Thu, 10 Aug 2017 | BUSINESS SALE
Cheltenham-based firm Tavistock Financial has been sold to Sanlam UK in a deal worth £1m, subject to FCA approval.
The sale by Tavistock's parent company, Tavistock Investments, which is also located in Cheltenham, includes a network of 158 financial advisers along with 25 support staff.
The AIM-listed parent has said that despite a reduction in the reported level of gross revenues, it doesn't expect there to be any material impact on the flow of funds into its centralised investment proposition or future profitability.
In the year to 31 March 2017, Tavistock Financial's estimated gross revenues would be in the region of £13.4m, with a contributed earnings before interest, tax, depreciation and amortisation, EBITDA, of £109,000.
Jonathan Polin, chief executive of Sanlam UK, said: "We are very pleased to welcome Tavistock Financial's network of high quality advisers to Sanlam.
"Earlier this year I announced the launch of Sanlam Partners, a way for adviser firms to leverage the benefits of the wider Sanlam Group while retaining control of their business.
"The initial response from advisers has been hugely positive and today's acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board other adviser firms."
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