RSM Tenon agrees £7m sale of IVA unit to Grant Thornton

ACCOUNTANCY group RSM Tenon has agreed to sell its Manchester-based IVA business to larger rival Grant Thornton.

The AIM-listed firm said it expects after costs it will have raised £7m cash from the deal.

The parties announced they were in exclusive talks over the £5m turnover unit, which employs 60 people, a week ago.

RSM Tenon said: “The transaction does not include the Company’s debt management business or any other part of RSM Tenon Recovery.”

Grant Thornton said the deal is expected to be completed on or before October 5. After this date, it will write to all clients affected and inform them of the transfereal of their cases to its IVA client support team,

Partner and head of the firm’s IVA practice Mark Allen said: “Grant Thornton has considerable experience of the assimilation of such IVA portfolios and consideration for our current and new clients is foremost in our minds.

“It is our aim to make this process as smooth as possible and we look forward to dealing with each and every one of our new clients and welcome them to our organisation.”