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MBO for ME and Interdependence

Networks M&E and Interdependence have been bought in a management buyout

deal for 17m.

The MBO, from underwriter Greatminster Group, was led by chief executive

Simon Hudson who founded M&E in 1992. Fund manager Murray Johnstone&#39s Leeds

office contributed 7.25m to the 17m total, making it the major shareholder.

Hudson will be joined on the new board by chairman Barry Kayes, finance

director Neil Preston, divisional managing director Sue Martin, operations

director Sharon Bryant, and membership director Steve Jones. Murray

Johnstone Private Equity director Sarah Pullan will come on board as

non-executive director.

But compliance director Hilary Austin is a notable absentee. She left

suddenly last week after eight years&#39 service.

M&E says pregnant Aus- tin departed to become a full-time mother.

The networks represent over 1,000 RIs with a client base of over 500,000.

Tenet believes that the IFA network market is destined to continue growing

and that success lies in service and close management involvement rather

than size.

Tenet chief executive Simon Hudson says: “There are substantial

opportunities for IFAs within the e-commerce and stakeholder new economy.

Independent advice is the acknowledged future for consumers and we are now

well placed to provide an environment that allows our members to take

advantage of these opportunities.”

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