Tavistock has said that its acquisitions have been a “key step” in its refocus into a “much more significant” asset manager providing investment solutions to third party advice firms and networks, as well as to retail clients.
In its latest trading update released today (9 December) it highlighted its sale of two of its advice subsidiary businesses - Tavistock Partners (TPL) and Tavistock Estate Planning Services (TEPS) - to Saltus for a cash consideration of up to £37.75m. Tavistock said that the consideration was "substantially higher" than the market capitalisation of the company on alternative investment management (AIM) and the disposal of these businesses "affords the company an opportunity to realise a significant profit on the investment that it has made over past years in acquiring and developing thes...
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