This brings the number of advisers within the Group to over 5000 and affirms Tenet's ambition to become the UK's dominant generalist distributor of financial and related products.
Following the transaction Tenet will lead the way in providing the complete solution for non-investment advisers and enhance the benefits to all Tenet advisers including access to the best commission rates and exclusive deals.
Premier is a network business supporting around 2,500 non-investment advisers across healthcare, protection and mortgage products. Premier will continue to trade independently within the Tenet Group in order to preserve its unique proposition, continuing Tenet's traditional approach to acquisitions.
Premier's introduction to the Tenet Group should see continued improvements to their already comprehensive IT infrastructure, whilst providing an additional compliance service for the Premier members. Tenet also expects to benefit from the acquisition, particularly with the introduction of management expertise in the non-investment environment.
Simon Hudson, chief executive of Tenet, says: “We expect the acquisition of Premier to be a catalyst for the group in the non-investment arena. Premier will also represent a major step forward in our strategic goal of confirming Tenet as one of the major distributors of financial products in the UK, with 10,000 advisers within 10 years”.
And Michael Cooke, managing director of Premier, says: “Through Tenet we have access to fully authorised mortgage, protection and healthcare business, which non-investment advisers will value when the alternative is closing their doors to new business.
“The regulatory and financial strength of Tenet combined with our service offering will be a powerful force in the market place, which existing and potential clients will find an irresistible proposition.”