RSM Tenon appoints administrators; suspends shares

RSM Tenon has appointed administrators and has suspended its shares following an announcement this morning a proposed takeover deal by Baker Tilly has fallen through.

Lloyds Banking group has pulled its financing facilities for the firm, meaning that RSM Tenon "does not expect to continue to be able to meet its liabilities as they fall due". RSM Tenon's board has concluded the appointment of administrators was "the most appropriate course of action". Three insolvency practitioners at Deloitte have been appointed as joint administrators to RSM Tenon. RSM Tenon Limited and the other principal trading entities continue to trade as normal and are not affected by this, the company said. Immediately following their appointment, the joint administra...