Baker Tilly picks up RSM Tenon in pre-pack deal

In an administration process handled by Deloitte, Baker Tilly has purchased RSM Tenon after the company breached its banking covenants. The deal sees Tenon's lenders, Lloyds Banking Group, writing off debt worth around £80m.

Tenon's parent group is now in administration as Baker Tilly has only acquired the group's profitable trading subsidiaries.

The transaction sees Baker Tilly taking on Tenon's entire 2,300 staff-base, including its management team. However, it was reported earlier in the week by Herald Scotland that five of Tenon's partners based in Glasgow left the company to establish a new venture.

Tenon's shareholders have suffered a huge low as the company collapsed, seeing the value of their stakes wiped out after the administrators were called in.

CMS Cameron McKenna advised Lloyds on the deal, as well as the administrators Deloitte.

The deal highlights the changing landscape of the advisory community following BDO's merger with PKF earlier in the year and a flurry of law firm tie-ups including the recently announced merger of SJ Berwin and Asia-Pacific firm King & Wood Mallesons.

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• Topics
• UK / Ireland
• Deloitte
• Lloyds
• Baker Tilly