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Tavistock prepares for post-Covid comeback

Tavistock prepares for post-Covid comeback

Staff who took a voluntary pay cut at Tavistock Investments during the coronavirus crisis will see their salaries return to normal from next month. 

Chief executive Brian Raven told FTAdviser new business levels were now recovering after a fall of about 50 per cent at the height of the crisis and that he expected it to return to normal by the end of September.

Advisers could begin returning to the office in August, he said, with senior management and those staff who took a salary cut returning to full pay in July. 

It comes as Tavistock told the market this morning (June 24) it had continued to "trade profitably" during the lockdown, which it primarily attributed to staff members taking a temporary voluntary pay cut. 

The company had furloughed 33 of its workforce and mobilised the remaining staff to work from home. 

Mr Raven said: "I have been enormously encouraged by the way that our entire workforce has risen to the challenges arising from the pandemic.

"The board maintains its focus on tight financial management and is confident the business will emerge from the current crisis in good shape."

Earlier this year Tavistock sold a minority stake to a London and Hong Kong-based asset manager as part of a fundraiser for acquisitions, raising £650,000 of equity capital.

But Mr Raven said whilst the company remained on the lookout for acquisition opportunities it had nothing planned in the immediate pipeline and deals were not its "main priority". 

rachel.mortimer@ft.com

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