The Tenet Group  

Tenet buys Preston adviser

Tenet buys Preston adviser

Tenet has completed its 13th practice buyout since January 2018, buying a Preston-based wealth management business as part of the company's succession planning. 

The deal to buy member firm Derbyshire Booth will add £26m in assets under management to Tenet's wholly-owned appointed representative Aspire Financial Management.

The acquisition bolsters Tenet's presence in the North West, with Derbyshire Booth set to share the group's Preston offices with Elementum, which Tenet bought in October last year. 

Derbyshire Booth director Greg Heath has been a member of Tenet's investment network, TenetConnect, since 2003 and he is expected to stay with the company after the transition. 

Tenet launched its practice buy-out scheme in January last year to offer its network member firms an exit strategy for retirement and the Derbyshire Booth sale was made as part of Mr Heath's succession planning.

Mr Heath said: "With the constant changing regulatory landscape in financial services and our wish to keep the high standard of service to our clients, the directors decided to seek a partner with additional resources.

"Having worked with Tenet for 16 years and being impressed by their dedication to great service and innovation in the market, they were the natural choice for us."

Helen Ball, group operations director at Tenet, said: "I’m pleased to welcome Greg to the group. This acquisition offered a great opportunity to grow our hub in the North West by adding a quality adviser to our team as well as a further £26m of assets under management."

rachel.addison@ft.com