Tenon swoops for medical accounting firm
TENON, the acquisitive AIM-listed accounting group has swooped on a niche Northern practice which acts for the medical profession.
It has bought HWSEG, which is based in Rochdale and Leeds, for an undisclosed sum.
The deal takes Tenon’s network of specialist medical support professionals across the UK to 60 staff. The combined national business will act for 420 practices comprising over 2,100 doctors and is one of the largest such specialists in the country.
HWSEG was originally founded in 1984 as Sandison Easson & Gordon by Nicholl Gordon, who retired at the end of last year. In December 2006, the practice was sold to Haines Watts to create HWSEG. The firm is virtually unique in acting exclusively for medical sector clients, with the Rochdale office headed by managing director, Sean McLernon.
Mr McLernon said: “This is a very exciting time for our business as we join forces with the UK’s third largest firm of specialist medical accountants to further consolidate the position.
“Our staff will work closely with Tenon’s existing medical specialists across the group and look to maintain and improve our service to clients, while also looking to grow and enhance our business offering in these fast-changing, challenging times.”
Andy Raynor, chief executive of Tenon 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.”
Today’s deal is Tenon’s fourth in the region, having previously bought Bolton-based Unity, Bowmans, which is based in Preston and Kendal, and Haines Watts Business Recovery, which had offices in the North West.
