Table below is a comparison of financial position of the top mortgage or financial networks in the country. This table clearly shows that the financial situation of Tenet Network (tenet group) is in a extremely bad state. The losses of Tenet Network are increasing very fast. Equity of Tenet Network (Tenet Group) has been reduced by one third.
The shareholders of the Tenet Group had to inject fresh equity in the company as the cash situation of the company is deteriorating very fast. Mian shareholders of Tenet Group, Abrdn and Aegon, have recognised impairment in their holding of Tenet shares recognising the fact that Tenet Group lost its financial worth significantly.
As per FCA register, in 2022, only four new firms joined Tenet Network’s main company, Tenet Connect Ltd and none joined Tenet Lime Ltd. On the other hand, 39 advisor’s firms left Tenet Connect Ltd, and 59 firms left Tenet Lime Ltd in the year 2022. This outflow of advisors has damaged the financial situation of Tenet Group extremely negatively.
Advisors who left Tenet Group have stated the horror stories thet have faced while they were woking under Tenet Group. Mostly the advsiors disucss their stories in various forums such as cherry plc or google reviews. They say that the management of Tenet Group is exremely incompetent and negligengt.
| Network Name | Revenue 2021 (‘000) | Profit/ (Losses) 2021 (‘000) | Revenue 2020 (‘000) | Profit/ (Losses) 2020 (‘000) |
|---|---|---|---|---|
| Openwork Ltd | 425,354 | 16,159 | 365,432 | 21,174 |
| Mortgage Advice Bureau | 185,087 | 29,843 | 145,070 | 20,879 |
| Tenet Group | 157,445 | (21,630) | 160,711 | (4,410) |
| Sesame (AR) | 82,766 | 4,954 | 74,038 | (280) |
| Quilter | 58,305 | (4,161) | 64,161 | (5,050) |
| HL Partnership | 57,112 | 4,085 | 42,031 | 1,901 |
| Stonebridge | 47,927 | 5,136 | 49,211 | 6,572 |
| Sense | 47,646 | 3,828 | 37,955 | 2,214 |
| PRIMIS | 38,394 | 10,843 | 31,631 | 8,131 |
| Lighthouse | 37,177 | 538 | 43,473 | (2,568) |
| Sandringham | 24,787 | (97) | 19,180 | (460) |
| In Partnership | 14,504 | 196 | 12,494 | 302 |
| Broker Network | 13,256 | 3,170 | 12,550 | (1,436) |
| Bankhall | 7,300 | 426 | 6,637 | 161 |
| Mortgage Intelligence | 4,491 | 1,247 | 3,712 | 893 |
The financial situation of anothe network, Quilter, is also in a bad shap. They made a loss of more than £4 million in the year 2021 and a loss of more than £5 million in the year before (2020). Both loss making networks, Tenet and Quilter, are expected to go under in coming months. Shareholders of Tenet Group has actually started looking for a buyer.
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