Tavistock Investments has bought Duchy Independent Financial Advisers as part of a £500,000 deal.
The Cornwall-based company has become a subsidiary of Tavistock Partners and its managing director Tim Mears will head up Tavistock’s new regional operation in the south west.
Brian Raven, Tavistock’s chief executive, said: “Duchy has become part of the Tavistock Investments group, after looking for some time to establish a regional hub in the south west.
“This business, under Mr Mears’ leadership, is an ideal fit, sharing our commitment to the quality of private investor experience.”
The initial consideration for the transaction comprises of £220,000 in cash and £130,000 through the issue of new ordinary shares of 1p each, at an issue price of 7.5p per share.
Depending on various performance criteria, a deferred consideration of up to £156,000 is also payable.
Mr Mears said: “I’ve been looking to find the right partner for some time and have had discussions with several parties.
“Tavistock impressed me as the best option, not just for me, but also to secure the potential for an eventual retirement exit for our advisers.
“I’m looking forward to working with Tavistock to expand the group’s operations in the south west.”
Background box
In February Tavistock shareholders voted unanimously in favour of its acquisition of Standard Financial Group.
In April the company acquired the entire issued share capital of adviser firm parent Cornerstone Asset Holdings for an initial consideration of £1.
