A Retiring Glance At Trade – Past, Present And Future
As my tenure at UK Trade & Investment draws to a close, it’s time for a little reflection…
4 January 2010
One of emita’s sponsors Tenon Group PLC and RSM Bentley Jennison announced on 9 December 2009 their proposed merger representing a major step to becoming the UK’s leading financial and business advisers.
The practice will trade as RSM Tenon and the merger will enhance the combined group’s scale, geographic coverage and service portfolio. It will benefit from a strong strategic fit and common culture and is expected to reset the industry standard in terms of client focus and service delivery. On completion of the deal, RSM Tenon will:
*Operate across the length and breadth of the UK with local expertise and national strength;
*Rank 7th in the national league tables – third largest after the ‘big four’;
*Employ nearly 3,000 staff and have a combined fee income in excess of £250m; and
*Be part of the 7th largest global accounting network of independent accounting and consulting firms, with over 700 offices in 76 countries, and more than 30,000 people worldwide, under the RSM International branding.
The organisations bring together complementary geographic spread, and differing sector capabilities and specialist services such as Tenon’s market leading position in Recovery and RSM Bentley Jennison’s dominant position in Risk Management. The two organisations have a mutual focus on providing flexible and innovative, customer-focused solutions which are expected to deliver significant benefits to all stakeholders.
Andy Raynor, the Chief Executive of Tenon Group PLC, will head the enlarged firm. Tony Stockdale, National Managing Partner of RSM Bentley Jennison, Richard Smith, National Head of Risk Management for RSM Bentley Jennison, and Mark Lucas, Head of Corporate Finance at Tenon will join the PLC Board as Executive Directors. Tony will represent the enlarged firm on the RSM International Board.
Commenting on the merger, Andy Raynor said:
“This deal is a combination of the two most substantial entrepreneurial businesses in our industry. It is the beginning of a new era of opportunity and growth for our teams and provides us with an excellent platform from which to challenge traditional approaches to client focus and service delivery.”
Commenting, Tony Stockdale said:
“We recognised the significant power of combining our practices. This deal is an extremely exciting proposition and benefits all stakeholders – the shareholders, both teams and most critically our respective clients who will undoubtedly benefit from the new and considerable depth of resource and expertise.”
Welcoming the deal, Jean Stephens, Chief Executive of RSM International, said:
“This is an exciting step in the development of RSM in the UK. Both RSM Bentley Jennison and Tenon are ambitious, progressive organisations. Together they will provide a new dimension to the breadth and depth of capabilities we provide to clients. This combination will be a dynamic force in the UK market and enhances RSM’s position worldwide."