Mortgage News
Building Societies sell Mutual One
RSM Tenon has bought out Skipton Building Society in order to acquire all of the shares in the building society service Mutual One.
The accountancy firm aims to use the audit, compliance and advice service’s 18 staff to grow its risk advice and financial services offering.
A Skipton Building Society spokeswoman said: “A week last Friday Skipton Building Society sold its stake in Mutual One to RSM Tenon. RSM Tenon is a strong fit for the ongoing work of Mutual One and the right business to drive it forward.” Skipton previously held an 82.5% stake in the firm.
In July, it emerged the accountancy Baker Tilly was considering acquiring the highly indebted RSM Tenon. Last year, the firm announced a loss after tax of £88.7m. An attempt to restructure the business led to the sale of its insolvency unit on October 2012.
Despite the bid situation, RSM Tenon said it was business as usual: “RSM Tenon can confirm that it has acquired all of the shares in Mutual One, including those of majority shareholder Skipton Building Society.
“Mutual One offers a range of internal audit, compliance and advisory services to building societies and other financial services institutions.”
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Besides Skipton, the other owners of Mutual One before the purchase were the building societies Darlington, Earl Shilton, Hinckley & Rugby, Loughborough, Market Harborough,The Mansfield and Tipton & Coseley.