| Type | Public Limited Company |
|---|---|
| Industry | Professional services |
| Founded | 2000 |
| Headquarters | London, United Kingdom |
| Key people | Andy Raynor, Chief Executive |
| Products | Audit Tax Advisory |
| Revenue | £249 million GBP (2011) |
| Net income | £27 million (2011)[1] |
| Employees | over 3,000 |
| Website | rsmtenon.com |
RSM Tenon is a professional service firm based in the United Kingdom, listed on the FTSE SmallCap Index. The company was formed from the merger of the Tenon Group with RSM Bentley Jennison in December 2009.[2] The company offers risk management, tax, recovery, financial management and business advisory services. RSM Tenon is the UK's seventh largest accounting firm[3][4] with a fee income of £250m, employing nearly 3,000 people[3] in over 50 offices across the UK.
RSM Tenon is a member of RSM International, the sixth largest global accounting network[5] with over 730 offices in more than 70 countries, and in excess of 30,000 people worldwide.[5]
In November 2011 RSM Tenon was recognised as the ‘National Firm of the Year’ at the 2011 British Accountancy Awards.[6]
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Tenon was one of the first accountancy firms in the UK not wholly owned by its partners, being a public limited company (PLC) listed on the Alternative Investment Market. It was formed as a "consolidator", inviting existing small local accountancy partnerships to join it and become part of a national company. It acquired five firms in April 2001 for £60 million, making it the 15th largest and the first PLC in the UK league table of accountancy firms.[7] In practice, the company found it difficult to integrate these businesses and its share price dropped to 6.25p in 2003 following the dotcom crash.[8]
When Tenon was launched, financial audit could not be carried out by a PLC, so the auditors from the predecessor firms formed an associated partnership known as Blueprint Audit.[9] The rules requiring strict separation were relaxed in 2005.[10]
Tenon's public image was characterised by Accountancy Age magazine in 2010 as "quirky but recognisable entrepreneurial-based branding".[8]
RSM Bentley Jennison was a British firm of Chartered Accountants. It had over 1,000 staff in 15 offices around the United Kingdom in Birmingham, Bristol, Cardiff, Edinburgh, Harrogate, Leeds, London, Manchester, Milton Keynes, Newcastle, Nottingham, Solent, Stoke-on-Trent, Swindon and Telford. It was ranked 14th in the 2007 Accountancy league table of chartered accountants and business advisors.
Bentley Jennison secured a place in the RSM International network when the original UK member, Robson Rhodes, merged with Grant Thornton in 2007. The weekly industry journal Accountancy Age noted that Bentley Jennison had beaten larger rivals to gain this position.[11]
Tenon announced in December 2009 that it was merging with RSM Bentley Jennison in a £76 million deal.[2] Andy Raynor, Chief Executive of Tenon, heads the enlarged firm. The former National Managing Partner, Tony Stockdale, and other senior staff at RSM Bentley Jennison joined the PLC Board as Executive Directors.[3] RSM branding replaced Tenon's. The firm announced some rationalisation of offices, but planned to expand in Birmingham, Bristol and Leeds.[8]
In February 2010, the Financial Services Authority imposed a £700,000 fine for mis-selling of structured finance products by Tenon.[12]
RSM Tenon's shares moved up from the AIM to the main UK London Stock Exchange in May 2010. It is the first accountancy firm to be listed there.[13]
At the end of June 2010, RSM Tenon paid £6.8 million to acquire several offices from rival consolidator Vantis when the latter entered administration and was broken up. The acquired businesses had a turnover of £27 million in the preceding year,[14] and contributed to a 31% increase in turnover for the year ended June 2011.[1]
RSM Bentley Jennison won the award for Large Firm of the Year in the Accountancy Age Awards for Excellence 2006.[11]
RSM Tenon won National Firm of the Year at the British Accountancy Awards 2011.[6]