RSM attracts US cash in ‘unique’ transatlantic merger

RSM Robson
and US counterpart RSM
have forged what is thought to be the first UK-US merger, which
will see the UK firm’s financial position shored up by American investment.

The merger, billed as a takeover by some, will see the US firm injecting cash
into the UK, senior figures indicated.

The collaboration was described as ‘unique’ this week by McGladrey president
Steve Tait.

‘One of the things that hinders firms is access to capital and because RSM
McGladrey is part of a public ownership model this is not a problem,’ Tait said.

Robson Rhodes hit difficulties recently, being forced to ditch ambitious growth
plans. Former head Sukhbinder Heer, who left in May, said recently that the firm
lacked entrepreneurial spirit.

Maxwell hit back at the claims. ‘Robson Rhodes is a great business, with a
great reputation for quality,’ he said.

‘This [move] shows incredible entrepreneurialism and forward- thinking.
Essentially, we’re going to join forces and create one organisation from a
leadership perspective, with one management direction.

‘We will be putting a lot more investment into the market brand and improving
our market position in order to become a real alternative to the Big Four.’

The partnership remained tight-lipped about the specifics of the investment,
including details of what would happen to profit sharing between partners.

‘We’re not going to talk about that,’ said Tait, ‘but the proof is always in
the pudding and you will see the first of that investment soon.’

The firms have already signed an agreement in principle, but the association
is subject to final due diligence and the execution of definitive agreements.

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