REG - Tavistock Investment - Acquisition of Morgan Financial Group Holdings Ltd

Tavistock InvestmentsAnnouncement

17/01/2022 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220117:nRSQ5343Ya&default-theme=true

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
£3.7 million, from Corimar Asset Management Fund LP. £3.1 million of the
consideration will be paid upon completion and £0.6 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 £500 million
of assets under advice.  Morgans' unaudited accounts for the financial year
ended 30 April 2021 show that the group achieved gross revenues of £2.3
million, reported EBITDA of £0.3 million, had gross assets of £1.0 million
and net assets of £0.8 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
£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.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQBIMATMTIBBRT