It adds 278 advisers working within 157 firms to its financial services network business
LSL, one of the UK’s largest property services providers, has announced the acquisition of regulated mortgage and protection advisory network TenetLime for £12.9 million, subject to Financial Conduct Authority (FCA) approval.
TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. Its advisers arranged around £3.9 billion of mortgages in 2022.
The network reported a pre-tax profit of £0.9 million for the year to September 2022, when it had gross assets of £10.1 million.
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 and TenetConnect Services, that are expected to transfer to TenetLime prior to completion.
LSL, which also owns PRIMIS Mortgage Network, said TenetLime members would be integrated fully in the operations of PRIMIS after a short period of transition.
“I’m delighted we have been able to complete this transaction, and I look forward to welcoming TenetLime’s advisers to our PRIMIS Network,” said David Stewart (pictured left), group chief executive at LSL Property Services, in a statement announcing the acquisition.
“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.”
Meanwhile, the Tenet Group also announced that, aside from LSL’s acquisition of TenetLime from its Tenet Limited subsidiary, appointed representatives of the Tenet Wealth & Investment Network will be transferred to The Openwork Partnership, with the option to retain their independent status in the 2plan Wealth Management network.
“Openwork and PRIMIS have strong reputations for supporting appointed representatives, and they can be confident that their new homes will allow them to grow with the support, freedom, and control their businesses need,” said Helen Ball (pictured right), chief executive at Tenet Group. “Our focus now is to work with all the parties in these transactions to deliver a smooth transition for our stakeholders.”
According to the Tenet Group, The Tenet & You, Tenet Mortgage Solutions, and Tenet Financial Services advisory brands, as well as Tenet Compliance Services, will remain with the group.
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