Baker Tilly closes RSM Tenon office and merges in London
RSM Tenon's Chiltern Street office closes with 300 staff moving to Baker Tilly’s Farringdon practice
RSM TENON staff will move across to the Baker Tilly offices in London this week.
All three hundred staff and partners at RSM Tenon will leave the London Chiltern Street office for Baker Tilly’s Farringdon practice following the acquisition by Baker Tilly last year.
Other areas that have been earmarked for merger of offices in the coming weeks are: Manchester, Birmingham, Milton Keynes, Basingstoke, Leeds and Stoke.
David Gwilliam, Baker Tilly’s regional managing partner for London, said: “Integrating our London offices will mean we combine our strengths and skills to significantly enhance our offering within the London region.
“This move is the first of around a dozen office consolidations throughout the UK over the coming months, and marks an important step towards creating one firm.”
Top ten firm Baker Tilly acquired RSM Tenon via a pre-pack administration in September 2013. It paid £30m for that acquisition, of which £1m cash consideration was paid towards the firm’s shares; £22m was paid to settle the bank debt at RSM Tenon; plus a £7m working capital adjustment. It paid just £7 (seven) for the audit arm RSM Tenon Audit.
According to Baker Tilly’s latest results, profit before tax was £7.2m for the year ended 31 March 2013, compared to £15.8m for the same period a year earlier. Profit after tax fell to £6.9m from £14.6m in 2012.
The directors report said: “While there were a significant number of important new client wins in the year, this was offset by not only normal attrition due to client sales, but also lost retenders against low-ball pricing.”