Tenon says that its business recovery revenues will hit £40m next year as
hostile economic conditions continue to hit UK companies.
The firm outlined the ambitious target, which would see its recovery fees
grow by almost a third, as it unveiled its final results.
‘That £40m is a sensible view for where we think the recovery market will be
in the next 12 months.
There is no doubt that the recovery business pipeline of work is far stronger
than it was 12 months ago,’ said Carl Jackson, national head of Tenon Recovery.
The company made £160.3m in total, with £30.9m coming from its business
recovery division alone. Two years ago, business recovery only formed 12-13% of
Tenon’s activities but the company has now expanded the division through
acquisitions. Business recovery now makes up 20-25% of the firm’s operations.
‘[The acquisitions have] proven to be very well timed indeed, but we did set
out to make sure that they were within a portfolio and had a balance, which is
not just for times being tough but also so it works very well in the future,’
Chief executive Andy Raynor said the firm was sticking to its target of £250m
in revenues by 2012, but would have to be quick to react to renewed client
demand. ‘Some of our clients will face challenges, but I think we’ve got the
equipment to help them deal with it.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children