Tenon is the latest
firm to consider axing jobs with up to five percent of its 1,900 UK staff facing
The planned job cuts by Tenon, the tenth biggest firm in the UK by revenue,
are part of an effort to reduce costs as the economic downturn hits the
The extent of the job cuts emerge after a bullish trading statement from the
firm last week.
The statement said that the group had continued to perform in line with
expectations and prospects remained encouraging: ‘Excellent growth has been
generated in our recovery and related service lines. We expect the phasing of
the downturn in the economy to continue to benefit these services and compensate
for the effects upon parts of our corporate finance and financial services
In a statement this week Tenon said its earlier comments were ‘strongly
It added: ‘This clearly refers to measures we are implementing and they will
result in an improved cost base. As part of these measures we can confirm that
we are consulting with a limited number of employees.
‘In accordance with our normal practice, we do not propose to discuss further
details. We are wholly committed to the consistent growth of our business and to
improving the flexibility of our employment structures and the careers of our
The firm, which reported revenues of £160m in 2008, specialises in accounting
and business advice to entrepreneurs and private business.
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