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Tavistock Investments acquires Cambridge IFA

Tavistock Investments acquires Cambridge IFA

Tavistock Investments has acquired Cambridge-based IFA Chater Allan Financial Services, adding approximately £110m to its funds under advice.

The firm said the purchase, which was announced in a trading update today (June 15), was made after the year end and was expected to “contribute to the group’s profitability” in the current financial year.

This acquisition follows Tavistock Investments' announcement yesterday (June 14) that it had sold its discretionary fund management arm as it signed a 10-year strategic partnership with Titan Wealth Holdings.

Titan acquired Tavistock Wealth for up to £40m in cash, together with a ten-year earn out and said the firms' partnership will see Tavistock act as Titan’s retail distribution partner. 

Brian Raven, Tavistock's chief executive, said: "It has been a tremendous team effort to achieve all that we have over the last year and I thank every member of staff for their loyalty and support. 

“Yesterday we announced the launch of our long-term strategic partnership with Titan Wealth and our commitment to accelerate the growth of our advice business, so I am particularly pleased to welcome on board everyone from Chater Allan.” 

He added: “The firm has an excellent track record, and we are delighted that they have decided to become part of Tavistock. We remain acquisitive and look forward to updating shareholders on progress in due course."

In its update today, the firm reported that pre-tax profit for the year ending March 31, 2021 was approximately £1.1m, after it made a one-off provision of £1.2m to cover the costs of a group-wide reorganisation project. 

During the same period last year it made a loss of £5.7m, however the group had faced a one off impairment charge of £5m at the time.

The group's revenues for the year were £28.7m, in line with the last financial year when it was £28.8m. Funds under management also remained similar at approximately £1.1bn.

Tavistock also reported that its cash resources as at March 31, 2021 were approximately £4.5m, up from £2.4m during the same period last year. 

This comes as the firm said yesterday it was readying to make further acquisitions.

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