New ownership model will prevent network from being sold

Employees at TEn are in line for a share of its profits as the broker network moves to an employee-ownership model.

The network said becoming owned by its employees would also ensure it could never be bought by another network.

Under the “indirect ownership” model, an employee benefits trust will own the majority of TEn’s shares. If the firm performs well, the trust will give out its profits to the staff.

Unlike normal bonus or incentive payments, the first £3,500 of the dividend will be paid out free of tax and National Insurance.

Managing director Malcolm Lee said: “We believe this is the best model for our future – it will maintain our promise to brokers to stay independent and it will also encourage our staff to deliver even better customer service, as they will benefit from the overall performance of the firm.”