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Tavistock swoops for advice firm in £5m deal


Tavistock Investments has acquired advice firm Abacus Associates Financial Services for £5.2m.

Abacus operates through 45 mainly self-employed advisers working across the north east, Midlands and the south west.

The advice firm made pre-tax profits of £781,000 in the end year ended 31 January 2016 and has has around £650m of assets under influence.

The deal includes £4m to be paid at completion – expected to be April 2016 – as well as £130,000 through a new debt issue and 20 million new ordinary shares. An additional £1m will be paid on the anniversary of completion.

Other payments may be made in July 2018 depending on the performance of the company.

The acquisition also pushes Tavistock into “healthy profitabality” according to chief executive Brian Raven.

He says: “We are delighted that Abacus has become part of the Tavistock Investments Group. Tavistock is extremely selective when it comes to identifying businesses with which it would like to partner, and this agreement is testament to the strength and quality of Abacus, which is an ideal cultural fit. This transaction also signals a significant milestone for Tavistock as we move into healthy profitability at group level.”

Abacus founder and managing director Malcolm Harper says: “I’ve been searching for the right partner to help me take Abacus to the next level, and Tavistock impressed me as the best option. They provide a range of discretionary investment solutions that will suit many of our clients and share our ethos for transparency and quality of customer care.

“The transaction has also ensured the potential for a retirement exit for each of our advisers at a time that suits them. I will remain as a significant stakeholder in the enlarged Group and am looking forward to working with the Tavistock team.”

Tavistock has around 300 advisers, funds under management of around £4bn and £425m in funds under management. Of this £175 million is held in discretionary portfolios.



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