Tenon is in good health as fees for turnaround work climb

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Tenon Group, the regional accountancy chain that specialises in working for entrepreneurs, said fees from turnaround and corporate recovery advice leapt from £19million to £31million in the year to the end of June.

Chief executive Andy Raynor said a continuing surge of appointments over the past couple of months means its insolvency experts have gone from bringing in less than a fifth of group revenues to around a quarter.

"We are working for financiers who are increasingly asking us to look at their business customers for review purposes, to monitor the situation and if needs be go and collect their debt," said Raynor.

"The types of business that we are seeing being challenged are typically the classic case of the asset-thin business — companies around the peripheries of the property and housing market like estate agents or small provincial financial services business. Small regional retailers are challenged too."

But he added that Tenon's recovery experts are currently more likely to be working on turnarounds than insolvencies.

Group profits for the year rose 34% to £17million on revenues up 17% at £160million.