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Founder of legacy Statham Gill Davies firm vows loyalty to Tenon as Livingstone quits the group
Former Statham Gill Davies name partner Kaz Gill, now of Tenon Group, denied last week that his music division is considering a buyout. Gill claimed that the music and entertainment team, which was bought by Tenon in October 2001 for £7.1m, was "here to stay", despite a radical restructuring programme at the professional services consolidator. In April, the corporate finance boutique Livingstone Guarantee established a precedent by buying itself out of the AIM-listed group. It was originally bought by Tenon in October 2001 for half shares and half cash. To exit Tenon, the management of Livingstone paid £1m, partially financed by the sale of its original shares. The contrast in the share price between purchase and sale - issued at 115.5p, bought back at 10.25p - reflects the downturn in Tenon's fortunes. Tenon, described by one former employee as "a leaking sieve", has also embarked on a redundancy programme. So far, three rounds of redundancies have shed more than 100 staff. Tenon has also re-jigged its board, with former finance director Andy Raynor replacing Ian Buckley as chief executive officer. The concern for Tenon is that the Livingstone deal will open the floodgates for the rest of its UK-wide business portfolio.