RSM Tenon has bought Vantis Financial Management, the day after the IFA firm's parent company was put into administration.
The business services group announced the £6.8m purchase this morning, the day after Vantis, the IFA firm's parent company, had gone into administration after attempts to reduce its debt levels failed.
The deal will see RSM Tenon take on Vantis' business and insolvency advice arms as well as the financial advisory firm, safeguarding 300 jobs.
Vantis had been forced to call in administrators FTI Consulting after all possible escape routes, including attracting new investors or restructuring its balance sheet, fell through.
"The directors have vigorously explored every available option to reduce the level of debt in the group," said the company in a statement.
"However, given the lack of progress to date with these options and the group's ongoing funding requirements, the board has today appointed Chad Griffin and Simon Granger of FTI Consulting as joint administrators of the group."
Earlier in June, the company had raised doubts about its ability to survive due to lack of funds and its shares were temporarily suspended.
The group had been hit by the impact of the recession on its business advisory and tax division and a weaker-than-expected performance of its business recovery unit.
Vantis Financial Management offers financial planning services across a range of areas including: investment, retirement, mortgages, healthcare management, employee benefits and tax planning.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected