Shareholders wiped out as RSM Tenon sold in pre-pack Lloyds, which is 39pc owned by the taxpayer, had earlier refused to grant a "covenant waiver" to RSM over its £80.4m debts after Tilly pulled out of the takeover talks for the group. RSM had said on Friday that Lloyds continued "to be supportive of the business as the company discusses with it ways to address its high level of borrowings." Matt Smith, joint administrator at Deloitte, said: "We believe the proposed sale to Baker Tilly represents the best outcome for the RSM Tenon group. The management of the group have stabilised the business. He expected the sale of the assets to complete in two weeks, adding: "In the meantime we are working closely with the directors of the trading entities and their management and staff to continue to support the business until the sale is completed. The then chairman, Bob Morton, and chief executive Andy Raynor left the company immediately, with Chris Merry subsequently hired from outside to succeed Mr Raynor. RSM plunged to a full-year loss that year of £88.7m. Despite Mr Merry's attempts to sort out the business, the latest half-year figures showed it £10m in the red and reeling under more than £80m of debts - the legacy of past acquisitions, including rival Bentley Jennison and assets from Vantis. Mr Smith, Nick Edwards and Clare Boardman of Deloitte have also been appointed joint administrators of Premier Strategies Limited, a subsidiary which provided tax advice, but ceased selling new business in March 2012. The sale covers RSM businesses, including RSM Tenon, RSM Tenon Investment Solutions, RSM Tenon Financial Management, RSM Corporate Transactions and RSM Tenon Corporate Finance.