Merger going well at RSM Tenon
THE newly merged accountancy firms Tenon and RSM Bentley Jennison have made “significant progress” on the integration of their operations.
The two firms completed their £76.3m cash and shares merger last month and now expect to, “enhance earnings through revenue and cost synergies.”
In a trading update the new firm, RSM Tenon, said its recovery division was performing well with organic growth up by 20% on December 2008.
It said it had reallocated resources from other parts of the business to help deliver this growth. Other services, such as tax, are expected to perform more strongly in the second half due to an emphasis on tax and financial planning in the quarter to March 31.
Chief executive, Andy Raynor said: “The progress of our recovery specialism, which will be accelerated within the newly enlarged, RSM Tenon, has again enabled us to make healthy progress. Our business is well placed to take advantage from changes in taxation and the wider economy.”
The deal made RSM Tenon the seventh largest accountancy firm in the UK with 50 offices and 3,000 staff.
Tenon, which has a North West turnover of £39m and around 570 staff, said it expects to make cost savings of around £6.3m in the first year, as a result of the acquisition.
Both firms have offices in the region with Tenon based in Manchester, Bolton, Chorley, Preston and Rochdale, and Bentley Jennison running its North West interests from Manchester.
