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Tavistock Investment (TAVI)

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Thursday 10 August, 2017

Tavistock Investment

Disposal of Tavistock Financial Limited

RNS Number : 5750N
Tavistock Investments PLC
10 August 2017


10 August 2017






Tavistock Investments Plc ("Tavistock" or "Company") today announces that it has entered into an agreement for the sale of the whole of the issued share capital of Tavistock Financial Limited ("Tavistock Financial") to Sanlam UK, part of Sanlam Limited.  Completion is subject only to change in control approval being granted by the FCA, which is anticipated in the near future.


The transaction will see Sanlam UK acquire Cheltenham-based Tavistock Financial's network of 158 financial advisers along with 25 support staff, for a total cash consideration of £1 million payable in full on completion, which will be used by the Group for working capital purposes.  As a consequence of the transaction, the Group's cash resources will be strengthened and simultaneously its regulatory capital requirement will be reduced. The Board currently anticipates that despite a reduction in the reported level of gross revenues, there will be no material impact on the flow of funds into the Group's centralised investment proposition or on the future profitability of the Group.


It is estimated that in the year ended 31 March 2017 the business of Tavistock Financial, as comprised at Completion, would have reported gross revenues of approximately £13.4m with attendant costs of sales of £12m, and contributed EBITDA of some £109k. The regulatory capital requirement of the business on a stand-alone basis would have been in excess of £500k.


Commenting on the acquisition, Sanlam UK Chief Executive, Jonathan Polin said:

"We are very pleased to welcome Tavistock Financial's network of high quality advisers to Sanlam. Earlier this year I announced the launch of Sanlam Partners, a way for adviser firms to leverage the benefits of the wider Sanlam Group while retaining control of their business. The initial response from advisers has been hugely positive and today's acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board other adviser firms. This is another significant milestone in our mission to build a client-centric, advice-led and outcome-focussed business and I look forward to working with our new colleagues to making it a success."


Brian Raven, Chief Executive of Tavistock Investments Plc, said:

"Our focus is on building closer relationships with our advisory partner firms, rather than on operating a traditional network business such as Tavistock Financial. We are now working with over 100 Registered Individuals and 40 Appointed Representative Firms, all of whose businesses we would be pleased to acquire. Therefore, the Tavistock Financial business no longer fits with our strategy. However, in disposing of that company, it was very important to us that the interests of the staff, the network members and their underlying clients were protected.  Sanlam UK has convinced us that they are the right firm to take the business forward. We wish them and our former colleagues and advisers all the best for the future."





For further information:

Tavistock Investments plc Tel: 01753 867000

Oliver Cooke, Chairman

Brian Raven, Group Chief Executive


Arden Partners Plc Tel: 020 3861 6625

William Vandyk


Allenby Capital Limited Tel: 020 3328 5656

Nick Naylor

Nick Athanas


Templars Communications Limited Tel: 020 3642 3140

Kitty Parry

Malika Shermatova


Notes to editors


About Tavistock Investments PLC

Tavistock Investments Plc is an AIM listed investment management business that has successfully established its own distribution through the strategic acquisition of five independent financial advisory businesses. Key group companies are: Tavistock Wealth which manages the Group's Acumen Funds and its Centralised Investment Proposition (CIP), Tavistock Partners which provides compliance, administration and accounting services to Partner Advisers (RIs) and The Tavistock Partnership which provides similar services to Adviser Firms (ARs). Tavistock has over 160 advisers in the Group and in excess of £3 billion in assets under advice.


About Tavistock Financial Limited

Tavistock Financial Limited, a network of independent financial advisers, was formed in July 2015, following the acquisition of Standard Financial Group Ltd ("SFG") together with its two trading subsidiaries, Financial Ltd ("FL") and Investments Ltd ("IL"). 


This information is provided by RNS
The company news service from the London Stock Exchange

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