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Group 300 is back in for Burns Anderson after Tenet bows out

Cambridge-based IFA Group 300 is set to renew its bid for network Burns Anderson after Tenet&#39s decision to quit the race.

The 564-RI network has been up for sale for more than two years. Negotiations with Tenet began in June to buy the entire ordinary and A ordinary share capital but it is now unable to progress.

Tenet group commercial director Peter Lane says the group has pulled out of the deal for internal reasons and was “disappointed at the turn of events”.

But Group 300 chief executive Chris Batten says he plans to renew his efforts to buy the network. Batten registered an interest in Burns in August but discussions stalled at the due diligence stage following an aggressive bid by Tenet.

Batten says: “We started negotiations as part of our plans to grow our firm but the process did not go much further. The impression we were given was that it was a done deal. We will certainly be making another offer very soon.”

Burns Anderson chief executive Ian Parsons says: “The cessation of talks will free up more time for the directors and allow us to focus on driving the business forward following a fantastic turn-round. As a public company, we are under obligation to take any future interest seriously.”


Sofa to seek new MD as Lawless moves on

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Lender competition results in cross-subsidisation – Miles

The way mortgage lenders compete for new business results in cross-subsidisation from existing borrowers paying standard variable rates to new borrowers taking out discounted variable and short- term fixed rate mortgages according to Miles&#39 findings. He says this practice means that longer-term fixed -rate mortgages appear expensive when compared with discounted mortgages.

IMA urges radical reforms to boost long term savings

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“Yes. The form of regulation we have in general is ridiculous and if it is the same for mortgages it will be a nightmare.”Alan Tonks,Alan Tonks & Associates “Yes. The man who said it, Skipton Building Society chief executive John Goodfellow, should know what he is talking about and I respect his opinion. We are […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


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