PracticeAccounting FirmsTenon crisis: Timeline of woe

Tenon crisis: Timeline of woe

AIM-listed accountancy consolidator Tenon has endured a horrendous time of late, culminating in the shock resignation of its chief executive Ian Buckley today. Track the key dates in this crisis.

Click on the headlines to read more:

26 March 2002: Tenon determined to bury ‘disappointment’
Trouble begins for the consolidator, as chief executive Ian Buckley reveals his disappointment at Tenon not achieving better full-year results, as it announces a pre-tax profit before goodwill amortisation of £678,000 from a £55m turnover.

26 March 2002: Tenon shares hit new low
Shares in the UK’s largest accountancy company plummet to an all-time low of 57.5p, following announcement of the group’s full-year results to 31 December.

4 April 2002: Tenon FD leaves
Tenon is dealt a severe blow after it is revealed that Jonathan Freedman is to quit as the group’s finance director, just days after nnouncing ‘disappointing’ results.

12 September 2002: Tenon on track for £100m turnover
Better news for the consolidator as Buckley says Tenon’s aim of turning over £100m by the end of the year looks to be well on track after interim results revealed revenues of £49.6m for the six months to June this year,

30 January 2003: Tenon shares plummet
The share price of Tenon plunges to a new low, just months before the former partners of the accountancy consolidator’s constituent firms get their first opportunity to sell their equity.

6 February 2003: Tenon shares hit new low
Tenon’s shares hit an all-time low on the alternative investment market, closing 50% lower for the month of January in the year that former partners of the consolidator get the opportunity to sell their shares.

10 February 2003: Tenon chairman resigns
Tenon suffer another setback as it announcing the surprise resignation of its chairman Eric Stobart.

11 February 2003: Tenon chief quits
Ian Buckley, chief executive of Tenon, resigns from the embattled consolidator with immediate effect, the company announces as it warned of imminent losses. The share price crashes to 6.25p, a fall for 50%.

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