Tenon Group strengthens UK
financial services practice

Tenon Group, a UK member firm of Morison International, has
acquired Professional Assurance Services (PAS) to strengthen its
business in the East Midlands region. The acquisition cost Tenon
about £6 million ($12.7 million) in a cash and shares deal.

PAS was established in 1971 and specialises in financial and
investment advice for large businesses. It has 40 staff, including
eight directors, and turnover of about £4 million. PAS will be
merged with Tenon’s Leicester and Nottingham offices and will trade
under the name Tenon Financial Services (TFS).

Andy Raynor, chief executive of Tenon, told IAB: “We’re trying to
provide a complete suite of services to self-made men and women, to
entrepreneurs.”

Tenon said it targeted PAS due to its strong reputation and a
familiarity between the firms.

Raynor hopes the addition will generate another £1 million in
profits for the group each year. He said: “[We have] a super client
base demanding financial services. We didn’t have the capacity to
service it and that is really what PAS is for. In the north-west we
are the biggest accountants by far outside of Manchester. In the
East Midlands we are third largest, including the Big Four.”

He said the group could continue to build through more “sensible”
acquisitions. The firm’s strategic plan is to build its brand in
the regions it dominates.

Keith Douglass, managing director of PAS, said joining a firm such
as Tenon was a natural progression for the smaller firm: “Tenon has
a clear strategy as the leading adviser to entrepreneurs and we
feel that our clients can benefit from the additional resources
provided by Tenon. As part of a national organisation, we have
access to a whole range of expertise and support from a range of
specialist advisers.”

Rob Waller