Monetary Planner Tavistock has as we speak confirmed that it’s contemplating “various potential transactions” together with a bid from Monetary Planner Saltus for a part of its enterprise.
The Tavistock board stated it was confirming the potential of a dump after latest media hypothesis.
The Ascot-based enterprise has suffered losses in latest instances and has been reviewing future technique though it lately stated it had seen some enchancment financially. The agency has additionally continued to make acquisitions itself.
The corporate stated as we speak in a press release: “The board of Tavistock notes the latest media hypothesis and confirms that it’s contemplating various potential transactions, together with a doable disposal of a part of the group’s enterprise to Saltus, a Monetary Planning and funding administration providers group.
“There might 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 acceptable.”
Saltus began as an funding administration agency in 2004 and launched Saltus Monetary Planning in 2015. The Saltus group now employs greater than 200 individuals 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 govt chairman Oliver Cooke moved from an govt chair position to change 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 stated income was up 19% in comparison with similar interval the earlier yr to £20.6 million (H1 2022: £17.3 million). The earlier yr 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 evaluate of all British Metal Outlined Profit Pension Switch instances with “minimal uninsured value being incurred.” It didn’t disclose the price of rectifying any BSPS instances.
In April final yr the corporate acquired Exact Defend, a UK-wide safety enterprise based mostly 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 purchasers with complete belongings estimated to be over £6 billion, in addition to 350 company and affinity purchasers with some 16,000 workers.
