FRP ADVISORY has picked up the entire Scotland RSM Tenon insolvency team, allowing the firm to open up three new offices in the region.
Tom MacLennan and Iain Fraser, as well as their team, join FRP Advisory from RSM Tenon where they ran the restructuring practice for the formerly listed firm. When RSM Tenon was sold to Baker Tilly via a pre-pack administration, earlier this year, the restructuring team in Scotland voted against it and broke away.
MacLennan and Fraser have now joined FRP Advisory, with the latest announcement set to boost FRP’s UK office numbers to 13 from ten. The Scotland practices will have 28 employees, including nine qualified insolvency practitioners.
MacLennan spent ten years at Touche Ross before creating his own practice Scott Oswald in 1991, which Fraser joined. That firm was acquired by Tenon in 2001, with MacLennan becoming Tenon’s head of Scottish restructuring. Fraser began his career at Ernst & Young (now EY), is a fellow of the insolvency trade body R3 and sits on the body’s Scottish technical committee.
Tenon acquired Bentley Jennison in 2010 for £76m, creating RSM Tenon.
Geoff Rowley (pictured), senior partner at FRP Advisory, said: “Tom and Iain were keen to join a firm of like-minded specialist restructuring advisers whilst maintaining their deep and trusted connections across the Scottish business and lending community.
“Their search coincided with our strategic vision for FRP Advisory to create a UK firm of specialist advisors, providing senior, hands-on, quality advice to companies and individuals facing financial and operational change.”
FRP Advisory was created following the collapse of Vantis in 2010. Listed firm Vantis collapsed into a pre-pack administration with various components sold to regional managing partners. However, Geoff Rowley and Jeremy French led the buy-out of the majority of the insolvency arm to create FRP Advisory, with Vantis’ London office picked up by RSM Tenon.
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