Tenon told to raise £20m to plug black hole

Accountant and advisory firm RSM Tenon has come under pressure to launch an emergency rights issue to raise £20 million in the wake of its recent profit warning.

According to reports, some of Tenon’s biggest investors told the company it needed to raise the funds in a bid to repair its balance sheet.

Tenon recently announced the departures of its chief executive Andy Raynor (pictured) and chairman Bob Morton, after it reiterated a profit warning. It may now have to restate its June 2011 accounts after the discovery of a black hole,  reports in the Sunday Times said.

The warning, issued last month, sent Tenon’s share price falling by around 27% on the day of the announcement.