PracticeConsultingTenon hits top ten after swoop on firms

Tenon hits top ten after swoop on firms

Accountancy-based business services company Tenon today became a top ten firm after announcing four acquisitions worth £67.4m.

The deals increase its non-audit turnover to more than Pounds 80m and takes the group to number nine on the Accountancy Age Top 50 league table, forcing Baker Tilly to drop down into tenth spot.

It has acquired the non-audit business of the Independent Partnership – formerly the East Midlands office of BDO Stoy Hayward – for Pounds 30m, as well as Livingstone Guarantee in London, Southampton-based Dhand Hatchard Davies and the London-based Statham Gill Davies Partnership.

Tenon has not ruled out further acquisitions and also today announced new bank facilities with Lloyds TSB for Pounds 45m to continue its acquisition programme and integration.

Ian Buckley, Tenon chief executive, said: ‘We have now acquired more than a dozen businesses and with major progress on integration have become a leading provider of professional services.’

He added: ‘With these latest acquisitions of high quality businesses we are poised to achieve our stated goal of annual turnover of more than Pounds 100m by the end of next year.’

Links

Tenon enters big league as it buys five firms

Tenon poaches Kidsons partners

Tenon chief happy with progress made

Tenon Group

Accountancy Age’s Top 50 table

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