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Tenet buys Capital Planning as part of strategic investment plan

IFA group Tenet has bought Capital Planning UK for an undisclosed sum, in line with its strategy to invest in members and clients of its subsidiaries

CPUK has a 100-strong team of IFAs and support staff of 30 operating from six offices in London and the South East. Its sales for the current year are expected to be in excess of £6m.

It is the first time Tenet has purchased an IFA firm, although the company has previously invested in other financial services businesses, most recently Ayrshire Financial Planning.

The Directors of CPUK started in business as IFAs 20 years ago. In 2000, CPUK was founded as a vehicle to realise the Directors&#39 ambitions to create a national IFA firm, since when CPUK has rapidly established itself in the market. It has offices in central and West London, Kent, Surrey, Hampshire and Sussex. Two new offices will be opening in Wiltshire and Hertfordshire in the next few weeks and further advisers will be joining these new offices.

Peter Lane, group commercial director of Tenet, says: “The acquisition is in-line with our plan to grow our business by increasing the number of advisers associated with the Tenet group to 4,500 in the next two years.

“As well as expanding our business, owning an IFA firm will allow us to better understand the pressures our members are working under. It will be an important platform from which we will be able to offer a planned exit route to members of our networks who are looking to retire from the financial services industry. This is something that is becoming a major issue in the industry particularly because of the availability of PI insurance and ongoing liabilities for historic advice.”

David Gates, chairman of CPUK, adds: “This deal will allow us to continue to expand our business with the support of a strong partner who has a good knowledge of the industry. We are expecting to double our numbers within the next eighteen months, and are always on the look out for like-minded quality IFAs to join us.”

Tenet provides services to over 2,250 Advisers and includes the M&E and Interdependence networks as well as IFA Professional Services, a client service business that provides compliance and regulatory advice. Tenet&#39s mortgage arm, IMA Network, is the largest mortgage broker network in the UK. In June of this year Tenet received a £19 million investment from Friends Provident and Norwich Union.

Tenet was advised on the transaction by corporate partner Robin Skelton at Eversheds, assisted by Darren Stephens.


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