RSM Tenon has acquired segments of Vantis for £7 million after its troubled rival went into administration.
Accountancy firm RSM Tenon has acquired segments of Vantis for £7 million after its troubled rival went into administration.
RSM Tenon has purchased the London, Epsom, and Leicester advisory offices, the national financial management operations and the Thames Valley recovery office of its former competitor.
AIM-listed Vantis recently announced that it had suspended trading its shares and was looking to restructure the business. It became apparent that the firm’s level of debt could not be reduced and both Chad Griffin and Simon Granger of FTI Consulting have now been appointed as joint administrators.
Vantis, a top 20 accountancy firm, operated from 16 locations across the UK and in 2009 it generated revenue in excess of £90 million.
Under the terms of the deal around 300 former Vantis staff will join RSM Tenon, increasing the firm revenues by an estimated £27 million.
Andy Raynor, the chief executive of RSM Tenon group, says: ‘We have always admired the underlying businesses within Vantis, continuing to deliver outstanding client service to entrepreneurs despite the difficulties of the holding company. The resilience and skill of the people joining our teams is reflected in their loyal client following. This is a seamless fit with our own operations.’
RSM Tenon, which employs over 3,000 people across 50 offices, also acquired the accountancy firm Bentley Jennison through a merger at the end of 2009. Raynor adds: ‘With acquisitions in the last six months totaling almost £100 million of potential revenue, RSM Tenon has demonstrated the ambition for growth that we have always encouraged in our clients.’