VANTIS TENON: – now it’s Administrators acquiring Administrators
RSM Tenon, the fully listed accounting and businesses services group, has been quick to take advantage of the demise of Vantis, which fell into administration yesterday (as we anticipated!), by snapping up certain business and assets of Vantis for a cash consideration of up to £6.8 million, from the administrators of Vantis.
The assets acquired comprise the trade and assets of three of Vantis’ Business and Advisory offices, the Thames Valley Recovery practice and the trade and assets of Vantis’ Financial Management business i.e. all the best bits! The initial consideration is only £5.7m in cash on completion, with £1.1m deferred subject tothe realisation of certain debtors acquired. They estimate a further 3.6m will incurred integrating everything into RSM Tenon, which sounds somewhat over prudent and the transaction costs related are estimated at £0.5 million. Not surprisingly the acquired assets are considered to be earnings enhancing in the first full year of…