RSM Tenon pays £6.8m for Vantis assets

RSM Tenon has bought parts of the failed accountancy group Vantis for £6.8m.

Tenon, a regional accountant which merged with Bentley Jennison in December, is acquiring three advisory offices in London, Leicester and Epsom, a Thames Valley business recovery practice and Vantis’ financial management business.

The businesses generated revenues of £27m according to unaudited accounts for the year to April 30.

Some 300 staff will transfer to Tenon which has offices in Manchester, Bolton, Chorley, Preston and Rochdale, and a network throughout the country.

Tenon said the deal will double the size of its operations in London and add to its coverage in the Thames Valley area. It will also provide, “further scope for savings and increased revenues from organic development”.

The group has agreed to pay £5.7m in cash and a further £1.1m when payments owed to the acquisitions are paid by debtors. The integration of the new assets is expected to cost £3.6m.

Andy Raynor, RSM’s chief executive, said: “These high quality teams and services add significantly to our own operations in areas of strategic importance, especially in London, financial management and recovery.

“The experience gained in implementing the merger with RSM Bentley Jennison has enabled us to act quickly to complete this exciting transaction and will provide a template to achieve successful integration.”

AIM-listed Vantis, which has 16 offices throughout the country including one in Manchester, went into administration earlier this week. The case is being handled by FTI Consulting.