The Tenet Group has called off plans to take over the Lifeboat Group following advanced discussions with the administrators.
Tenet says it had hoped to make an announcement today regarding the purchase of Lifeboat Financial Advisers and Simply Assured Direct but was unable to agree terms with the administrators BDO Stoy Hayward in an acceptable timeframe.
Tenet Group group commercial director Peter Lane says: “A precondition of the deal for Tenet had always been that Lifeboat members would not lose money as a result of the administration, however the way the deal was stacking up, it looked increasingly less likely that we would be able to guarantee payment of commission. We have therefore been forced to withdraw from the process. Tenet will of course still be delighted to deal with Lifeboat members individually on this basis.”