Accountancy firm RSM Tenon is to be rebranded after rival firm Baker Tilly completed its acquisition of the firm’s profitable trading operations.
Baker Tilly, which has an office in Newcastle, had originally made an approach to RSM, which has 35 offices around the UK including a Sunderland presence, but the firm last week announced it did not intend to make an offer, a move which forced RSM into administration, with Deloitte appointed as administrators, amid concerns it would not be able to meet repayments on its debt.
Latest half–year figures showed RSM was £10m in the red and struggling under more than £80m of debts.
The same morning, Baker Tilly then swooped to snap up RSM’s main trading entities, a move which ensured RSM’s 2,450 staff – including 83 based at the Sunderland office – retain their jobs.
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 confirmed none of RSM Tenon’s 2,300 staff would be made redundant in the process, with managers at the business stressing that the provision of professional services to clients in both firms will continue “without interruption”.
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.”
Baker Tilly has completed its acquisition of RSM Tenon after the deal was formally approved by its shareholders.