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Grant Thornton to Purchase IVA Business from RSM Tenon
September 28, 2012
By Michael Foster, Big4.com Blogger
Accounting firm Grant Thornton is looking to acquire RSM Tenon’s Individual Voluntary Agreement business from the firm as it continues to expand.
RSM Tenon, a British-based accounting firm, employs around 60 people in its Manchester-based IVA business practice. The practice saw £5 million ($8.1 million) in gross revenue for the last fiscal year ending June 30th.
RSM Tenon has said in a public statement that “no assurance can be given that a sale will be concluded and a further announcement will be made in due course.”
Grant Thornton has expanded its practice in recent years to compete with Big4 firms, offering audit, tax, and advisory services to a variety of firms in multiple industries. The Chicago-based firm is the sixth largest accounting firm in the United States.
RSM Tenon was founded in 2009 after a merger of RSM and Tenon Group. The company offers auditing, tax, and advisory services to its UK client base and had total revenue of around £245 million ($395 million) in 2011.
No word yet has emerged on whether Grant Thornton will retain the staff at RSM Tenon’s IVA practice, or if the business’s offices will be moved.