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Tenet finance boss Keely departs mortgage firm

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  • 10/08/2021
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Tenet finance boss Keely departs mortgage firm
Tenet Group’s finance director Keely Craig is set to leave the network to “relocate abroad” after a four-year stint at the mortgage firm.

 

She is being replaced by Martin Tyler as chief finance officer subject to the regulator’s approval. He will work with Craig during a three-month hand over.

Tyler has more than 15 years’ experience in financial services and joins from insurers the Gelert Group where he still has several active directorships.

Craig is moving to her husband’s home country of New Zealand with her family.

On his appointment, Tyler said: “This is an exciting period for Tenet Group.”

 

“Adverse financial performance”

The reshuffle at the top of the finance division follows the posting of Tenet Group’s loss before tax of £4.08m for the year ended 30 September 2020 on Companies House. This compared to profit before tax of £3.5m in the previous finance year.

Exceptional costs reported by the group included £689,000 in redundancy costs and several impairment charges.

In the firm’s latest accounts, of which the last six months fell during the first phase of the pandemic, none of Tenet Group’s businesses posted a profit.

Tenet Network Services, which replaced the Lime and Connect network brands, posted a loss of £1.47m compared to a profit of £811,000 the year before. Aspire and subsidiaries, now Tenet & You the firm’s own adviser arm, reported losses of £1.014m compared to a profit of £1.76m in the previous financial year.

The group said its revised forecasts of the anticipated affects of Covid-19 on its revenues were accurate, noting that reductions in wealth and mortgage adviser income had fallen between 25 per cent to 30 per cent in the last six months to 30 September. Financial and mortgage adviser revenue fell by £13.7m to £158.7m.

Tenet said despite its “adverse financial performance”, the company remains finically resilient and stable with strong liquidity and capital.

Non-executive director Caroline Dibbs has also left the business.

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