Business
Acquisition of Tenet Mortgage Network
Acquisition of Tenet Mortgage Network.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n\n 21 August 2023\nLSL Property Services plc (\"LSL\" or \"Group\")\n \nACQUISITION OF TENETLIME LIMITED\n \nLSL ACQUIRES TENET MORTGAGE NETWORK, ADDING 278 ADVISERS WORKING WITHIN 157 FIRMS TO ITS FINANCIAL SERVICES NETWORK BUSINESS\nLSL announces that it has agreed to acquire the entire issued share capital of TenetLime Limited (\"TenetLime\") from Tenet Limited, a subsidiary of Tenet Group Limited (\"Tenet Group\"), subject to FCA approval. TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. Its advisers arranged c.£3.9bn of mortgages in 2022.\nThe transaction also includes consideration for the recruitment by TenetLime of 47 mortgage and protection advisers operating within 24 appointed representative firms, that are currently members of TenetConnect Ltd and TenetConnect Services Ltd, that are expected to transfer to TenetLime prior to completion.\nThe consideration payable is expected to be up to £12.9m consisting of:\n- an initial payment of up to £5.6m, calculated by reference to the number of appointed representative firms at completion and the turnover of these firms in 2022;\n- a further payment of up to £4.5m, calculated by reference to the number of appointed representative firms 12 months following completion and th...