Consolidation fever in the accountancy arena re-emerged this week after it was revealed a ‘mystery third UK consolidator’ will be unveiled this month, while Tenon – the accountancy-based business services company – acquired the Williams Allan Group for £9m.
It is understood the consolidator will be revealed at a meeting in London later this month, after staff at the ‘firm’ have been informed.
Tenon and Jobtel have already entered the race to merge firms as Tenon pulled off its second acquisition in two months with the WA deal – with further acquisitions promised.
The deal for the Windsor-based firm excludes the audit practice and comprises £4.25m in cash and Tenon loan stock with the remainder through the issue of new ordinary shares.
It follows the recent £10.25m acquisition of mid-tier firm Morison Stoneham last month.
Tenon chief executive Ian Buckley, said: ‘We see the strengths of WA in outsourcing, financial services and information technology consultancy.
‘While we begin the process of integrating WA and MS we will also continue our discussions with other high quality practices which we believe will make a major contribution to the growth of Tenon.’
Ross Wilson, WA CEO, added: ‘Joining Tenon will enable us to accelerate the growth of our overall business and to exploit further the potential that we have identified in offering high value services to our client base’.
Williams Allan is made up of two partnerships and two companies, and recorded a £5.6m turnover for the last financial year, resulting in a £1.28m operating profit before interest and partners’ drawings.
Tenon buys first firm www.accountancyage.com/Practice/1110484
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