Tenet expands North West hub with latest practice buyout
Issued: 30 April 2019
Tenet has expanded its hub in the North West with its latest practice buyout. Wealth management firm, Derbyshire Booth, will continue to trade under its own brand as a subsidiary of Tenet's own advice company, Aspire Financial Management, and enlarges Tenet's Preston-based hub. Tenet also has hubs in Northampton and Cardiff.
Derbyshire Booth director, Greg Heath, is staying with the company to help further develop the business and shares the Preston premises with Elementum Ltd, an acquisition Tenet made in October 2018. Mr Heath has been a member of Tenet's investment network, TenetConnect, since 2003 and the sale was made as part of his succession planning.
This represents the 13th practice buyout in a scheme that launched in January 2018, to offer Tenet's network member firms an exit strategy for retirement, with peace of mind regarding the continuity of advice standards for clients. The group offers a range of deals, from smaller client bank acquisitions and share purchases, to larger company buyouts.
Tenet's group operations director, Helen Ball, comments:
"I'm pleased to welcome Greg to the group. This acquisition offered a great opportunity to grow our hub in the North West by adding a quality adviser to our team as well as a further £26m of assets under management."
Derbyshire Booth director, Greg Heath, comments:
"With the constant changing regulatory landscape in financial services and our wish to keep the high standard of service to our clients, the directors decided to seek a partner with additional resources. Having worked with Tenet for 16 years and being impressed by their dedication to great service and innovation in the market, they were the natural choice for us".