.

“Trading in RSM Tenon Group plc’s shares on the London Stock Exchange has been suspended in light of our appointment.”

Matt Smith, Nick Edwards and Clare Boardman of Deloitte have also been appointed Joint Administrators of Premier Strategies Limited, a subsidiary entity which historically provided tax advice, but ceased selling new business in March 2012.

RSM Tenon Limited, RSM Tenon Investment Solutions Limited, RSM Tenon Financial Management Limited, RSM Corporate Transactions Limited, RSM Tenon Corporate Finance Limited and certain non-trading subsidiary companies remain outside of any insolvency process and are included in the agreed sale to Baker Tilly.