Enterprise News

Tenon makes it a hat trick

Jul/Aug 07 issue
 

Andy Raynor
Andy Raynor
Accountancy and advisory firm Tenon Group has made its third acquisition in 30 days after buying Unity, which specialises in recovery and insolvency services. The deal could be worth £13 million.

Tenon will make an initial payment of £10.4 million, of which £7.8 million will be paid in cash and loan notes, with the balance to be settled in shares. Further cash payments may be made over the next two years depending on the acquired business’ financial performance.

The acquisition of Bolton-based Unity continues Tenon’s strategy of expansion in the North of England. It recently purchased Bowmans Chartered Accountants and LWC Accountants, based respectively in the Northwest and Scotland.

Tenon’s chief executive Andy Raynor (pictured) says: ‘This transaction is of major significance for Tenon. We have acquired a rapidly growing business in a specialist marketplace and entered the Yorkshire market at a very competitive level, significantly enhancing our offering across the North of England.’

Unity has 11 partners and 110 employees. The group’s turnover for the year ending March 2007 was £8 million, and profits before partners’ salaries amounted to £3.6 million.

Tenon has 1,500 staff operating out of 31 offices around the UK. The group’s turnover last year was £123.6 million, while its pre-tax profits came in at £4.2 million.