Shares in TEP Exchange suspended

SHARES in AIM-listed Cheshire-based group TEP Exchange Group, have been suspended after it failed to file its annual accounts, in breach of market rules.

The company, chaired by Scottish Conservative politician George Kynock, said it was “in the process of finalising its audited accounts” and they would be published shortly.

TEP Exchange is a web-based exchange for Traded Endowment Policies, enabling instant deals between market makers and independent financial advisers. It employs five people at its Chester head office..

Half year results, filed last September for the six months to June 30. showed the company’s revenues had grown 21% from £229,000 to £279,000. Profits fell by a third from £18,000 to £6,000.

Last year it revealed that it had been forced to switch its IT partner, which effectively runs the operation of the business, from a firm called Surrenda-Link to a new company called Foregate, after Surrenda-Link said it wanted to terminate the outsourcing agreement between the two.