PracticeConsultingTenon to search for additional funds

Tenon to search for additional funds

Accountancy-based business services group Tenon has confirmed it will be looking to raise new capital in a bid to expand its range of services.

Tenon directors have issued a circular to shareholders, which outlined that it ‘continues in discussions with a number of other accountancy practices, teams and individuals.’

The group launched last year with a £50m purse and has subsequently acquired four firms in deals worth a total of £45m – of which £25m has been paid out in cash.

The decision to raise additional funds comes as a turnaround for the company, which turned down offers of funds before launching last year. It is expected Tenon will be looking to raise at least £50m for its expansion.

However, Tenon chief executive Ian Buckley said no decision had been taken regarding the size, time scale or method of raising the additional capital.

He added: ‘The success of the early Tenon acquisition process has attracted further interesting acquisition and start-up opportunities for the company in the accountancy profession and other service businesses.’

The circular was issued after Tenon acquired the non audit business of BKL Weeks Green and Berkeley Jackson last month – catapulting the group into the top 20 accountancy firms based on fee income.

Links

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