PracticePeople In PracticeTenon storms Top 20.

Tenon storms Top 20.

Two acquisitions puts business services firm 17th in Accountancy Age

Accountancy-based business services company Tenon has gatecrashed the Accountancy Age Top 20 league table after snapping up two more firms this week for £27.6m.

The double swoop for the non-audit businesses of BKL Weeks Green Group valued the firm at £17.6m, while it added the Berkeley Jackson Group to its stable for a further £9.95m.

The acquisitions take the number of firms under its wing to four, with a combined fee income of £28m – taking the group into 17th spot ahead of Saffery Champness which had fee income of £27.9m as of the last league update in August.

Tenon chief executive Ian Buckley, said: ‘When Tenon was floated on AIM as a brand new business in March, we set the target of establishing offices throughout the UK to provide a wide range of services to medium-sized businesses and their owners.’

He added: ‘The BKL Weeks Green and Berkeley Jackson acquisitions will give Tenon very broad coverage in the South of England.’

The deal for Hampshire-based BKL was made up of £8.73m in cash with the remainder up to a total of £17.66m coming through the issue of new ordinary shares in Tenon.

Yeovil and Shepton Mallet-based Berkeley Jackson will be bought following for £4.67m in cash with the remainder coming through the issue of shares.

Tenon acquired the Williams Allan Group for £9m last month and paid £10.25m for mid-tier firm Morison Stoneham in October. Talks with other firms are understood to be continuing and further deals are expected to be announced in the New Year.

The group has also announced the proposed establishment of a subsidiary in Birmingham called Tenon West Midlands.

‘Mystery’ consolidator unveiled

www.accountancyage.com/Practice/1114380.

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

4m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

4m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

4m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

8m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

5m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

6m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor