Deals Of The Day: The Latest In Wealth Management M&A - Tenet

Editorial Staff

8 May 2019

Tenet
has bought northwest UK wealth firm Derbyshire Booth, which will continue to trade under its own brand as a subsidiary of Tenet’s advice company, Aspire Financial Management. The move expands Tenet’s Preston-based hub. Tenet also has hubs in Northampton and Cardiff.

Derbyshire Booth director, Greg Heath, will stay with the company to help expand the business, sharing the Preston premises with Elementum, an acquisition Tenet made in October last year. Heath has been a member of Tenet’s investment network, TenetConnect, since 2003 and the sale was made as part of his succession planning.

The transaction is the 13th practice buyout in a scheme which was launched in January 2018 to offer Tenet’s network member firms an exit strategy for retirement, providing 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.