Lifeboat deal with Tenet hits the rocks

clock

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Following investigation

Sahar Nazir
clock 05 September 2025 • 2 min read
What will cryptocurrency regulation mean for financial advice?

What will cryptocurrency regulation mean for financial advice?

‘Regulation doesn’t automatically make something a sound investment’

Isabel Baxter
clock 05 September 2025 • 8 min read
Wealth management M&A: Integration is the competitive advantage

Wealth management M&A: Integration is the competitive advantage

'M&A is reshaping UK wealth management at an unprecedented pace'

Jim London
clock 05 September 2025 • 4 min read