Interpath selected for Tenet wind-down

Administrators from Interpath Advisory have been appointed to a Leeds-headquartered financial services group. The move has seen 95 jobs axed at Tenet Group.

Founded in 1992, Tenet Group has spent three decades providing services and support to hundreds of directly authorised firms across the UK. At its height, the firm claimed to be the UK's largest independent compliance support provider working with appointed representatives in the financial sector – and had 147 staff across the country.

With the appointment of administrators, however, that has fallen to just 52 remaining workers. The remaining staff will now assist joint administrators Ed Boyle, Howard Smith and Rob Spence with the winding down of the businesses – while 95 others have been laid off.

Howard Smith, managing director at Interpath, commented, “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.”

Boyle, Smith and Spence have been selected as joint administrators of Tenet Group, while Boyle and Spence will also focus on the group’s subsidiary companies Tenet, TenetConnect and TenetConnect Services by the relevant companies’ directors. Meanwhile, Tenet Mortgage Solutions and Tenet Compliance Services have ceased to trade but these entities have not entered into administration.

Tenet Financial Services has ceased to conduct regulated activities and it has also not been placed into administration. Elsewhere, Tenet Employee Benefit Solutions, a non-unregulated service within Tenet Financial Services, and Paragon Insurance Company, listed in Guernsey, continue to operate as normal.

Companies within the Tenet Group had provided a range of financial services to private individuals, as well as providing support services and facilities to firms of financial advisors. But amid financial strain, the recent past had seen the group substantially wind down its operations by selling various businesses within the group, and also by the transfer out of its network of independent financial advisors.