EXCLUSIVE: Skipton sells stake in Mutual One

RSM Tenon is now the only shareholder of Mutual One which was previously owned by eight building societies including Skipton, which held an 82.5% stake in the company.

A spokeswoman for Skipton said: “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.”

A spokesman for RSM Tenon said: “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.”

The spokesman said the business, of 18 people, was highly complementary to RSM Tenon’s offering in risk advisory and RSM Tenon’s strategy to grow its financial services practice.

In February RSM Tenon said it was unable to reach a new agreement with its sole lenders Lloyds Bank to "reset" the terms of its lending facility, though it added that discussions were ongoing. And last month it revealed it was in discussions with Baker Tilly over a possible merger.

The spokesman added: “It is business as usual at RSM Tenon, even with the ongoing Baker Tilly bid situation.”