PracticeAccounting FirmsTenon could cut up to 5% of UK jobs

Tenon could cut up to 5% of UK jobs

Tenon considers axing up to 95 jobs in a bid to beat the downturn

Tenon group logo

Tenon is the latest
firm to consider axing jobs with up to five percent of its 1,900 UK staff facing
redundancy.

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
profession.

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
activities.’

In a statement this week Tenon said its earlier comments were ‘strongly
positive’.

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
people.’

The firm, which reported revenues of £160m in 2008, specialises in accounting
and business advice to entrepreneurs and private business.

Related Articles

Friday Afternoon Live: Wilkins Kennedy; RSM Tenon and KPMG

Accounting Firms Friday Afternoon Live: Wilkins Kennedy; RSM Tenon and KPMG

9m Kevin Reed, Writer
Leader: Law firms should heed accountancy's listing mistakes

Accounting Firms Leader: Law firms should heed accountancy's listing mistakes

2y Kevin Reed, Writer
Baker Tilly hails 47% growth in turnover

Accounting Firms Baker Tilly hails 47% growth in turnover

3y Calum Fuller, Reporter
Baker Tilly closes RSM Tenon office and merges in London

Accounting Firms Baker Tilly closes RSM Tenon office and merges in London

4y Rachael Singh, Writer
Ex-RSM Tenon CFO and CEO step down from Baker Tilly

Accounting Firms Ex-RSM Tenon CFO and CEO step down from Baker Tilly

4y Rachael Singh, Writer
Best Practice: Baker Tilly’s Laurence Longe

Accounting Firms Best Practice: Baker Tilly’s Laurence Longe

3y Richard Crump, Writer
Baker Tilly sells employee benefits business

Accounting Firms Baker Tilly sells employee benefits business

3y Richard Crump, Writer
Baker Tilly to join RSM International network

Accounting Firms Baker Tilly to join RSM International network

3y Calum Fuller, Reporter