Tenon Set For GBP76m Takeover Of Bentley Jennison

Thu, 10 Dec 2009

Accountancy firm Tenon Group has confirmed plans to acquire rival firm RSM Bentley Jennison in a deal worth £76m.

The takeover will create the UK’s seventh largest accountancy firm with a combined turnover of £240m. The combined business will be named RSM Tenon.

Tenon CEO Andy Raynor said: "This deal brings together two of the most substantial entrepreneurial businesses in our industry"

"It is the beginning of a new era of opportunity and growth for our teams and provides us with an excellent platform form which to challenge traditional approaches to client focus and service delivery.

He added: "We have been waiting for this for a long period of time. We've always wanted to do something more substantial."

According to Mr Raynor, the deal will enable Tenon to introduce business recovery services in three more cities - Bristol, Birmingham and Leeds – and allow Jennison to bring an important presence for Tenon in providing services to the public sector.

Tony Stockdale, managing partner of RSM Bentley Jennison, said: "This deal is an extremely exciting proposition and benefits all stakeholders."

Tenon is currently the ninth largest accounting firm in the UK, with a turnover of more than £160, while Bentley Jennison is the 14th biggest player with takings of £80m.
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