CMS advises on RSM Tenon’s sale to Baker Tilly
27 Aug, 2013
CMS has acted for Lloyds Banking Group as lender to RSM Tenon Group Plc, a leading accounting and advisory business, in relation to its acquisition by rival Baker Tilly through administration. CMS also advised the administrators, Matt Smith, Nick Edwards and Clare Boardman of Deloitte.
Following completion of the sale, which is subject to certain approvals, Baker Tilly will take on all of Tenon’s 2,300 staff, including its management team. The trading entities of the RSM Tenon group have not entered insolvency proceedings and will continue to operate as usual.
The CMS team was led by Restructuring & Insolvency partner Emma Riddle (pictured), with assistance from senior associate Stephen Davis and associate Edward Taylor. Partners Aaron Fairhurst and James Parkes advised on tax and regulatory matters, respectively. Stephenson Harwood acted for Baker Tilly and Hogan Lovells acted for Lloyds as lenders to Baker Tilly, while Macfarlanes advised the RSM Tenon Group.
Emma Riddle commented: “As a longstanding adviser to the Bank, we were able to draw on our past experiences and work seamlessly and swiftly on this transaction, which should secure the future of the business under new ownership.”
CMS, in a relationship led by Pete Wiltshire, is the longstanding adviser to Lloyds Banking Group as lender to the RSM Tenon Group.