RSM TENON is in exclusive discussions with Grant Thornton to dispose of a segment of its personal insolvency business.
The firm is looking to offload its Individual Voluntary Arrangement (IVA) business to the top five firm Grant Thornton.
IVAs are a personal insolvency process, which allows a practitioner to consolidate and reduce a person’s debt then arrange and supervise repayments over a contracted period of time – usually five years.
RSM Tenon’s IVA business is a stand-alone activity based in Manchester that employs about 60 members of staff and is one of the largest IVA factories in the country.
The division generated £5m in revenues for the firm for the year ended 30 June 2012.
A statement from RSM Tenon said: “No assurance can be given that a sale will be concluded and a further announcement will be made in due course.”
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Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal