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Tavistock CEO buys up shares in company

Tavistock CEO buys up shares in company

Tavistock chief executive Brian Raven has bought 900,000 shares in the company at 2.8p each.

Following the purchase Mr Raven will have 63.2m shares in the company – giving him an 11.85 per cent holding in Tavistock Investments.

In addition Mr Raven has been offered the opportunity to buy another 11.6m shares if the company meets a series of “challenging and significant” performance targets.

In order to buy the shares he will have to continue to be employed at the company, achieve £5m of pre-tax profit in a single year and reach £1.5bn of funds under management.

In December Tavistock announced that it had made a loss of £688,000 for the six months ending in September 2016, which was a reduction of 16 per cent on the same period for the year before.

Meanwhile the company's funds under management increase from £540m to £690m over the course of the year.

In January Mr Raven told FTAdviser that he planned to focus on hiring more advisers and marketing its discretionary services, rather than continuing its shopping spree for firms.

Tavistock’s shares were this morning priced at 2.83p and have decreased in price by 34.6 per cent this year.

The company has a market cap of £15.07m.