Tenon closes in on top ten status

The company has doubled its non-audit turnover to £60m and is likely to replace Mazars Neville Russell in 14th spot in the Accountancy Age top 50 later this year.

Tenon is now within £10m of replacing current tenth placed firm Baker Tilly, after announcing the acquisition of the non-audit businesses of the Lathams Group, Scott Oswald, Jennings Johnson, the Godfrey Allan Group and the corporate recovery business of Horwath Clark Whitehill.

Earlier this month the firm confidently predicted it would tie up the then five mystery deals, and predicted it would be a top ten firm before the year-end. The company also outlined its longer-term goal to replace Grant Thornton as the largest firm outside the Big Five.

Further deals are expected to be completed before the end of the year, but the immediate aim for the firm will be to integrate the new businesses.

Ian Buckley, Tenon chief executive, said: ‘The new practices that have chosen to join us are evidently of the highest quality. We are delighted that together we now have the opportunity to bring the increasingly apparent benefits of the Tenon model to the clients and members of these firms.’

The deals also increase the company reach into Scotland and the North-West. Yorkshire, East Anglia, Wales and Ireland remain areas the company aims to grow into.

The Lathams Group and Scott Oswald are based in Manchester and Edinburgh, Jennings Johnson is located in the North East, Godfrey Allan is a specialist practice in London, while Horwath Clark Whitehill & Co is a corporate recovery specialist practice also based in London.

The acquisition of Horwath Clark Whitehill & Co by Tenon did not involve any part of the main Horwath Clark Whitehill accountancy practice.

The total initial consideration payable in respect of the new practices is £59.3m, including £20m for Lathams, £18.5m for Scott Oswald, £4.8m for Jennings Johnson, £6m for Godfrey Allan and £9.95m for part of Horwath Clark Whitehill.


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