RSM Tenon picks up gems from Vantis
RSM Tenon, the fully listed UK accounting and business services group, yesterday bought certain business assets from its rival Vantis, which collapsed on Tuesday evening.
RSM, which moved to the main market in May this year, is buying businesses worth up to £6.8m from the administrators of Vantis, taking 325 people on board.
Chief executive Andy Raynor said his firm was buying “a good business which was being taken out of a difficult situation.”
The Vantis group collapsed after it fell into financial difficulties, rocked by having difficulty in recovering more than £10m of monies owed to it for its work on the administration of Stanford International.
Its reputation was affected by two tax partners being charged for malpractice by the UK tax authorities.
At one point Vantis shares traded at 210p giving the group a market capitalisation of around £110m.
Now shareholders are unlikely to receive anything after creditors have the first claim on any money the administrators can bring in.
Raynor said the new businesses, which focus on advice to entrepreneurs as well as turnaround services, will double the size of RSM’s operations in London.
The businesses currently have a revenue of £27m.
Raynor says the cost of acquiring the assets amount to just more than £4m.