Livingston Guarantee to split from Tenon
Tenon group is 'disposing' of Tenon Livingstone Guarantee, which represented £7.8m of Tenon's £10 corporate finance revenue in 2002.
Link: Tenon reports £114m loss and appoints new chief
TLG employees sold their Tenon shares to employees of Tenon Group at 10.25p per share and were released any lock-up provisions attached to the shares. This raised a total of £1m payable now, while £1.1m remains to be paid from future trading.
The disposal took place in two deals. The Birmingham and Manchester offices will both continue to trade under TLG, while independently the London office will revert to its trading name Livingston Guarantee.
Tenon ‘disposed’ of TLG as part of a shake up of its corporate finance arm. ‘The TLG business didn’t produce a considerable profit to the group as a whole,’ a Tenon spokeswoman said.
The remaining Tenon Corporate Finance will be led by Harry Dhand and Ian Beswick. It is confident of future revenues, following recent deals such as the £65m management buyout of Thornbury Nursing and Pimpernels’ £20m acquisition of Cloverleaf.
London based Livingston Guarantee, which was acquired by Tenon in 2001 will continue with its team of six partners, together since 1989, all of whom seem delighted to have regained their independence.