Tenet reports loss after £4.5m Arch Cru and Keydata redress provision

The network does not break down how much redress it has set aside for each investment but Tenet group finance director Caroline Bradley said the majority of the provision is to cover advice relating to the sale of Arch Cru. Bradley said Tenet only gave restricted approval to a handful of advisers to sell Arch Cru, and that the investment was never on the network's panel. The provision to cover redress meant Tenet reported a loss after tax and exceptional costs of £4.4m. Were it not for the exceptional cost Tenet would have reported a profit of £250,000 to the year ended 30 Septembe...