Baker Tilly has formally completed its acquisition of RSM Tenon’s profitable trading operations after shareholders unanimously backed the planover the weekend.
Tenon will continue trading under that name for a short period of time while a rolling programme of integration gets underway to create one newly merged firm under the Baker Tilly banner.
The jobs and employment rights of Tenon’s 2,300 partners and staff across the UK are unaffected and the provision of professional services to clients in both firms will continue without interruption.
Laurence Longe, Baker Tilly’s national managing partner, said the merger was an excellent outcome for clients, partners and staff.
“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,” Longe said.
On 22 August Tenon's parent company entered administration with Deloitte’s Matt Smith, Nick Edwards and Clare Boardman appointed as joint administrators. They immediately sold the trading operations to Baker Tilly in a pre-pack arrangement.
Baker Tilly had first publicly expressed an interest in Tenon back in July, when it announced it was considering an offer for the share capital of the firm. However after failing to make an offer for the firm’s share capital, the pre-pack sale went ahead.
Last week wealth management group Ashcourt Rowan was revealed as a potential suitor for the asset management businesses of RSM Tenon. The AIM-listed group is one of a number of companies looking at the businesses as the break-up of Tenon moves forward.