PracticeConsultingTenon enters big league as it buys five firms.

Tenon enters big league as it buys five firms.

Accountancy-based business services company Tenon this week edged closer to becoming a top ten player after announcing five acquisitions worth #59m.

The deals double its non-audit turnover to #60m, forcing Mazars Neville Russell out of the 14th spot in the Accountancy Age top 50.

Tenon is now within #10m of replacing current tenth placed firm Baker Tilly, after announcing the acquisition of the non-audit businesses of the Lathams Group, Scott Oswald, Jennings Johnson, the Godfrey Allan Group and the corporate recovery business of Horwath Clark Whitehill.

The audit business of acquired firms is placed with a separate company called Blueprint Audit, which is owned by the former audit partners of the legacy practices. If the audit turnover was included in Tenon’s figures, it would already be a top ten firm with fee income of over #70m.

Further deals are expected before the year-end, but the immediate aim for Tenon is to integrate the new interests.

Chief executive Ian Buckley said: ‘The new practices that have chosen to join us are evidently of the highest quality.’

Lathams and Scott Oswald are based in Manchester and Edinburgh respectively, Jennings Johnson is located in the North-East, Godfrey Allan is a specialist practice in London, while Horwath Clark Whitehill & Co is a corporate recovery specialist practice, also in London. Yorkshire, East Anglia, Wales and Ireland remain areas Tenon aims to grow into.

The total paid for the new Practices is #59.3m, consisting of #20m for Lathams, #18.5m for Scott Oswald, #4.8m for Jennings Johnson, #6m for Godfrey Allan and #9.95m for the Horwath Clark Whitehill business.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer