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M&E and Burn-Anderson merger talks stall

Tenet Group has admitted it has had high-level talks to take over IFA network Burns-Anderson but confirms a deal is now unlikely.

Tenet chief executive Simon Hudson says a merger between its M&E network and Burns-Anderson had been on the table but agreement between the parties could not be reached.

A merger of Tenet Group, with its 1,800 RIs, and Burns-Anderson, which has more than 550 members, would have attracted huge provider interest.

Norwich Union and Friends Provident each paid £9.5m to buy 10 per cent stakes in Tenet and provide loan capital.

The deal leaves Tenet Group with £4m in spare cash but the company says it intends to use this for development of its infrastructure and software rather than acquisitions.

Burns-Anderson&#39s appointment of former Misys IFA Services chairman and the Exchange managing director Jim Gaskin as chief executive is understood to indicate the network&#39s intention to expand the business from within rather than seek a buyer.

Tenet Group chief executive Simon Hudson says: “We have had discussions on and off for years but they have not come to anything. No agreement has been reached.”

Gaskin says: “One cannot comment on market speculation.”

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