Tenon Group, the ninth largest UK accountancy firm, has acquired chartered accountants Bowmans for £2.5m cash with a further £0.8m in Tenon shares.
Additional cash payments will depend upon agreed levels of financial performance being met. These are payable over a period of up to two years from completion of the deal which is expected on June 29.
Bowans is a nine partner firm of chartered accountants with offices in Preston and Kendal. It focuses on providing a service to growing, owner-managed businesses across the North West. Services include audit, accounting, tax compliance, wealth management, business and tax planning as well as corporate finance.
Tenon also announced it has completed its £4.1m acquisition of accountancy firm LWC based in Edinburgh and Glasgow.
It says Bowmans reported turnover of £2.4m for the year ended 30 April while LWC’s turnover is expected to be £1.5m in the year to 31 August.
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