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.
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