LSL Snaps Up Mortgage Adviser Service

LSL resumes its acquisition trail by snapping up TenetLime, subject to FCA approval.  

TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. 

Its advisers arranged some £3.9 billion of mortgages in 2022.

The transaction also includes TenetLime’s 47 mortgage and protection advisers operating within 24 appointed representative firms.

The deal is expected to cost some £12.9m consisting of an initial payment of up to £5.6m, calculated by reference to the number of appointed representative firms at completion and the turnover of these firms in 2022; the. £4.5m, calculated by reference to the number of appointed representative firms 12 months following completion and the turnover of these firms in 2022; and an expected payment of £2.8m for assets which form part of TenetLime's regulatory capital.

The acquisition is being financed from LSL's existing cash resources which on June 30 stood at £36m.

TenetLime members will be integrated fully in the operations of LSL's PRIMIS Network.

LSL group chief executive David Stewart says: “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."