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.