Dains’ takeover is Deal of the Month

ACCOUNTANCY firm Dains’ takeover of the Stoke-on-Trent operation of fellow accountants RSM Tenon is our Deal of the Month for August.

It has acquired the accountancy business and staff for an undisclosed amount and was advised by Graham Muth and Nick Dawson from law firm Cobbetts and Paul Roberts of Keelys.

The decision to pull out of Stoke has been seen as being part of RSM Tenon’s cost-cutting programme.

At the start of this year the firm saw a drop in revenues and an increase in debts which led to its chief executive Andy Raynor departing.

Job losses and office closures were predicted as the firm tried to turn its fortunes around.

But, as TheBusinessDesk.com editor Andy Coyne said, “What could have been a negative for RSM Tenon’s Stoke operation has become a positive”.

Following the Stoke deal, all of the accountancy, external audit and tax staff in RSM Tenon’s office there are transferring to Dains and the office will continue to be led by the existing team of Jon Dudley, Ann Diggins and Andrew Bentley (pictured below).

Coyne added: “This was a deal that involved Midlands-based advisers but the reason it was chosen for Deal of the Month for August is that it shows the ambition that exists in some of our up and coming professional services firms.

“Spencer Wright, the chief executive of Dains, said the firm had been keen to extend its footprint to the Stoke- on-Trent area for some time and this deal gives it market presence in one fell swoop.”