Practice News: Dentons buys Tenon’s pension arm

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A round-up of significant executive moves, announcements and other developments from the world of practice during March 2013

  • 27 Mar - Dentons buys Tenon’s pension arm
  • 26 Mar - Shah & Co makes Leicester acquisition
  • 26 Mar - New head of forensic and investigation services at Grant Thornton  
  • 25 Mar - Former Tenon partners launch insolvency and restructuring practice  
  • 20 Mar - Plymouth firm moves to bigger office
  • 15 Mar - Baker Tilly merges Crawley and Hove offices
  • 12 Mar - New audit partner for French Duncan 
  • 8 Mar -New Manchester base for Smith & Williamson 
  • 8 Mar - New appointments for Smith Cooper
  • 7 Mar - Merger for two Lancaster firms 
  • 4 Mar - Grant Thornton Leeds appoints new senior audit manager
  • 3 Mar - New merger for Yorkshire firm Nicklin 
  • 3 Mar - New accountancy firm for Halifax, West Yorkshire 

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29th Mar 2013 21:55

RSM Tenon share price slide

Interesting to see the shares of RSM Tenon have been performing particularly dismally recently, losing more than 50% of their value over the last three months.

They opened the year around 7p - but closed yesterday at just over 3p.

The company noted in their half-year results published on 26 February that there was a "significant risk of a facility breach in the forthcoming 12 month period" (i.e. the financial year to 30 June 2014) unless the terms of its borrowing facilities with its sole banker could be "reset".   The firm intimated in February, "Whilst to date Lloyds has not agreed to this reset, we remain in positive dialogue with the bank and Lloyds has confirmed that it continues to be supportive of the continuation of the Group as a going concern".

The absence of any announcement of a fresh agreement with the bank since then may be behind the most recent slide in the share price.

Let's hope the firm can pull through - and without further significant falls in their head count.


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By paulk
03rd Apr 2013 12:35

I think that Nicklin is a West Midlands based firm.......


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