TS knows that journalists can be a fickle bunch, but this week the management team at Tenon put the hacks to shame when they announced their intentions to pursue a management buy-out.

Just three months ago senior figures were adamant in their commitment to staying listed on AIM. Speaking to Accountancy Age in October, when Tenon released final results, chief executive Andy Raynor said rumours that Tenon may go private were 'unfounded'.

'We are dedicated to increasing real shareholder value and repeat our stated objective to achieve this by all available means,' Raynor proclaimed. Ah well, times change, people change. Raynor is now part of the MBO team. TS wishes him and his colleagues all the best as they attempt to take Tenon private.