Tavistock Investments PLC Acquisition of Morgan Financial Group Holdings Ltd (5343Y)
January 17 2022 - 2:00AM
UK Regulatory
TIDMTAVI
RNS Number : 5343Y
Tavistock Investments PLC
17 January 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock" or the "Company")
Acquisition of Morgan Financial Group Holdings Limited
17 January 2022
Tavistock (AIM:TAVI) is pleased to announce that it has entered
into an agreement to acquire the entire issued share capital of
Morgan Financial Group Holdings Limited ("Morgans"), an independent
financial advisory group with offices in Bath and Cheltenham.
Morgans has two wholly owned subsidiaries, Morgan Financial Group
Limited and Morgans Limited, the latter of which is regulated by
the Financial Conduct Authority (the "FCA").
Completion of the acquisition is conditional upon Tavistock's
receipt of change in control approval from the FCA and upon there
being no material adverse change in Morgans' financial standing
prior to completion.
Tavistock has agreed to acquire Morgans for a total cash
consideration of GBP3.7 million, from Corimar Asset Management Fund
LP. GBP3.1 million of the consideration will be paid upon
completion and GBP0.6 million will be paid on a date that is twelve
months after completion.
Morgans was established in 1992 as a provider of financial
planning and consultancy services to private and corporate clients.
Morgans employs 10 financial advisers and has over 1,500 clients
with an estimated GBP500 million of assets under advice. Morgans'
unaudited accounts for the financial year ended 30 April 2021 show
that the group achieved gross revenues of GBP2.3 million, reported
EBITDA of GBP0.3 million, had gross assets of GBP1.0 million and
net assets of GBP0.8 million.
Steve Thorrington, Morgan's Managing Director, said ; "We look
forward to joining a much larger, well resourced group and to
working with Tavistock's management team to expand the Morgans
business."
Brian Raven, Tavistock's Chief Executive, said ; "We are pleased
to welcome Morgans into the Tavistock Investments group and look
forward to working with Steve and his team to improve Morgans'
operational efficiency and accelerate its commercial
development."
For further information:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Allenby Capital Limited Tel: 020 3328 5656
(Nominated adviser and broker)
Corporate Finance:
Nick Naylor, Liz Kirchner, Freddie
Wooding
Sales and Corporate Broking:
Tony Quirke
Powerscourt Tel: 07711 380 007
Gilly Lock 020 7250 1446
Chloe Retief
About Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services
group that has over 175 advisers across the UK helping 40,000+
clients look after more than GBP4 billon of investments. The
Company was established in 2013.
Tavistock's advisory business operates throughout the UK. The
Tavistock Partners network supports over 130 Registered Individuals
(IFAs), providing compliance, administration, technology, training
and accounting services. The Tavistock Partnership is a network
that does the same for 30 Appointed Representative firms. Tavistock
Private Client provides wealth management and financial planning to
high-net-worth individuals.
The Tavistock Platform, launched in 2020, provides a low-cost
platform service to the Group's advisory and investment
clients.
Tavistock Asset Management ("TAM") markets the Group's
centralised investment proposition, both the ACUMEN UCITS funds and
the Group's Model Portfolio Service ("MPS"). In June 2021 the
Company announced its entry into a ten-year strategic partnership
with Titan Wealth Holdings Limited ("Titan Wealth"). Tavistock acts
as Titan Wealth's retail distribution partner. TAM retains Titan
Wealth as investment manager for the MPS.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQBIMATMTIBBRT
(END) Dow Jones Newswires
January 17, 2022 02:00 ET (07:00 GMT)
Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tavistock Investments (LSE:TAVI)
Historical Stock Chart
From Jul 2023 to Jul 2024