Tenet Group’s Equity reduced to one third

Listed below in the table is 15 years’ worth of year wise financial record of Tenet Group. The Tenet Group consists of many group companies. These figures are consolidated figures of all group companies of Tenet. We have taken this information from Companies House record. Tenet Group has the following group companies:

List of active Group Companies

TenetConnect Limited

TenetConnect Services Limited

Tenet Lime Ltd

Tenet & You Ltd

Tenet Compliance Services Ltd

Tenet Mortgage Solutions Ltd

Tenet Limited

Tenet Financial Services Ltd

Paragon Insurance Company

Tenet Client Services Ltd

There are some other companies as well, but these are dormant. Even from the list above, following companies are not active at all:

Tenet Limited

Tenet Compliance Services Ltd

Tenet Financial Services Ltd

Tenet Mortgage Solutions Limited

Tenet Client Services Ltd

Tenet Mortgage Solutions Ltd

Only few companies are trading and have decent turnover, but these are in losses now. The financial situation of these companies is deteriorating rapidly. Following are the active companies:

TenetConnect Limited

TenetConnect Services Limited

Tenet Lime Ltd

Tenet & You Ltd

We have taken the figures in the table below from the companies’ house record. Every year, Tenet files its audited consolidated accounts with companies’ house. You can see that the year 2021 has proved the worst year for Tenet Group. Tenet as Group made a record loss of £21.6 million. Never in the history of Tenet Group (we checked 15 years), they made that big a loss. Tenet has been in losses in most of their history in past 15 year, but this year (2021) has broken all records.   

This huge loss has slashed the equity of Tenet Group to one third reducing from £30.7 million to only £9.1 million. This has very severe consequences for the management and the shareholders. It has basically raised the alarm of going concern for external auditor as well as FCA. As a result, the shareholders have to inject further equity in the company.

Shareholders purchased fresh shares

As per the directors’ report included in the financial statements of Tenet Group for the year ended 30 September 2021, the shareholders of the company have purchased £14 million worth of fresh equity. This must have been the FCA requirement. From the shareholders point of view, this must have been a painful decision as they never received any dividends from this investment and on top of that, they are required to put more money in the company.

Providers Abrdn and Aegon are the major shareholders of Tenet Group and they have recognised impairment in their holding of Tenet shares recognising the fact that Tenet Group lost its financial worth significantly.      

It is important to state here that as per FCA register, only four new firms joined TenetConnect Ltd in 2022 and a total of 39 firms left TenetConnect Ltd in the same period. Some of these firms were attached with Tenet since 2003. Similarly, 59 firms left TenetLime Ltd in 2022 whereas none joined them in the same period. It is believed that the advisors are leaving because of extremely negative reputation Tenet Group. Their management is considered extremely incompetent and unprofessional.    

Year Ended	Turnover	Profit / Loss	Equity	Dividend
	(000)	(000)	(000)	(000)
30-Sep-21	157,445	(21,630)	9,121	Nil
30-Sep-20	160,711	(4,410)	30,751	Nil
30-Sep-19	178,147	3,583	35,161	Nil
30-Sep-18	167,838	1,692	31,578	Nil
30-Sep-17	168,689	(376)	29,886	Nil
30-Sep-16	153,734	584	30,055	Nil
30-Sep-15	136,345	471	29,471	Nil
30-Sep-14	125,228	348	28,930	Nil
30-Sep-13	118,016	301	28,554	Nil
30-Sep-12	96,344	(4,437)	28,269	Nil
30-Sep-11	86,365	(224)	32,746	Nil
30-Sep-10	79,062	(987)	32,971	Nil
30-Sep-09	76,331	991	33,958	Nil
30-Sep-08	92,455	2,004	32,967	Nil
30-Sep-07	119,888	2,857	30,963	Nil