Lloyds set to lose £57m from Tenon collapse

Creditors and shareholders in RSM Tenon, the collapsed accountancy group, will get nothing back while Lloyds is likely to lose up to £57m of the debt owed by Tenon.

report from joint administrators Matthew Smith, Nicholas Edwards and Clare Boardman of Deloitte said that when RSM was sold to Baker Tilly in August in a pre-pack deal a settlement was made with the bank to repay £22m of the £86m debt it was owed plus a £7m working capital adjustment.

Administrators said that there is no...

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