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Greatminster Group calls in the receivers

IFA networks M&E and Interdependence have escaped the fate of their former backer Greatminster which has gone intovoluntary receivership.

The networks underwentan MBO in May for £17m.

M&E chairman Barry Kayes says underwriter Greatminster Group sold its majority shareholding in the two networks&#39 owner Tenet to save itself ina cash crisis.

But Greatminster went into receivership earlier this month despite the money raised.

It had run into insurmountable difficulties after acquiring London broker Miles Smith.

The MBO was led by Tenet chief executive Simon Hudson who founded M&E in 1992. Also on the board are Kayes, finance director Neil Preston, divisional marketing director Sue Martin, operations director Sharon Bryant and membership director Steve Jones.

M&E and Interdependence represent more than 1,000 registered individuals with a client base of over 500,000.

Kayes says: “Greatminster needed money very quickly because it had lost £1m inprofit but, despite the capital injection, it sadly went into receivership.”

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