Tenon Group PLC, a leading adviser to entrepreneurs, has announced an impending merger with RSM Bentley Jennison in a move which sees the creation of a new and significant force in accountancy.
With a combined fee income in excess of £250m nationally, the combined group will immediately jump to 7th in the national league tables.
The practice will trade as RSM Tenon and will have more than 50 offices and nearly 3,000 staff. Regionally, RSM Tenon will have a turnover in excess of £11m and approximately 125 staff. The deal is set to complete by the end of the month and marks one of the most significant developments in the accounting sector in recent years.
“Both firms are modern, dynamic and have pursued an aggressive growth strategy through acquisition as well as organic development over recent years,” a statement said.
“After the initial discussions it became clear that the two businesses complemented each other considerably with respect to geographical spread, client focus and the specialist services they offer.”
Both focus on providing flexible and entrepreneurial customer-focused solutions to a wide range of businesses. The merger will be an important step towards the achievement of both firm’s mutual long-term strategy to become the UK’s leading financial and business advisers.
“This deal is an ambitious combination of the most substantial and 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 unrivalled platform from which to re-set the industry standard in terms of client focus and service delivery” said Andrew Wood, regional managing partner for the South West
The enlarged firm will be headed by Andy Raynor as chief executive and Tony Stockdale, the national managing partner for RSM Bentley Jennison will become an executive director on the PLC board and will represent the enlarged firm on the RSM international board. Richard Smith, national head of risk management at RSM Bentley Jennison will also be an executive director on the PLC board.
Andy Raynor commented “We recognised the significant power of combining our practices. RSM Bentley Jennison’s obvious strength in risk management combined with Tenon’s substantial recovery business, our differing sector capabilities and complementary geographical strengths make this merger an extremely exciting proposition.
“The deal benefits all stakeholders – the shareholders, both teams and most critically our clients who will undoubtedly gain from the new and considerable depth of resource and expertise.”
Tenon will take on the RSM branding but also the association, name and brand of RSM International, the 7th largest global accounting network of independent accounting and consulting firms, with over 700 offices in 76 countries, and more than 30,000 people worldwide.
Tenon Group PLC, a leading adviser to entrepreneurs, has announced an impending merger with RSM Bentley Jennison in a move which sees the creation of a new and significant force in accountancy.
With a combined fee income in excess of £250m nationally, the combined group will immediately jump to 7th in the national league tables.
The practice will trade as RSM Tenon and will have more than 50 offices and nearly 3,000 staff. Regionally, RSM Tenon will have a turnover in excess of £11m and approximately 125 staff. The deal is set to complete by the end of the month and marks one of the most significant developments in the accounting sector in recent years.
“Both firms are modern, dynamic and have pursued an aggressive growth strategy through acquisition as well as organic development over recent years,” a statement said.
“After the initial discussions it became clear that the two businesses complemented each other considerably with respect to geographical spread, client focus and the specialist services they offer.”
Both focus on providing flexible and entrepreneurial customer-focused solutions to a wide range of businesses. The merger will be an important step towards the achievement of both firm’s mutual long-term strategy to become the UK’s leading financial and business advisers.
“This deal is an ambitious combination of the most substantial and 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 unrivalled platform from which to re-set the industry standard in terms of client focus and service delivery” said Andrew Wood, regional managing partner for the South West
The enlarged firm will be headed by Andy Raynor as chief executive and Tony Stockdale, the national managing partner for RSM Bentley Jennison will become an executive director on the PLC board and will represent the enlarged firm on the RSM international board. Richard Smith, national head of risk management at RSM Bentley Jennison will also be an executive director on the PLC board.
Andy Raynor commented “We recognised the significant power of combining our practices. RSM Bentley Jennison’s obvious strength in risk management combined with Tenon’s substantial recovery business, our differing sector capabilities and complementary geographical strengths make this merger an extremely exciting proposition.
“The deal benefits all stakeholders – the shareholders, both teams and most critically our clients who will undoubtedly gain from the new and considerable depth of resource and expertise.”
Tenon will take on the RSM branding but also the association, name and brand of RSM International, the 7th largest global accounting network of independent accounting and consulting firms, with over 700 offices in 76 countries, and more than 30,000 people worldwide.
