Press Release
Tenon acquires Haines Watts Business Recovery
Tenon Group PLC (“Tenon”), the AIM listed advisers to entrepreneurs and business recovery specialists, announce the acquisition of Haines Watts Business Recovery (“HWBRI”).
HWBRI operates from seven locations throughout the country and has 130 staff, with an annualised turnover of approximately £8m. Following this acquisition, Tenon Recovery now represents a fifth of the Tenon Group Plc activities. The enlarged division with over 30 offices now has a pro-forma turnover of £35m.
The acquisition of HWBRI extends Tenon’s geographical coverage to Birmingham, Worcester, Leeds and Southend as well as significantly enhancing existing offices in Manchester and London.
Carl Jackson, Head of Tenon Recovery commented
“This business is a seamless fit with our existing operations and the HWBRI business will continue to operate entirely as normal.
“This transaction brings together two of the top teams in the UK recovery market to generate a business division which generates £35m and even more opportunities to grow further and faster. We are a leader within the marketplace and this acquisition takes us a further step ahead”.
Tenon’s Chief Executive Andy Raynor commented ‘During 2007 we made successful acquisitions in this and other specialisms, which have comfortably met our expectations. We want to be the best across all our portfolio of services and these carefully chosen acquisitions will help us to achieve this goal’.
Ends.
For more information, please contact:
Phillip Ward - National Marketing & PR Manager on 01257 518000 / 07800 617069 or phillip.ward
Notes to editors
About Tenon Recovery
Tenon Recovery is the second largest corporate appointment taker in the UK. Specialising in turnaround, recovery, restructuring and insolvency in both the corporate and personal sectors, Tenon Recovery is led by 43 directors supported by 450 staff operating from a network of 35 offices across the UK. Tenon Recovery has strong relationships with secured lenders, both banks and asset-based lenders. Their debt collection unit operates for a number of multi-national organisations. Tenon Debt Solutions assists over 2100 individuals suffering from severe debt problems - see www.tenondebtsolutions.co.uk
About Tenon
Tenon is a leading provider of accounting and business advice to entrepreneurs, providing clients with expertise in Business Services, Tax, Financial Services, Corporate Finance, Recovery, Outsourcing and Forensic Accountancy. Tenon is the 9th largest UK accountancy firm with over 1900 staff UK wide with a turnover of £137.1m. Operating through a network of 47 offices, Tenon is able to offer local expertise but with the backing of a national plc.
In 2007, Tenon sponsored a new award category at the National Business Awards - The Tenon Award for Entrepreneurial Spirit.
To learn more about the awards and Tenon's category visit
www.tenongroup.com/nba or www.nationalbusinessawards.com
