LSL has announced its acquisition of mortgage network TenetLime subject to regulatory approval with its advisers set to join PRIMIS.
TenetLime operates a network serving 231 mortgage and protection advisers across 133 appointed representative firms.
In 2022, these advisers arranged approximately £3.9bn worth of mortgages. Additionally, the transaction encompasses the recruitment of 47 mortgage and protection advisers from 24 appointed representative firms, currently members of TenetConnect Ltd and TenetConnect Services Ltd, expected to transition to TenetLime prior to completion.
The acquisition, valued at up to £12.9m, will be paid in various stages.
David Stewart, group chief executive officer of LSL, said: “I’m delighted we have been able to complete this transaction and I look forward to welcoming TenetLime’s advisers to our PRIMIS Network.
“The increase in membership will help us to further invest in our service offering to member firms as well as delivering scale economics to support further growth.
“The acquisition also underpins our leading position in the mortgage and protection network market and is fully aligned with our Group strategy to develop our Financial Services Network business.”
