Tenon buys into top 10.
Accountancy-based business services company Tenon this week became a top ten firm after announcing four acquisitions worth #67.4m.
The deals increase its non-audit turnover to more than #80m and takes the group to number nine on the Accountancy Age Top 50 league table, forcing Baker Tilly down into 10th spot.
Tenon has acquired the non-audit business of the Independent Partnership – formerly BDO Stoy Hayward’s East Midlands office – for #30m, as well as Livingstone Guarantee in London, Southampton-based Dhand Hatchard Davies and the London-based Statham Gill Davies Partnership.
The firm has not ruled out further acquisitions and announced new bank facilities with Lloyds TSB to continue its acquisition programme. Chief executive Ian Buckley said: ‘With these latest acquisitions of high quality businesses we are poised to achieve our stated goal of annual turnover of more than #100m by the end of next year.’
– Tenon enters big league as it buys five firms www.accountancyage.com/ Practice/1125787.