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Lloyds to lose £57m from RSM Tenon collapse
by Dylan Lobo on Oct 22, 2013 at 07:49
Lloyds is set to lose £57 million following the collapse of RSM Tenon this summer.
According to the Independent, Lloyds's refusal to budge on its lending arrangements with the accountancy firm will see it regain just £29 million of the £86 million it had lent to the company before it went into administration in August. RSM Tenon was subsequently acquired by Baker Tilly.
It is understood that Lloyds made provisions against any potential shortfall before RSM Tenon’s collapse.
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