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Bates wins out of court deal over sacking

Bates Investment Services founder Graham Bates has won the fight for his reputation and an estimated 700,000 after being sacked for gross misconduct.

Bates, who was chairman of the Leeds-based IFA, and his sister, former managing director Helen Peace, struck an out of court deal with BIS owner The Money Portal.

Allegations that led to the sacking of Bates and Peace are said to have been resolved with complete satisfaction following an internal investigation at the company led by chairman Richard Craven.

Neither party would reveal the details of the settlement but it is thought to constitute payments that Bates was expected to receive from TMP for the sale of BIS.

According to company records, part of the consideration of the sale of BIS was the issue of 774,568 loan notes to Bates.

At the beginning of the dispute, around 500,000 was thought to be outstanding, which Bates is expected to now receive as part of the settlement.

It is understood that Bates will keep his shares in TMP, of which 4.2m were issued to him and Peace when BIS was bought.

In a joint statement, both parties admitted to complete satisfaction with the deal.

Bates says: “We are pleased to have concluded arrangements amicably, maintaining the respect of all concerned. We enjoyed building the Bates business but it is now time to move on.”

Craven says: “We are delighted to have reached this amicable settlement, which enables everyone to move on positively.”

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