Recession has benefits for Tenon

RSM Tenon, which claim to being the largest provider of bankruptcy services in the UK, yesterday reported a boost in turnover and operating profits as it hailed "significant" opportunities provided by the recession.

Although the firm said that business failures "might not have reached levels anticipated by most commentators", its insolvency services enjoyed 17 per cent growth in the year to 30 June.

RSM, which has five offices in Scotland, saw a 26 per cent boost in turnover to 190.4 million and a 38 per cent increase in operating profit to 26.3m. The figures took into account RSM Bentley Jennison which was acquired last year. Pre-tax profits of 7.8m were lower than 12m the previous year as the group paid 10.5m for integration costs and 1.5m to move its listing from Aim to the main market.

The firm also booked a charge of 1.1m in penalties and costs after it was fined 700,000 by the City watchdog for mis-selling complex Lehman Brothers' products to investors.

l The FSA yesterday fined two firms, including Dundee-based Thorntons, about 75,000 for flaws over their sales of Lehman Brothers-backed structured products.