Baker Tilly closes RSM Tenon office and merges in London

by Rachael Singh

More from this author

19 Feb 2014

  • Comments
Baker Tilly

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."

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.