Tenon acquires HWSEG

Tenon Group Plc, the AIM-listed adviser to entrepreneurs and business recovery specialists, has acquired HWSEG, a medical accountant and tax adviser, for an undisclosed sum.

HWSEG has operations in Leeds and Rochdale and the deal will create one of the largest specialists of its kind in the UK, acting for 420 practices and 2,100 doctors.

Andy Raynor, Tenon chief executive, said: “Operating in the growing health care market, Tenon Medical Services is already one of the most prominent medical accountancy specialists in the UK. This acquisition will further enhance our leading market position.

“We will continue to implement further plans to grow in this attractive sector, which is largely sheltered from current economic pressures.”

In September Tenon announced operating profits had climbed 34 per cent to £17.6 million and that turnover had increased 17 per cent to £160 million compared with the same period in 2007.

Recent acquisitions, such as Haines Watts Business Recover, have almost doubled cash inflows to £23.6 million, which the company said was being used to reduce its debt.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

Related Topics