More NewsTenon continues to beef up recovery arm

Tenon continues to beef up recovery arm

Tenon to attempt a delicate balancing act between keeping its cost base down and taking full advantage of the surge in insolvencies by ploughing more staff into its recovery arm

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Tenon is to plough
more staff into its recovery arm after trimming its cost base in a sweeping
efficiency drive which included redundancies.

The moves mean the firm will look to achieve a delicate balancing act between
keeping its cost base down and taking full advantage of the surge in
insolvencies.

Tenon’s turnaround and corporate recovery arm has about 400 staff, including
40 appointment-taking directors, but the Top 10 firm has plans to bring more
people on board, recovery chief Carl Jackson said.

‘The question has been asked where we need to dedicate resources,’ said
Jackson. ‘We are actually recruiting at director level but it has been a fairly
intense period. We are also bringing in good quality people from our other
service lines.’

Tenon set out plans to meet increased demand for recovery services.

The firm’s half year revenues of £74.9m were slightly down on the £75.8m
revenue generated in the half-year to 31 December 2008, but recovery turnover
was up by 43%, to £19.3m. Tenon said 20% of this rise came from organic growth.

‘It will be a very busy time for the next two to three years,’ said Jackson.

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