By Daniel Hunter

RSM Tenon have begun talks with rival Grant Thornton in a bid to dispose its Manchester-based individual voluntary arrangements (IVA) business.

According to a story on Insider News RSM Tenon said in a statement to the stock exchange today the IVA business was part of RSM Tenon Recovery and employed about 60 staff.

For the year to 30 June 2012, the business generated revenues of approximately £5m.

"The proposed sale does not include the company's debt management business or any other part of RSM Tenon Recovery," the statement added.

"No assurance can be given that a sale will be concluded and a further announcement will be made in due course."

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