Administrators Interpath Ltd were today appointed as Joint Administrators of Tenet Group Limited.

The administrators have immediately made 95 staff redundant out of a total of 147.

Ed Boyle, Howard Smith and Rob Spence of Interpath were today appointed Joint Administrators of Tenet Group Limited and Ed Boyle and Rob Spence were appointed as Joint Administrators of subsidiary companies Tenet Limited, TenetConnect Ltd and TenetConnect Services Ltd.

The administrators say that Tenet Mortgage Solutions Ltd and Tenet Compliance Services Limited have ceased to trade but these companies have not entered into administration.

Tenet Financial Services Limited has ceased to conduct regulated activities and has also not been placed into administration.

Tenet Employee Benefit Solutions, a non-unregulated service within Tenet Financial Services Ltd, and Paragon Insurance Company (Guernsey) Limited continue to operate as normal.

Tenet has been steadily winding down its operations in recent times and has sold off a number of operations.

TenetLime Limited, a mortgage and protection advisory network, was sold to LSL Property Services plc in February.

Financial advisers at TCL and TCSL were transferred to 2plan Wealth Management Limited and Tenet & You Limited, a national IFA practice, was sold to My Pension Expert Limited last week.

The group is based in Leeds and before the administration employed 147 staff. The Joint Administrators have retained 52 staff to assist them while they manage the wind down the businesses.

The administrator say they regret the redundancies and employees affected will be provided with “all support they need.”

Howard Smith, managing director at Interpath and Joint Administrator of Tenet Group Limited, said: "We're now focused on winding down the business and we are in contact with the FCA, FSCS and stakeholders to ensure an orderly process.”

The group has faced waning fortunes and several changes of leadership in recent years.

Earlier this year it promoted programme director Stephen Vickers to be its new CEO, replacing Helen Ball who was standing down after just over a year in the role. Mr Vickers is Tenet's third CEO in 14 months after Ms Ball replaced previous CEO Mark Scanlon in March 2023. Mr Scanlon and CFO Martin Tyler both stepped down just over a year ago.