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Tavistock to acquire Price Bailey advice arm for up to £3.6m


Tavistock Investments has agreed a deal to acquire Price Bailey Financial Services for up to £3.6m.

Price Bailey Financial Services is the advice arm of Price Bailey chartered accountants, with offices in London, Bishop’s Stortford, Cambridge, Ely and Norwich.

It has eight advisers and 14 support staff, and will bring £313m in assets under advice, with £166m managed on a discretionary basis.

Tavistock says the deal will provide a platform to launch its investment management services to high-net-worth-clients.

The deal is being part funded by a share placing of up to 70,000,000 new ordinary shares which aims to raise up to £2.1m.

Of those proceeds, £2m will be paid in cash to acquire Price Bailey Financial Services. The remainder will be used for working capital.

Tavistock will also issue new shares as part of the acquisition deal. A further payment of £150,000 will be made a year after the deal has completed, plus an additional variable payment of up to £500,000.

The variable payment will be reduced if Price Bailey receives more than one upheld complaint within the first year.

A final deferred payment of up to £440,000 will be made based on the share price at the time.

Tavistock acquired Abacus Associates Financial Services earlier this year in a £5.2m deal, and acquired failed network Financial Ltd last year.



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There is one comment at the moment, we would love to hear your opinion too.

  1. Interesting as Bellpenny bought part if Price Bailey a couple if years ago and many clients left. Plus the two key financial advisers from PB that joined Bell penny have gone into business with Simon Youlton the ex head if sales at Bell penny who seems to be doing an excellent job of asset stripping.

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