RSM Tenon
Encyclopedia
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. The company offers risk management, tax, recovery, financial management and business advisory services. RSM Tenon is the UK's seventh largest accounting firm with a fee income of £250m, employing nearly 3,000 people in over 50 offices across the UK.
RSM Tenon is a member of RSM International
, the sixth largest global accounting network with over 730 offices in more than 70 countries, and in excess of 30,000 people worldwide.
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. 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.
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. The rules requiring strict separation were relaxed in 2005.
Tenon's public image was characterised by Accountancy Age
magazine in 2010 as "quirky but recognisable entrepreneurial-based branding".
s. 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, and won the award for Large Firm of the Year in the Accountancy Age Awards for Excellence 2006.
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.
In February 2010, the Financial Services Authority
imposed a £700,000 fine for mis-selling of structured finance
products by Tenon.
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.
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, and contributed to a 31% increase in turnover for the year ended June 2011.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, listed on the FTSE SmallCap Index
FTSE SmallCap Index
The FTSE SmallCap Index is an index of small market capitalization companies consisting of the 351st to the 619th largest listed companies on the London Stock Exchange main market...
. The company was formed from the merger of the Tenon Group with RSM Bentley Jennison in December 2009. The company offers risk management, tax, recovery, financial management and business advisory services. RSM Tenon is the UK's seventh largest accounting firm with a fee income of £250m, employing nearly 3,000 people in over 50 offices across the UK.
RSM Tenon is a member of RSM International
RSM International
RSM International is a professional services network. It is the 6th largest accounting network of independently owned and managed accounting, auditing and tax firms with over 700 offices in 80 countries....
, the sixth largest global accounting network with over 730 offices in more than 70 countries, and in excess of 30,000 people worldwide.
Tenon Group
Tenon was one of the first accountancyAccountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
firms in the UK not wholly owned by its partners
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
, being a public limited company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
(PLC) listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main 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. 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.
When Tenon was launched, financial audit
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
could not be carried out by a PLC, so the auditors from the predecessor firms formed an associated partnership known as Blueprint Audit. The rules requiring strict separation were relaxed in 2005.
Tenon's public image was characterised by Accountancy Age
Accountancy Age
Accountancy Age is a trade magazine for accountants and financial staff in the United Kingdom. After running from 1969 to 2011 with a circulation of over 60,000 in print, it changed with effect from May 2011 to an online-only publication.-History:...
magazine in 2010 as "quirky but recognisable entrepreneurial-based branding".
RSM Bentley Jennison
RSM Bentley Jennison was a British firm of Chartered AccountantChartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
s. It had over 1,000 staff in 15 offices around the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
in Birmingham
Birmingham
Birmingham is a city and metropolitan borough in the West Midlands of England. It is the most populous British city outside the capital London, with a population of 1,036,900 , and lies at the heart of the West Midlands conurbation, the second most populous urban area in the United Kingdom with a...
, Bristol
Bristol
Bristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007...
, Cardiff
Cardiff
Cardiff is the capital, largest city and most populous county of Wales and the 10th largest city in the United Kingdom. The city is Wales' chief commercial centre, the base for most national cultural and sporting institutions, the Welsh national media, and the seat of the National Assembly for...
, Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
, Harrogate
Harrogate
Harrogate is a spa town in North Yorkshire, England. The town is a tourist destination and its visitor attractions include its spa waters, RHS Harlow Carr gardens, and Betty's Tea Rooms. From the town one can explore the nearby Yorkshire Dales national park. Harrogate originated in the 17th...
, Leeds
Leeds
Leeds is a city and metropolitan borough in West Yorkshire, England. In 2001 Leeds' main urban subdivision had a population of 443,247, while the entire city has a population of 798,800 , making it the 30th-most populous city in the European Union.Leeds is the cultural, financial and commercial...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
, Milton Keynes
Milton Keynes
Milton Keynes , sometimes abbreviated MK, is a large town in Buckinghamshire, in the south east of England, about north-west of London. It is the administrative centre of the Borough of Milton Keynes...
, Newcastle
Newcastle upon Tyne
Newcastle upon Tyne is a city and metropolitan borough of Tyne and Wear, in North East England. Historically a part of Northumberland, it is situated on the north bank of the River Tyne...
, Nottingham
Nottingham
Nottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
, Solent
Solent
The Solent is a strait separating the Isle of Wight from the mainland of England.The Solent is a major shipping route for passengers, freight and military vessels. It is an important recreational area for water sports, particularly yachting, hosting the Cowes Week sailing event annually...
, Stoke-on-Trent
Stoke-on-Trent
Stoke-on-Trent , also called The Potteries is a city in Staffordshire, England, which forms a linear conurbation almost 12 miles long, with an area of . Together with the Borough of Newcastle-under-Lyme Stoke forms The Potteries Urban Area...
, Swindon
Swindon
Swindon is a large town within the borough of Swindon and ceremonial county of Wiltshire, in South West England. It is midway between Bristol, west and Reading, east. London is east...
and Telford
Telford
Telford is a large new town in the borough of Telford and Wrekin and ceremonial county of Shropshire, England, approximately east of Shrewsbury, and west of Birmingham...
.
It was ranked 14th in the 2007 Accountancy league table of chartered accountants and business advisors, and won the award for Large Firm of the Year in the Accountancy Age Awards for Excellence 2006.
Bentley Jennison secured a place in the RSM International
RSM International
RSM International is a professional services network. It is the 6th largest accounting network of independently owned and managed accounting, auditing and tax firms with over 700 offices in 80 countries....
network when the original UK member, Robson Rhodes, merged with Grant Thornton
Grant Thornton
Grant Thornton LLP encompasses the U.S. operations of Grant Thornton International, the largest accounting organizations outside of the Big Four . The member firms of Grant Thornton International comprise a global network of 27,000 employees and 2,207 partners in more than 110 countries...
in 2007. The weekly industry journal Accountancy Age
Accountancy Age
Accountancy Age is a trade magazine for accountants and financial staff in the United Kingdom. After running from 1969 to 2011 with a circulation of over 60,000 in print, it changed with effect from May 2011 to an online-only publication.-History:...
noted that Bentley Jennison had beaten larger rivals to gain this position.
Post-merger
Tenon announced in December 2009 that it was merging with RSM Bentley Jennison in a £76 million deal. 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. RSM branding replaced Tenon's. The firm announced some rationalisation of offices, but planned to expand in Birmingham, Bristol and Leeds.In February 2010, the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
imposed a £700,000 fine for mis-selling of structured finance
Structured finance
Structured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid lawsStructured finance is a broad term used to describe a sector of finance that was created to help transfer risk and avoid laws...
products by Tenon.
RSM Tenon's shares moved up from the AIM to the main UK London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in May 2010. It is the first accountancy firm to be listed there.
At the end of June 2010, RSM Tenon paid £6.8 million to acquire several offices from rival consolidator Vantis
Vantis
Vantis plc was an accountancy firm based in London, England, providing accounting, tax and business advice to owner-managed businesses, listed companies, not for profit organisations, high net worth individuals and other professionals...
when the latter entered administration and was broken up. The acquired businesses had a turnover of £27 million in the preceding year, and contributed to a 31% increase in turnover for the year ended June 2011.