Baker Tilly to join RSM International network
Baker Tilly is to join RSM International network. Baker Tilly is to become accountancy network RSM International’s UK member firm.
The firm will formally join the network later this year following completion of their current notice period with existing network Baker Tilly International.
During the transition period, the firm will continue to trade as Baker Tilly, but will make it clear that it is an independent member of RSM International, after which the firm will then adopt the global network name and corporate identity.
Baker Tilly International was originally called Summit International, and only became Baker Tilly International in 2001.
Top ten firm Baker Tilly acquired RSM Tenon via a pre-pack administration in September 2013, creating a firm of around 3,500 partners and staff and a fee income of over £300m.
It paid £30m for that acquisition, of which £1m cash consideration was paid towards the firm’s shares; £22m was paid to settle the bank debt at RSM Tenon; plus a £7m working capital adjustment. It paid just £7m for the audit arm RSM Tenon Audit.
According to Baker Tilly’s latest results, profit before tax was £7.2m for the year ended 31 March 2013, compared to £15.8m for the same period a year earlier. Profit after tax fell to £6.9m from £14.6m in 2012.
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