Tenon acquires two more firms
Tenon - the accountancy-based business services company - has continued its acquisition programme by snapping up two more firms today for £27.6m.
The double swoop for the non-audit businesses of BKL Weeks Green Group valued at £17.6m and the Berkeley Jackson Group for £9.95m means Tenon has now acquired four firms this year.
It acquired the Williams Allan Group for £9m last month and the £10.25m acquisition of mid-tier firm Morison Stoneham.
The deal for Hampshire-based BKL was made up of £8.73m in cash with the remainder up to a maximum of £17.66m coming through the issue of new ordinary shares in Tenon.
Yeovil and Shepton Mallet-based Berkeley Jackson will be bought following for £4.67m in cash with the remainder coming through the issue of shares.
Tenon chief executive Ian Buckley, said: ‘When Tenon was floated on AIM as a brand new business in March, we set the target of establishing offices throughout the UK to provide a wide range of services to medium size businesses and their owners.’
He added: ‘The BKL Weeks Green and Berkeley Jackson acquisitions will give Tenon very broad coverage in the South of England.’
Meanwhile Tenon has also announced the proposed establishment of a subsidiary in Birmingham called Tenon West Midlands.
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