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300 jobs to go at RSM Tenon

In a bid to reduce costs after reporting £70m in losses for the six months to December 2011 year end, RSM Tenon is to slash its 3,000-plus headcount by 10%.

The cuts will also see offices in the north and Midlands targeted for £14m in annual cost savings.

RSM Tenon reported the £70m loss after impairment of goodwill and revealed material errors in accounting has led to a restatement of the six months to December 2010 year-end, which reduced pre-tax profit for 2010 by £12.1m.

In addition, revenue was down 9.3% to £107.8m – compared with 2010 figures of £118.9m, with net debt at £76.5m, up £73.3m year on year.


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