Tavistock Investments plc
Expansion Continues with Regional Acquisition
Tavistock Investments plc ("Tavistock" or the "Company"), the integrated financial services company, is pleased to announce that it has today acquired Duchy Independent Financial Advisers Limited ("Duchy"). Duchy is an independent financial advisory business with offices in Truro and St Ives, Cornwall, and is regulated by the Financial Conduct Authority under number 519014.
Duchy has become a subsidiary of Tavistock Partners, the Company's advisory business. Tim Mears, Duchy's Managing Director, will head up Tavistock's new regional operation in the South West.
The initial consideration for the transaction, which is payable in full upon completion, comprises £220,000 in cash and £130,000 to be satisfied through the issue to the vendors of new ordinary shares of 1p each in the capital of the Company at an issue price of 7.5p per share. Upon the satisfaction of certain performance criteria, the vendors will also be entitled to receive a deferred consideration of up to £156,000, which may be satisfied at the Company's discretion, either in cash or through the issue of further ordinary shares of 1p each in the capital of the Company at an issue price of 7.5p per share.
Under certain circumstances, if the Company's share price has not risen to 7.5p by May 2017, a further "adjustment" consideration may be payable by the Company, either in cash or further shares at the Company's discretion, to have the effect of adjusting the issue price per share referred to above to the highest average closing price achieved by Tavistock's shares over any five consecutive trading days in the period between completion and the date on which the adjustment payment is made.
Duchy's unaudited management accounts for the twelve month period to 5 April 2015 indicate that it had net assets of £195,000 and had achieved a profit before tax in the period of £182,000.
Brian Raven, Tavistock's Chief Executive, commented: "We are delighted that Duchy has become part of the Tavistock Investments group, after looking for some time to establish a regional hub in the South West. This business, under Tim's leadership, is an ideal fit, sharing our commitment to the quality of private investor experience."
Tim Mears, Duchy's Managing Director, said: "I've been looking to find the right partner for some time and have had discussions with several parties. Tavistock impressed me as the best option, not just for me, but also to secure the potential for an eventual retirement exit for our advisers. Their business model is impressive and they place a strong emphasis on customer care. I'm looking forward to working with them to expand the group's operations in the South West."
For further information:
Tavistock Investments plc Oliver Cooke, Executive Chairman Brian Raven, Group Chief Executive |
Tel: 01753 867 000 |
Northland Capital Partners Limited William Vandyk Matthew Johnson |
Tel: 020 7382 1100 |
WH Ireland Limited Tim Feather Mark Leonard |
Tel: 0113 394 6600 Tel: 020 7220 1666 |
Templars Communications Ltd Kitty Parry James Kimber |
Tel: 020 3642 3140 |
Notes for Editors:
Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services group. Key group companies are: Tavistock Partners which provides compliance, administration and accounting services to the Group's independent financial advisers; and Tavistock Wealth which manages the Group's Centralised Investment Proposition (CIP) combining active and passive strategies across in-house and externally managed mandates. In February 2015, Tavistock Investments acquired Standard Financial Group Limited. Following the acquisition Tavistock has more than 300 advisers in the Group and an estimated £3 billion in assets under advice.
Brian Raven, Chief Executive
Brian Raven has been involved in the financial services sector since 2010. He has a wide range of business experience, having held many sales and general management posts at senior management and board level, including running public companies on both AIM and the Official List. Most notably, in 1991 Brian founded Card Clear Plc, subsequently renamed Retail Decisions plc, a business engaged in combating the fraudulent use of plastic payment cards. He led the company until 1998 by which time it was an international group, listed on AIM, with a market capitalisation of some £100 million. As a principal, Brian has been responsible for identifying, negotiating and integrating numerous acquisitions, as well as for delivering organic growth.
Media Contact
James Kimber, Templars Communications
[email protected]
0203 642 3148
