Baker Tilly talks to RSM Tenon about below-market-value bid July 25, 2013 ACCOUNTANCY group Baker Tilly has approached its listed rival RSM Tenon about a potential takeover, the firms said yesterday. RSM Tenon, which was hit by a profit warning and an investigation into errors in its own accounts last year, said talks were at an early stage. “Given the level of debt within the company, any [...]
Progress made at RSM Tenon February 26, 2013 RSM Tenon yesterday heralded a “significant turnaround” as it narrowed its losses to £10m for the six months to the end of December, from £70.6m a year ago. The audit firm, which is recovering from a string of profit warnings and a change in management in early 2012, said revenues fell 10 per cent to [...]
RBS and Lloyds results look set to show losses February 24, 2013 STATE-BACKED banks Royal Bank of Scotland and Lloyds Banking Group are both expected to announce full-year results this week, with analysts forecasting both lenders will remain loss-making. Investec believes RBS, which will deliver its 2012 figures on Thursday, will announce an attributable loss of £2.2bn for the final quarter – or a £5.6bn loss for [...]
City Moves for 18 February 2013 | Who’s switching jobs February 17, 2013 Arle Capital Partners The private equity partnership has appointed Quentin Nason as head of client services, strategy and business development. He was most recently managing director in equity capital and structured equity capital at Deutsche Bank. FTI Consulting The business advisory firm has announced the appointment of two regulatory consultants to lead its governance, risk [...]
City Moves for 8 February 2013 | Who’s switching jobs February 7, 2013 RWC The investment management firm has appointed Dan Mannix as chief executive. Mannix joined in 2006, and has been a senior member of the management team. He previously spent five years as head of wholesale at JP Morgan. Fladgate The commercial law firm has announced the appointment of Charles Proctor as partner. He will advise [...]
City Moves for 24 January 2013 | Who’s switching jobs January 23, 2013 Lloyds Commercial Banking Anthony Williams has been appointed head of consumer services and entrepreneurs at Lloyds. He joins from Westhouse Securities, the advisory firm. Williams has over 25 years’ experience in banking, and has also held roles at ABN Amro/RBS, most recently as head of consumer sector advisory. Altius Associates Joachim Suter has been appointed [...]
Audit watchdog hikes business levy by 8.5pc January 22, 2013 THE UK’S audit watchdog has announced plans to hike levy rates by 8.5 per cent. The Financial Reporting Council (FRC)’s move was criticised by firms yesterday but the regulator said the increase was necessary as it attempts to clear a backlog of cases and deals with extra regulation. The FRC is upping its budget by 10 [...]
RSM Tenon parts ways with PwC December 6, 2012 RSM Tenon has officially ditched PwC as its auditor, after nearly two thirds of shareholders voted down the firm’s reappointment. RSM Tenon has already started looking for a new auditor, after it discovered a black hole in its books in January that sparked a profit warning and a change in management. The accountancy regulator is [...]
RSM Tenon says watchdog has stepped back November 19, 2012 BELEAGUERED accountancy firm RSM Tenon yesterday warned its most recent turnover figures had disappointed management expectations, but the firm was still making impressive profits. The company, which announced it is cutting 400 staff to trim costs and turn around the business, said in its interim management statement yesterday that revenues in the first quarter were [...]
BDO and PKF in talks for audit merger deal November 7, 2012 BDO and PKF are in advanced talks to merge their UK operations, the accountancy and advisory firms revealed yesterday. A tie-up, which is expected to take place early next year, would give the group extra firepower to compete with Grant Thornton for mid-market audit and business advisory clients. The firms said the enlarged company would [...]