PracticeConsultingTenon rebrand sparks concerns at ICAEW.

Tenon rebrand sparks concerns at ICAEW.

Consolidator warned name change must not breach Companies Act

This week Accountancy Age learned the institute has engaged in talks with the company because Tenon, which is listed on the Alternative Investment Market, was planning to change the name of its Blueprint subsidiary.

Any change would be scrutinised closely by the institute in case it selected a new name similar to Tenon.

The institute fears this could give the impression Tenon is breaking the Companies Act, which forbids listed companies from acquiring audit practices.

An institute spokeswoman confirmed: ‘Blueprint has informed us it is thinking of changing its brand name.

‘We have stated any change should in no way be similar to the Tenon brand.

She added: ‘The institute would certainly have a problem if the company changed to a Tenon-sounding name.’

The institute has been advising Tenon since its formation last year, and said that maintaining the ‘perception of independence’ was essential.

In its acquisitions, Tenon has placed the audit business with Blueprint, owned by audit partners from firms it has bought.

Tenon FD Jonathan Freedman said the company understood what was required from it.

He said: ‘We know that we must operate independently from Blueprint.

But more than that we have to be seen to be working independently.

‘There have been some discussions within Blueprint over possibly moving forward with a different, more powerful name. But no decisions have yet been made.’

Tenon’s website is at www.tenongroup.com.

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