REG - Tavistock Investment - Strategic refocus and acquisition of Lifetime

Tavistock InvestmentsAnnouncement

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RNS Number : 8528Y  Tavistock Investments PLC  11 September 2025

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, which has been authorised for
release by Oliver Cooke, Chairman, this information is now considered to be in
the public domain.

 

Tavistock Investments Plc

 

("Tavistock" or the "Company")

 

 

Strategic refocus and acquisition of Lifetime Financial Management

 

 

11 September 2025

 

Tavistock's board is fundamentally refocusing the Company's business to
empower people to live better, more confident lives by giving them control
over their financial future.

 

Background to the refocus

 

The FCA's 2024 Financial Lives Survey found that only the most privileged 9%
of UK consumers received full financial advice. This leaves a "neglected 91%"
who are without access to the guidance they need to make informed financial
decisions and the FCA's survey noted that 59% of adults faced difficulties
with financial matters.

 

The regulatory burden being imposed on advisory firms has increased
significantly over the last 10 years, driving up the cost of doing business.
Simultaneously, downward price pressure has intensified, requiring  financial
advisory firms to deliver services that cost more to provide, but at a lower
price, all the while carrying a greater level of advice risk.

 

Advisory firms now find it commercially unsustainable to support lower value
clients and are shedding them, thereby increasing the pool of people without
access to financial advice.

 

When people are stressed or anxious, they want the personalised human support
that is essential to make real financial transformation possible - hence the
relative failure of automated robo-advice, despite the enormous amounts
invested in it.

 

Tavistock's refocus

 

Tavistock believes that the retail financial advice system is broken and must
change. The Company intends to focus on the "neglected 91%" together with
those who are no longer being supported by other advisory firms. The two key
acquisitions underpinning the refocus are: Alpha Beta Partners (acquired in
February 2025); and today's acquisition of Lifetime Financial Management
Intermediaries Limited ("Lifetime"). Key points of the acquisition are:

 

·      Tavistock's acquisition of 76.59% of Lifetime's ordinary shares
with Ian Dickinson (founder and Chief Executive of Lifetime) remaining as
23.41% shareholder, with a put and call option arrangement in place enabling
Tavistock to acquire Ian Dickinson's shares later based on a range of
multiples of Lifetime's EBITDA.

·      Initial cash consideration of £3.7 million plus £2.25 million
in cash for both debt reduction and strategic leadership incentives.

·      Additional consideration payments over a 4-year period based on
Lifetime's achieved EBITDA, with the maximum consideration for the 76.59%
shareholding capped at £9.9 million.

·      Transaction made possible by Tavistock's disposals, in 2021, of
its UCITS funds and investment team and, in 2024, of its network of
self-employed IFAs, generating more than £30 million and £37.5 million
respectively.

·      Subject to change in control approval by the FCA.

 

Lifetime has established a proven, hybrid financial advisory model that breaks
down the traditional barriers to both financial advice and wealth creation,
which will enable Tavistock to provide its services in a highly cost-effective
manner. Lifetime's digital-first platform makes appropriate and significant
use of technology and AI, but only in support of qualified professionals and
always with a human in the loop. There will be no minimum income thresholds
for clients and no wealth barriers. In Lifetime's financial year ended 31
March 2025 it made a loss before tax of £81,000.

 

The provision of support for the "neglected 91%" and the rapidly growing
number of "orphaned" low value clients are both enormous market opportunities
for Tavistock, notable for the lack of meaningful competition. In addition,
the enlarged group already has access to over 700,000 potential clients via
its Employee Benefits business.

 

Tavistock's proposition will include a range of IFA consultancy services
delivered through its existing Vertex fintech business, generating recurring
revenue from product licensing and growth in funds under management, from
automated risk management (Vertex Oversight), fintech tools for retirement
drawdown management (Vertex Drawdown), an innovative investment panel (Vertex
Invest) and a fintech/AI solution providing financial well-being to everyone,
regardless of income or wealth (Vertex Direct).

 

The implications for Tavistock's shareholders are highly attractive. The board
believes that this first step of Tavistock's refocusing will enhance
shareholder value, with further strategic partnerships with industry
specialists anticipated. In due course the business will be rebranded in line
with its revolutionary Vertex solutions.

 

Commenting on the development, Brian Raven, Chief Executive, said: "Our
conviction is that everyone deserves financial peace of mind regardless of age
or wealth. We believe this strategic move gives us a proven, hybrid model that
breaks down traditional barriers to financial advice and wealth creation. It
is the answer for the financial well-being of UK adults today and offers our
shareholders an opportunity for significant incremental value".

 

Ian Dickinson, Lifetime's Chief Executive, said: "We are delighted to be
joining the Tavistock Group to pursue our common purpose to provide everyone
with professional and affordable financial advice and low-cost investment
solutions. Lifetime has been on an incredible journey for the last 23 years
and we are excited to embark upon our next chapter in closing the advice gap."

 

 
ENDS

 

For further information:

 

 Tavistock Investments Plc                                                                                                                                                          Tel: 01753 867000

 Brian Raven

 Oliver Cooke

 Allenby Capital Limited                                                                                                                                                            Tel: 020 3328 5656

 (Nominated adviser and broker)

 Corporate Finance:

 Nick Naylor, Daniel Dearden-Williams

 Sales and Corporate Broking:

 Tony Quirke

 Flagstaff Communications

 (PR)

                                                                                                                                                                                  tavistock@flagstaffcomms.com
 Tim Thompson

                                                                                                                                                                                  Tel: 0207129 1474
 Alison Allfrey

 Anna Probert

About Tavistock Investments Plc

 

Tavistock Investments is a specialist wealth and asset management company
focused on meeting the specific needs of private investors and differentiated
by its commitment to excellence and revolutionary thinking.

 

Within the group, Tavistock Private Client has been recognised many times for
excellent advice services to higher net worth individuals, winning multiple
industry awards. It also operates an employee benefits business and
educational finance portal, 'Tell Me How'. Tavistock Asset Management,
augmented by the recent acquisition of Alpha Beta Partners, delivers
institutional portfolio management services at a retail price, so that clients
benefit from collective buying power, as well as competitive dealing charges.
It has a range of diversified, multi-asset mandates with risk profile, levels
of active management and portfolio structures tailored to suit client needs.
The third element of wealth management, Tavistock Protect, provides clients
with a comprehensive range of life insurance and critical illness policies
and will shortly be expanding into the mortgage market.

 

Tavistock was founded by Chief Executive Brian Raven, who has been involved in
financial services since 2010 and has a wealth of commercial experience.
Together with Chairman, Oliver Cooke, he founded Card Clear Plc in 1991 to
combat the fraudulent use of plastic payment cards and led it to an AIM
listing in 1998. They then developed a group focused on UK health and fitness
sector loyalty schemes, before Brian invested in the financial services sector
in 2010, later launching Tavistock, along with Oliver, and listing it on AIM
in 2013.

 

Tavistock commenced its restructuring by disposing of its UCITS funds and
investment team in 2021 and its network of self-employed IFAs in November
2024, generating more than £30m and £37.5m respectively. These transactions
provided significant working and development capital for the Group, allowing
it to optimise the balance of regulatory risk and commercial reward for the
benefit of its shareholders.

 

 

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