Tenet Group has appointed administrators who have made 95 redundancies at the broker firm as it winds down its network.   

Administrator Interpath let staff go at Tenet’s Leeds headquarters today, which had employed 147 staff.  

Interpath managing director Howard Smith says: “We’re now focused on winding down the business and we are in contact with the Financial Conduct Authority, Financial Services Compensation Scheme and stakeholders to ensure an orderly process.”  

The move comes as the administrator closes businesses that the group has not already sold off or transferred out of its network of independent financial advisers.   

Apart from Tenet Group, Interpath has been appointed as joint administrator of subsidiary companies Tenet Limited, TenetConnect and TenetConnect Services.  

The firm’s joint administrators are led by Smith, Ed Boyle and Rob Spence. They have retained 52 head office staff to help them manage down the business.  

The broker buisiness sold Tenet & You, a national independent financial adviser practice, to My Pension Expert in May.

But last August, Tenet Group announced two deals that oversaw the transfer of key parts of its appointed representative network to rivals following a strategic review.   

Property group LSL agreed to buy the TenetLime mortgage and protection network, which services 231 mortgage and protection advisers, operating within 133 appointed representative firms for up to £12.9m.     

Tenet Group also signed an exclusive agreement with the Openwork Partnership that will see appointed representatives in its Tenet Wealth & Investment Network offered the option to transfer to Openwork.  

At the time, Tenet Group’s review found that the appointed representative’s sector was subject to “significant change” from “external forces such as consolidation, increased regulation, digitisation, new technology expense and the broader inflationary environment”.    

The review concluded that these networks “required scale and diverse revenue streams to remain viable”.