The announcement comes following advanced discussions with Administrators BDO Stoy Hayward. Tenet had hoped to make an announcement today regarding the purchase of Lifeboat Financial Advisers Ltd (LFA) and Simply Assured Direct Ltd (SAD) but was unable to agree terms with the Administrators in an acceptable timeframe.
Peter Lane, Group Commercial Director of Tenet Group, explained that ‘a precondition of the deal for Tenet had always been that Lifeboat members would not lose money as a result of the administration, however the way the deal was stacking up, it looked increasingly less likely that we would be able to guarantee payment of commission. We have therefore been forced to withdraw from the process. Tenet will of course still be delighted to deal with Lifeboat members individually on this basis’.