REG - Tavistock Investment - Acquisition of LEBC Hummingbird Limited

Tavistock InvestmentsAnnouncement

23/05/2022 07:00

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RNS Number : 3388M  Tavistock Investments PLC  23 May 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 LEBC Hummingbird Limited

 

 

 

23 May 2022

 

Tavistock (AIM:TAVI) is pleased to announce that it has entered into an
agreement to acquire the entire issued share capital of LEBC Hummingbird
Limited ("Hummingbird"). Hummingbird is an unregulated business that provides
research on the asset class allocations to be used within funds and model
portfolios. Its service is designed to help investment managers match their
investment solutions with the differing risk profiles identified through the
use of "attitude to risk" questionnaires completed by clients.

 

Tavistock has agreed to acquire Hummingbird from LEBC Group Limited ("LEBC
Group") (which is regulated by the Financial Conduct Authority) for a total
cash consideration of £3.0 million. £1.5 million of the consideration will
be paid upon completion and £1.5 million will be paid on 30 November 2022.

 

Hummingbird began trading in 2020 as a provider of financial research for the
LEBC Group. Hummingbird's audited accounts for the financial year ended 30
September 2021 show that the company achieved gross revenues of £0.61
million, profit before tax of £0.43 million and had gross assets of £0.13
million as at 30 September 2021.

 

This acquisition of Hummingbird follows the recent announcement, on 3 May
2022, that Tavistock has completed the purchase of 21% of the issued share
capital of Hummingbird's ultimate parent company, LEBC Holdings Limited. LEBC
Group is a subsidiary of LEBC Holdings Limited.

 

Derek Miles, LEBC's Managing Director, said; "Hummingbird's revenues and
EBITDA have grown rapidly, and we are excited about our future prospects. We
look forward to continuing to work closely with Tavistock's management team to
enhance both businesses."

 

Brian Raven, Tavistock's Chief Executive, said; "We are pleased to welcome
Hummingbird into the Tavistock Investments group and look forward to working
with Derek and his team as we extend our commercial partnership."

 

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 over 40,000 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 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.

 

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