The Tenet GroupMay 11 2020

Tenet continues on buyout trail despite lockdown

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Tenet continues on buyout trail despite lockdown

Tenet has completed its fourth advice practice buyout of the lockdown, buying the client assets of a High Wycombe-based adviser as part of his succession planning. 

The deal to acquire Chiltern Independent Financial Services further bolsters Tenet's presence in the south east of England, following its acquisition of Chartwell Independent and Maguire Financial Limited at the end of last year. 

The acquisition followed three deals completed in April by Tenet’s advice business, Aspire Financial Management. 

All four acquisitions were succession solutions and used the practice buy-out scheme launched by Tenet in January 2018 to offer its network member firms an exit strategy. 

Helen Ball, group operations director at Tenet, said: "Being a well-capitalised and resourced business means that we have been able to continue with our schedule of practice buyouts throughout the pandemic.

"This has also enabled us to offer some cashflow easement initiatives to member firms and fund a new Tenet Assistance Programme in response to Covid-19." 

Since April Tenet has offered its member firms an eight-week payment holiday from FCA and professional indemnity insurance fees in a bid to help "ease cashflow challenges" for advisers.

The network is also paying the licence costs of Intelligent Office for any mortgage adviser who is furloughed during the lockdown period amid concerns of "particular disruption in the mortgage market".

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