Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Baker Tilly swoops as RSM Tenon falls into administration

RSM Tenon has appointed administrators and announced its trading entities will be sold to Baker Tilly.

The move follows Baker Tilly's announcement earlier today that it did not intend make an offer for the entire issued share capital of RSM Tenon.

The company said if it breached its banking covenants, Lloyds Banking Group would not be willing to grant a covenant waiver and therefore it would not be able to meet its liabilities.

Three insolvency practitioners at Deloitte LLP have been appointed as joint administrators to RSM Tenon Group. The joint administrators have agreed a sale of the company’s trading entities to Baker Tilly which is expected to be completed in two weeks.

It said that the sale would realise no value for the ordinary shares of the company, and that Lloyds would not recover its debt in full. At 31 December last year, RSM Tenon had borrowings of £80.4 million. Tenon said no employers, clients or suppliers, other than Lloyds, would be affected.

Last month Tenon’s share price tumbled after it revealed it had received an unsolicited takeover approach form Baker Tilly.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter