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Tenon, an accountant and business advisory firm to owner-managed businesses and entrepreneurs, has acquired Professional Assurance Services (PAS) for £6 million.

The deal comprises £3 million cash and £1.5 million in shares, with the remaining balance available in cash dependent on financial performance in the two years post acquisition.

After completion, PAS will be renamed ‘Tfs’, a trading name of Tenon Financial Services. The addition of PAS will increase the presence of Tenon Financial Services in the East Midlands, adding to existing offices in Nottingham and Leicester with 223 staff.

PAS, founded in 1971, is a long established financial and investment adviser serving clients nationally. The firm merged with Russell Watchorn in December 2004 and turns over £4 million with 32 staff and 8 directors.

Managing director of PAS, Keith Douglass, said: “Tenon has a clear strategy as the leading adviser to entrepreneurs. We feel that our clients can benefit from the additional resources provided by Tenon.”

Head of financial services at Tenon, Gordon Taylor, said, “The acquisition will ensure we meet our corporate objective of growing Tenon nationally and being the leading adviser to entrepreneurs whatever their size.”

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