Almost 100 jobs lost as Leeds-headquartered Tenet Group calls in administrators
Financial adviser network Tenet Group has called in adminstrators, leading to a total of 95 job losses as it winds down three of its businesses.
Ed Boyle, Howard Smith and Rob Spence of Interpath were appointed as joint administrators of Leeds-headquartered Tenet Group Limited on Wednesday, June 5. Mr Boyle and Mr Spence were appointed as joint administrators of its subsidiary companies Tenet Limited, TenetConnect Ltd and TenetConnect Services Ltd.
The administrators said there would be 95 redundancies but 52 staff would be kept on to help them wind down the businesses.
Mr Smith,managing director at Interpath, 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.”
Meanwhile, 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 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.
TenetConnect Ltd and TenetConnect Services Ltd provided financial services to private individuals as well as support services to firms of financial advisers.