SIP extends EO

TEn Insurance Services is happy to announce that it has taken a further step down the path toward wider equity participation with the introduction of a Shareholder Incentive Plan (SIP), as a vehicle for its employees individually to purchase shares in the company.

This initiative follows on from the transfer of almost 70% of the firm’s shares during November 2014 in favour of an Employee Ownership Trust (EOT). An EOT is a form of collective ownership whereby shares are held in trust for the benefit of all staff, very like the John Lewis Partnership

A SIP enables staff to make a voluntary investment from a salary of up to £1,800 per year, before deductions for Income Tax and National Insurance. The share value is recalculated every year and, after a period of at least three years, those shares bought through the SIP can be sold back to the Trust without Capital Gains Tax.

Comments TEn Marketing Manager Megan Blackham; “In 2014 TEn’s moved toward staff ownership up to nearly 70% of all shares, guaranteed - once and for all - that TEn was really serious about the concept of succession and that we were in the business of being a network for independent insurance brokers for the long term.

We have already seen a significant increase in staff engagement with all facets of the business since then and the opportunity to hold a personal – as well as a collective – stake in future of TEn can only benefit the company, its broker members and our own people.”

TEn reaches 100 members

TEn Insurance Services, is happy to announce that its number of member brokers has now reached 100.

The company first opened its doors on the 12th February 2005.  The 100th member has now signed up and will be ready to start trading 4 days after this 10 year milestone. 

Comments TEn managing director Malcolm Lee; "Only a little later than the original business plan first envisaged, we have now reached 100 members; which we are delighted about. Not only is 100 a significant milestone, but the more the number the greater becomes our national coverage and our ability as a collective to handle clients throughout the UK."

Moving in Manchester

TEn Insurance Services, is pleased to announce that it will be moving offices within Manchester.

TEn first opened an office in Oxford Street Manchester in 2009 and then moved to its current location at 111 Piccadilly during 2010. Now the company will be moving again to Charlotte Street, during the first week of October.

Comments TEn director John Rusby; "As we did with our other office, we have existed in flexible office space for the first few years and now is the time to occupy our own space.  Our new location will enable us to double that number over the next three years."

TEn Insurance currently employs 35 staff and supports and network of 94 brokers.