Redundancies have been made at a Leeds-headquartered financial services group following the appointment of administrators.
Ed Boyle, Howard Smith and Rob Spence of Interpath Ltd have been appointed as joint administrators of Tenet Group Limited (TGL) and Ed Boyle and Rob Spence have been appointed as joint administrators of its subsidiary companies Tenet Limited (TL), TenetConnect Ltd (TCL) and TenetConnect Services Ltd (TCSL) by the companies’ directors.
Tenet Network Services and TenetConnect are both trading styles of TenetConnect Ltd and TenetConnect Services Ltd.
Tenet Mortgage Solutions Ltd and Tenet Compliance Services Limited have ceased to trade but these entities have not entered into administration.
Tenet Financial Services Limited (TFSL) has ceased to conduct regulated activities and it has also not been placed into administration.
Tenet Employee Benefit Solutions, a non-unregulated service within Tenet Financial Services Ltd, and Paragon Insurance Company (Guernsey) Limited continue to operate as normal.
Companies within the Tenet Group provided a range of financial services to private individuals, as well as providing support services and facilities to firms of financial advisers.
In the recent past, the Group has substantially wound down its operations by selling various businesses within the Group, and also by the transfer out of its network of independent financial advisers.
This included the sale of TenetLime Limited, the mortgage and protection advisory network, to LSL Property Services plc on 2 February 2024, the transfer of financial advisers of TCL and TCSL to 2plan Wealth Management Limited which has been ongoing in recent months, and the sale of Tenet & You Limited, a national IFA practice, to My Pension Expert Limited on 28 May 2024.
The Group employed approximately 147 staff across the UK at the date of the appointment of the administrators.
While the joint administrators have retained 52 staff to assist them while they manage the wind down of the businesses, 95 redundancies have been made. The joint administrators will be working with the employees affected over the coming days to provide them with any and all support they need.
Howard Smith, Managing Director at Interpath and joint administrator of Tenet Group Limited, said: “We’re now focused on winding down the business and we are in contact with the FCA, FSCS and stakeholders to ensure an orderly process.”
