Tenon heads for management buy out

andy raynor, tenon

Tenon chief executive Andy Raynor and finance director Lesley Spencer have
opened talks with a view to buying the company.

The top 10 firm revealed this morning that MBO discussions have opened after
beginning a review of the company’s current business model. There is no news as
yet of how much the offer might be.

Tenon’s board has formed a committee, headed by company chairman Neil
Johnson, to consider the potential offer.

A statement issued today said: ‘The approach from the management team and the
review of strategic options may or may not lead to any offer being made for the
Group. Shareholders will be kept updated with developments as appropriate and,
in any event, on announcement of the interim results of the Group which is due
to take place in late March 2006.’

Tenon currently has a market cap of approximately £40m with an annual
turnover of £100m.

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