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Tavistock Investment (TAVI)


Tuesday 15 June, 2021

Tavistock Investment

50% uplift in EBITDA & acquisition of Chater Allan

RNS Number : 8559B
Tavistock Investments PLC
15 June 2021


Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as amended by Market Abuse (Amendment) (EU Exit) Regulations 2019/310.   Upon the publication of this announcement, this inside information is now considered to be in the public domain.


Tavistock Investments Plc

("Tavistock", the "Group" or the "Company")


50% uplift in EBITDA and acquisition of Chater Allan


15 June 2021


Following the Company's update announced on 8 April 2021, the Board of Tavistock is pleased to provide further detail regarding the Company's strong trading performance during the financial year ended 31 March 2021.


Unaudited Group accounts


The Group's unaudited accounts for the year ended 31 March 2021 show an EBITDA of approximately £2.77 million. This is an increase of 50% (approximately £920,000) over the EBITDA reported for the previous year (£1.85 million).


This significant uplift in the Group's financial performance was achieved by increasing gross margins by approximately £355,000 (3%) (year ended 31 March 2021: approximately £12.1 million, prior year: £11.8 million) and by reducing the Group's overheads by approximately £565,000 (5.7%) (year ended 31 March 2021: approximately £9.3 million, prior year: £9.9 million).


Pre-tax profit for the year, after making a one-off provision of £1.2 million to cover the costs of a Group-wide reorganisation project, was approximately £1.1 million. This compares favourably with the pre-tax loss of £5.7 million that was reported for the year ended 31 March 2020. The prior year's loss was stated after making a one-off impairment charge of £5 million against the historic carrying value of certain intangible assets. The Group's revenues for the year were in line with the last financial year (31 March 2021: approximately £28.7 million, prior year: £28.8 million) and funds under management also remained similar at approximately £1.1 billion.


The Group's cash resources as at 31 March 2021 were approximately £4.5 million (31 March 2020: £2.4 million) and the Company is continuing to trade profitably in the current year. The Board currently anticipates that the Group's audited accounts for the year ended 31 March 2021 will be available for release by mid-August 2021.


Acquisition of Chater Allan


Since the year end, the Company has acquired the business and assets of Chater Allan Financial Services LLP, an independent advisory business based in Cambridge. The acquisition of this business has added approximately £110 million to the Group's funds under advice and is expected to contribute to the Group's profitability in the current financial year.


Brian Raven, Tavistock's Chief Executive, commented: "It has been a tremendous team effort to achieve all that we have over the last year and I thank every member of staff for their loyalty and support. Yesterday we announced the launch of our long-term strategic partnership with Titan Wealth and our commitment to accelerate the growth of our advice business, so I am particularly pleased to welcome on board everyone from Chater Allan. The firm has an excellent track record, and we are delighted that they have decided to become part of Tavistock. We remain acquisitive and look forward to updating shareholders on progress in due course."




Tavistock Investments Plc  Tel: 01753 867000

Oliver Cooke

Brian Raven 


Allenby Capital Limited

(Nominated Adviser and Broker to Tavistock)                                                               Tel: 020 3328 5656

Corporate Finance:

Nick Naylor, Nick Athanas, Liz Kirchner

Sales and Corporate Broking:

Tony Quirke  


Powerscourt (PR adviser to Tavistock)   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 180 advisers across the UK helping 30,000+ clients look after more than £4 billon of investments. The Company was established in 2013.


Tavistock's advisory business operates throughout the UK. The Tavistock Partners network supports 140 Registered Individuals (IFAs), providing compliance, administration, technology, training and accounting services. The Tavistock Partnership is a network that does the same for 20 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.


On 14 June 2021, the Company announced its entry into a ten-year strategic partnership with Titan Wealth Holdings Limited ("Titan"). Tavistock will act as Titan's retail distribution partner and Titan will acquire Tavistock Wealth Limited ("TWL"), Tavistock's multi-asset manager with over £1 billion of FUM, for a consideration of up to £40 million in cash, together with a ten-year earn out. Whilst becoming part of Titan, John Leiper, Tavistock's Chief Investment Officer, and his investment team will continue to work closely with Tavistock and its advisers.


A new company, Tavistock Asset Management ("TAM"), will continue to market the Group's centralised investment proposition, both the ACUMEN UCITS funds and the Group's Model Portfolio Service ("MPS"). TAM will retain Titan as investment manager for the MPS.


The strategic partnership will enable Tavistock to accelerate the growth of its wealth management business both organically and through an acquisition programme.

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