RSM Tenon Group PLC (03931297): administration
- Status
- Administration ended
- Administration began
- 2013-08-22
- Administrators
- Matthew David Smith, Nicholas Guy Edwards, Clare Boardman
- Administrators' firm
- RSM
- Formerly
- Tenon Group PLC
- Incorporated
- 2000-02-17
- Location
- London
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
In January 2012, PLC announced that market conditions remained challenging and that the directors anticipated a fall in revenue and a potential trading loss in the financial year to June 2012 The interim results for the six months to December 2011, announced in February 2012, included a £70 6m loss on continuing operations, principally due to a £60 7m impairment of intangible assets, and a prior year adjustment of £12 1m resulting from the correction of certain accounting errors and the inconsistent application of accounting policies.
Throughout 2012, PLC's directors made significant reductions in the Group's operating cost base and sought to stabilise revenue and profitability. However market conditions continued to be challenging and revenue continued to decline, offsetting some of the benefits in the cost savings implemented. The operating loss tn the six months to December 2012 was £0.6m.
In July 2013, the PLC board advised shareholders that an unsolicited approach had been received from Baker Tilly, which may or may not !ead to an offer being made for PLC's entire issued share capital. A notice issued to the London Stock Exchange stated that Baker Tilly had unti! Spm on Thursday 22 August 2013 to make such an offer.
Administrators' statement of proposals (2013-10-18) · Companies House register