Monetary Planner Tavistock has right now confirmed that it’s contemplating “numerous potential transactions” together with a bid from Monetary Planner Saltus for a part of its enterprise.
The Tavistock board mentioned it was confirming the opportunity of a dump after latest media hypothesis.
The Ascot-based enterprise has suffered losses in latest occasions and has been reviewing future technique though it just lately mentioned it had seen some enchancment financially. The agency has additionally continued to make acquisitions itself.
The corporate mentioned right now in a press release: “The board of Tavistock notes the latest media hypothesis and confirms that it’s contemplating numerous potential transactions, together with a attainable disposal of a part of the group’s enterprise to Saltus, a Monetary Planning and funding administration providers group.
“There could be no assure that such a transaction shall be concluded, and the board will solely proceed with such a transaction if it considers it to be in one of the best pursuits of the corporate and its shareholders. The corporate will make additional bulletins if and when applicable.”
Saltus began as an funding administration agency in 2004 and launched Saltus Monetary Planning in 2015. The Saltus group now employs greater than 200 folks and accomplished three acquisitions in 2022, together with London Chartered Monetary Planning agency Higgins Fairbairn Advisory LLP, Farnham Monetary Planning agency Fish Monetary and Hertfordshire wealth administration agency NSL Wealth. The agency additionally acquired Lorica in 2020 and Consilia in March 2021.
Saltus has declined to touch upon the strategy.
Earlier this month Tavistock government chairman Oliver Cooke moved from an government chair function to turn into non-exec chair.
Final October Tavistock reported higher buying and selling after beforehand making a lack of almost £1m. In its interim outcomes for the six months ended 30 September 2023 the agency mentioned income was up 19% in comparison with similar interval the earlier 12 months to £20.6 million (H1 2022: £17.3 million). The earlier 12 months the group reaped a windfall revenue of £30.67m after the sale of its funding arm Tavistock Wealth to Titan Wealth in August 2021 for an preliminary sum of £20m.
The corporate revealed in its interim outcomes on the time that it had accomplished its evaluation of all British Metal Outlined Profit Pension Switch instances with “minimal uninsured price being incurred.” It didn’t disclose the price of rectifying any BSPS instances.
In April final 12 months the corporate acquired Exact Defend, a UK-wide safety enterprise primarily based in Bangor, Northern Eire, which it anticipated to be a serious contributor to the long run profitability of the group and has been built-in into the enterprise.
Following the transaction, Tavistock now has a community of over 400 advisers and different enterprise introducers working with greater than 110,000 UK retail shoppers with whole belongings estimated to be over £6 billion, in addition to 350 company and affinity shoppers with some 16,000 workers.
