Tenetconnect Services Limited (02277754): administration
- Status
- Administration ended
- Administration began
- 2024-06-05
- Administrators' firm
- Interpath Advisory
- Formerly
- The M & E Network Ltd.; M & E Trustees Limited
- Incorporated
- 1988-07-15
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
- Parent or group failure
From the administrators' statement
TCSL was Incorporated on 15 July 1988 and until recently its registered office was a leasehold premises in Horsforth, West Yorkshire.
As noted in Section 2, TCSL was an active trading company that was directly authorised and regulated by the FCA. TCSL is owned by TL, which in turn is owned by TGL. TGL is the ultimate parent of the Group and acted as a service company. It contracted for the majority of the services required by the different entities in the Group, including TCSL, to carry on their trade (including entering into leases with landlords and contracts with software providers).
TGL also employed all of the staff that worked in the different subsidiary businesses. As at the date of appointment, TGL employed 128 staff and 19 subcontractors (a total of 147 individuals). TCSL itself had no employees but was reliant on TGL's services and employees in order to trade.
Administrators' statement of proposals (2024-08-13) · Companies House register