Tenon West Midlands Ltd will initially offer tax, corporate finance, financial advisory and corporate recovery services.
It expects to be fully operational by the middle of this year. TWM will be managed by former HLB Kidsons partner John Joyce and Jonathan Hall, a former director of Forman Hardy Holdings in Nottingham. Former KPMG international tax partner David Gilburn has been made regional head of tax.
‘The establishment of Tenon West Midlands gives Tenon an entry into one of the UK’s most important regional financial markets. The strength of Birmingham’s business community provides a significant opportunity for TWM,’ said Tenon chief executive Ian Buckley.
Jonathan Hall of TWM, said: ‘We believe the TWM model, which will offer equity incentives combined with the support of a growing national firm dedicated to meritocracy and a culture of excellence, will prove very attractive to professionals in Birmingham.’
Joyce and Hall are now expected to invest Pounds 100,000 in B shares for TVM, which may be acquired by Tenon in 2005, dependent upon the performance of TVM and the total shareholder return in Tenon shares until the end of 2004. The maximum consideration payable is Pounds 9m of which Pounds 6m would be satisfied in Tenon shares.
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