Tenon to buy RSM Bentley Jennison

Accountancy firm Tenon Group has agreed to acquire West Midlands-based rival RSM Bentley Jennison for up to £76.3 million. 


Accountancy firm Tenon Group has agreed to acquire West Midlands-based rival RSM Bentley Jennison for up to £76.3 million. 

Accountancy firm Tenon Group has agreed to acquire RSM Bentley Jennison for up to £76.3 million.

RSM Bentley Jennison provides a range of accountancy services including auditing, business planning and taxation. The West Midlands-based firm employs 1,100 staff and generated a turnover of £71.3 million in the year to September. In addition to the acquisition, AIM-listed Tenon raised £40 million in a placing at 45p a share.

Tony Stockdale, national managing partner of RSM Bentley Jennison, said: ‘We recognised the significant power of combining our practices. This deal is an extremely exciting proposition and benefits all stakeholders – the shareholders.’

In the year ended 30 June 2009, Tenon reported a decrease in revenue of 5.9 per cent to £150.8 million and pre-tax profits of £17.6 million.

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...

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