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Novia takes £250k stake in advice firm

Novia has taken a stake in advice and discretionary management firm Tavistock and will provide a loan facility worth up to £750,000.

In an announcement to the stock exchange this morning, Tavistock says Novia alongside Cocoon Investment Holdings has taken a stake in the business worth £250,000.

The two will also provide a £750,000 loan facility to the firm over three years.

Cocoon is also a shareholder in Novia.

Tavistock Investments incorporates advice business Tavistock Partners and discretionary firm Tavistock Wealth.

Both were formed earlier this year after the firm acquired IFA firm County Life & Pensions and investment manager Blacksquare, and rebranded both companies.

County Life & Pensions includes the Sterling McCall network.

The statement says a new agreement will see Tavistock use Novia as a preferred platform while the wrap provider will introduce advisers to Tavistock.

Tavistock Wealth will allow Novia users access to its centralised investment proposition, which normally only distributed through Tavstock’s own advisers. 

Novia and Cocoon have agreed to provide Tavistock with a three-year unsecured convertible loan facility of up to £750,000 to fund business development and working capital.

Tavistock chief executive Brian Raven says: “Whilst still at an early stage in the development of the Tavistock Group, I am very pleased with the progress that we are making towards establishing Tavistock as a significant financial services company.  This additional funding will assist us in achieving that objective.”

Novia chief executive Bill Vasilieff says: “The trend for the consolidation of IFA firms has accelerated post RDR. We like the Tavistock proposition for advisers and anticipate making an excellent return from our stake in the business.

“The deal adds real value to Novia supporting advisers by obtaining a very attractive retirement option for them, one with preferential terms to those otherwise available. However, the end client will be the real beneficiary, protected from a potential advice gap, by assured continuity of advice in the event that their adviser retires from the market.”


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