Tenon
This female-friendly public company has seen strong year-on-year growth
Tenon is still holding steady in the UK’s list of the leading firms. In the
year to 30 June 2006, the firm posted fee income of £123m, which puts it at
number ten on the UK list. However, with average fees per partner running at
£900,000, the firm is falling slightly behind most of its immediate rivals in
the mid-tier. But it’s held steady with 3,000 clients throughout the UK. Tenon
is also keen to trumpet its status as a plc.
One bright spot for the company is its 24% growth year-on-year, the highest
of any top ten firm. To put that in context, firms around Tenon saw fees
increase by 9% (Baker Tilly) 11% (Smith & Williamson) and 12% (PKF).
The big push for Tenon is repositioning itself as the go-to accountants for
entrepreneurs. To that end, 2007 saw it launch the Tenon Award for
Entrepreneurial Spirit.
Tenon’s audit division, Tenon Audit Ltd, is currently run at arm’s length by
its parent, Tenon plc. It is expanding its coverage of the interim market,
offering clients a full interim management service. It’s also beefing up its
public sector and agricultural offerings. The rest of the firm is concerned with
the core areas of business services, tax, financial services, corporate finance,
business recovery, outsourcing and forensic accountancy.
Elsewhere, Tenon has driven its recovery offering, boosting that line by
acquiring Hurst Morrison Thomson Corporate Recovery earlier in 2007. The company
says its recovery operation is a now a £27m department spread across 23 offices
in the UK.
Tenon’s 140 partners are scattered around 40 offices in the UK. It is led by
chief executive Andy Raynor. Tenon is also the most female friendly of all the
UK’s larger firms. It currently has 12 female partners on its books, with a
further 50 female qualified accountants coming through the ranks.