Consolidators in UK: Tenon Closes In
While the United States has its own success stories and horror stories about consolidators like American Express and H&R Block, the United Kingdom is witnessing its first wave of a business model similar to these giants.
The Tenon Group has been formed to acquire accountancy practices and advisory services' practices, and plans to build the business into a powerhouse with revenues greater than $100 million pounds.
But the real news lies in the fact that Tenon will be a publicly traded stock--a real departure for the U.K. in basic accounting firm structures.
Tenon's business philosophy is to go after the medium-size business market, leaving the Big 5 firms to operate in the global environment.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.