Accountants Baker Tilly’s Swindon office, which was rebranded from RSM Tenon six months ago following the two firms’ merger, will revert back to the RSM name later this year when Baker Tilly joins the RSM International network.
The move is the latest in a long line of name changes for the Westmead office, which has operated under a host of brands since opening more than 20 years ago. Before having the RSM Tenon name above the door it was part of RSM Bentley Jennison and, before that, Bentley Jennison. To take the re-brand full circle, it was part of Baker Tilly in the early 1990s.
The name changes reflect the merry-go-round of mergers and takeovers in the accountancy sector over the past two decades.
The office is one of the area’s largest. Baker Tilly’s UK arm, currently part of the Baker Tilly International network, will join RSM International, the worldwide audit, tax and advisory network of independent firms, later this year.
This will follow completion of its notice period with Baker Tilly International.
In a statement, it said: “During this transition period, the firm will continue to trade as Baker Tilly, but will disclose prominently that it is an independent member of RSM International, after which the firm will then formally adopt the global network name and corporate identity.”
RSM International is the seventh largest global accounting network.
Baker Tilly acquired RSM Tenon, which was RSM International’s previous UK member firm, in August last year, creating a firm of around 3,500 partners and staff and a fee income of more than £300m.
It is the seventh largest accountancy firm in the UK with more than 40 offices.
Baker Tilly’s statement continued: “The acquisition of RSM Tenon gave Baker Tilly the opportunity to consider its international network membership options and, after a period of detailed consideration, the firm felt RSM was better aligned with Baker Tilly’s client needs and international growth aspirations.”
RSM International CEO Jean Stephens said: “Baker Tilly is a large, well-respected, quality national UK firm with a diverse client base. There is a natural alignment with RSM with respect to core values, focus on quality and aspirations for growth and development.
“In reaching this decision, we have engaged in an in-depth mutual due diligence process. The Baker Tilly team has met with RSM members in Asia Pacific, Latin America, Europe, Africa and the US and it is clear there is a strong cultural fit and alignment in vision and purpose. I am delighted Baker Tilly will be joining the RSM network as our UK member firm. Their admission will be of significant benefit to clients of RSM member firms across the globe.”
Baker Tilly managing partner Laurence Longe added: “Membership in the dynamic global network of RSM will bring huge benefits to Baker Tilly and we believe it to be in the best interests of our clients, partners and staff.
“We are proud of the quality of our service delivery and our excellent client list and have full confidence that RSM member firms will help us deliver the services our expanding international client base requires. Our firm’s strategic vision fits perfectly with that of RSM and we are very pleased to be joining such a vibrant, forward-thinking network.”
RSM Tenon was formed from the merger of the Tenon Group with RSM Bentley Jennison in December 2009. The firm’s parent company entered administration in August after it failed to renegotiate its banking covenants. Joint administrators at Deloitte immediately sold the trading entities to Baker Tilly in a pre-pack deal.
Baker Tilly also has an office in Bath – the result of its 2010 merger with Robson Taylor.