Reuters: Bankruptcy News: Baker Tilly buys accountancy RSM Tenon from administrators

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Baker Tilly buys accountancy RSM Tenon from administrators Aug 22nd 2013, 11:49 Thu Aug 22, 2013 7:49am EDT LONDON Aug 22 (Reuters) - Accounting and business services provider Baker Tilly UK Holdings Limited bought rival RSM Tenon Group PLC on Thursday after the latter was forced to appoint administrators. After talks about Baker Tilly buying RSM Tenon Group shares collapsed, lender Lloyds Banking Group said it would not grant RSM a waiver on conditions for lending. With no other financing sources available, RSM said it had appointed administrators who agreed a sale of the group's trading entities. RSM shareholders would not receive anything from the sale to Baker Tilly, and Lloyds would not recover its secured debt in full, it said. RSM Tenon Group shares were suspended but RSM Tenon Ltd and the group's other principal trading entities continue to operate as normal, it said, adding that no employees, clients or suppliers, other than Lloyds, were expected to be materially affected.

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