Accountancy-based business services company, Tenon, has predicted it will be a top 10 firm before the year end – after announcing it is close to acquiring five firms.
The company also outlined its long-term goal to replace Grant Thornton as the largest firm outside the Big Five .
Senior figures at the firm were feeling bullish this week after revealing it is in ‘advanced’ acquisition talks with the firms in deals, which could total #60m.
The company is also understood to be in less advanced talks with another 20 firms. Its purchasing ability will be aided by plans, announced last week, to raise #40m by placing new shares.
It already has a #20m war chest in cash raised through the Alternative Investment Market, despite spending #16m on acquiring the non-audit business of Morison Stoneham, Williams Allan Group, BKL Weeks Green and the Berkeley Jackson Group.
Ian Buckley, Tenon chief executive, said the five deals should be finalised ‘in a matter of weeks’, adding: ‘The new funds available will enable us to progress even further.
‘If the potential acquisitions currently at an advanced stage reach completion, we will double our annualised acquired turnover to more than #60m. We are therefore well on the way to meeting our turnover target of #100m in two to three years of formation.’
Tenon’s website is at www.tenongroup.com
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