LSL, a provider of financial services, surveying and valuation and estate agency services, has agreed to acquire TenetLime Limited from Tenet Limited, a subsidiary of Leeds-based Tenet Group, subject to FCA approval.
TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. Its advisers arranged c.£3.9bn of mortgages in 2022.
The transaction also includes consideration for the recruitment by TenetLime of 47 mortgage and protection advisers operating within 24 appointed representative firms, that are currently members of TenetConnect Ltd and TenetConnect Services Ltd, that are expected to transfer to TenetLime prior to completion.
The consideration payable is expected to be up to £12.9m.
David Stewart, Group Chief Executive Officer, said: “I’m delighted we have been able to complete this transaction and I look forward to welcoming TenetLime’s advisers to our PRIMIS Network.
“The increase in membership will help us to further invest in our service offering to member firms as well as delivering scale economics to support further growth.
“The acquisition also underpins our leading position in the mortgage and protection network market and is fully aligned with our Group strategy to develop our Financial Services Network business.”
