RSM Tenon is in exclusive discussions with
Grant Thornton over the sale of the Individual Voluntary
Arrangements (IVA) section of its recovery business.

The deal only concerns the IVA business, which
arranges debt consolidation and repayment programmes for
individuals seeking to avoid bankruptcy, and does not include the
debt management business or any other part of RSM Tenon

The Manchester-based business has a staff of
around 60 and generated approximately £5m in revenue in the first
six months of the year .

The company could not give any assurance that
a sale will be concluded and said a further announcement would be
made “in due course.”

The announcement follows a difficult period
for RSM Tenon, with a 9.3% profit slump in the last half of 2011and
the discovery of errors in the firm’s accounts in the 2010 and 2011
audits. Last month the firm sold its Stoke-on-Trent office, but
also recruited 115 trainees in the last year, and just this week
announced the appointment of Chris Ratten as the new head of
corporate recovery.