The Tenet Group has just announced it has "reluctantly" called off its plans to buy the troubled Lifeboat Group.
Following discussions with administrators BDO Stoy Hayward, the IFA firm reveals it was unable to agree terms to buy Lifeboat Financial Advisers Ltd and Simply Assured Direct Ltd. Only last Friday (13th August), three of Lifeboat’s divisions – including Simply Assured Ltd – were placed in administration by solvency firm BDO Stoy Hayward. Peter Lane, group commercial director of Tenet Group, explained a precondition of the deal for Tenet had always been Lifeboat members would not lose money as a result of the administration. "The way the deal was stacking up, it looked increasingly ...
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