ProtectionApr 11 2023

Tavistock buys Northern Ireland-based protection firm

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Tavistock buys Northern Ireland-based protection firm

Tavistock Investments has acquired Precise Protect Limited, an insurance and protection firm in Bangor, Northern Ireland, in a deal worth £7mn.

The move comes during a period of transition for Tavistock following the sale of its investment management business to Titan Wealth Holdings in August 2021.

Precise Protect has a network of 200 advisers working with more than 37,000 UK clients. 

Last year, the firm reported £1.45mn profit before tax with a turnover of £6.5mn and net assets of £1.23mn. 

Tavistock’s chief executive, Brian Raven said he looks forward to benefiting from numerous synergies, including operational cost savings, increased profitability and new business leads as a result of the acquisition.

As a result of the purchase, the Tavistock group will have over 400 advisers servicing over 110,000 private clients with estimated assets over £5bn. 

This is in addition to 350 corporate and affinity clients with 16,000 employees.

The cost of the sale will be £7mn according to Tavistock, assuming the achievement of all performance related earn-outs.

Tavistock has said the integration of Precise into its group will provide opportunities for operational cost savings such as software, systems and regulatory oversight with the most significant benefit being the addition of its specialist team.