RSM
Who are RSM?
The firm can be traced back to 1865, where it first began under the name Walter Howard. In 1988, the name Baker Tilly was created through the merger between Howard Tilly and Baker Rooke.
The firm subsequently officially changed its name on 26 October 2015, and adopted the name RSM which derives from its original founders, Robson Rhodes, a UK firm, Salustro Reydel, a French firm and Ira B. McGladrey, from the US. The name saw the merging of the three accountancy groups uniting under one entity.
The firm ‘s UK division is run by Kevin O’Connor, executive chairman, who took up the role in April 2020, when he was appointed to the board. Alongside him is Rob Donaldson, CEO, who was also appointed to the team in April 2020. The board also features Victoria Kirkhope, the people director and finally Andrew Westbrook, CFO, who progressed through the ranks and assumed the role in December 2019.
The accountancy firm employs around 3,650 partners and staff in the UK and has access to 48,000 people in over 120 countries across the RSM network.
What do they do?
The firm currently offers a variety of services which includes:
Audit and assurance – Under this service, the firm provides a detailed, flexible and “value-for-money” service charge for companies large and small.
Business consulting services – Within this service, RSM aims to help customers improve projects, programmes and business transformation, select and implement the most appropriate digital technologies, better manage financial reporting and evaluate the impact of publicly funded policies programmes and organisations.
Legal Services – The firm offers three different types of legal services, one of them being corporate, which focus on group reorganisations, simplifications, debt legal structuring design and implementation. Employment legal services offers contracting delivery, people obligations structuring and employment claims dispute resolution. Employee share schemes legal services offer outsourced business advice.
Restructuring advisory – Within this service it helps businesses develop an effective turnaround strategy, manage risk by simplifying corporate structures, review defined benefit pension covenant strength; monitor emerging financial risks, preserve value on distressed real estate projects and help to secure an appropriate funding solution.
Risk advisory – The firm offers robust, reliable assurance and advisory services spanning internal audit, technology risk, financial services compliance and international development funding.
Tax – RSM looks after the interests of corporate entities at every stage of their life-cycle from start-ups, expansion and investment, acquisitions and disposals, raising finance/capital markets; and succession planning.
Financial results
In its latest trading update for the year ended 31 May 2020, the group reported a pre-tax profit of £9.2m which marginally increased from £9.1m the previous year. From the firm’s core services of audit, tax and advisory, and transactions, it generated revenues of £85.4m, £165.7m and £63m respectively. The group also contributed £129m in taxes, increasing from £126m the previous year.
In the news
RSM recently announced 11 promotions to partner across its UK offices to support growth and help shape the future of the firm. Leonid Khristoforov in London, Miranda Sharp in Guildford and Rupert Guppy in Southampton were all promoted to partner.
Additionally, Jacqui Baker in Liverpool, and Saxon Moseley in London, were promoted within the firm’s audit faculty and Helen Brocklebank (Birmingham) and Alex Milne (Southampton) became corporate finance partners in the group’s transaction team.
Elsewhere in the firm, Andy Nalliah, the creditor services team (Hull), Liz Wright, a risk assurance specialist (Milton Keynes), Peter Frayne, a Netsuite consultant and Victoria Kirkhope, people director (Glasgow) were all promoted to partner.