Tavistock acquires South West firm for £3.7m

Tavistock's second deal in a week

Tom Ellis
clock • 1 min read

Tavistock Investments has spent £3.7m on the acquisition of Bath and Cheltenham advice firm Morgan Financial Group.

Morgans has 10 financial advisers and more than 1,500 clients with an estimated £500 million of assets under advice. The firm's 2020/21 accounts showed £2.3m revenues, reported EBITDA of £0.3 million, gross assets of £1m and net assets of £0.8m. The majority of the fee (£3.1m) will be paid up front and the remaining £0.6m will be paid 12 months after completion. The deal is subject to approval by the Financial Conduct Authority. The acquisition comes just a week after Tavistock bought a 21% stake in LEBC Group. The firm bought £10m worth of shares from Marie McVitie, the widow of LEBC...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA CEO tells MPs watchdog 'welcomes debate' over regulatory easing

FCA CEO tells MPs watchdog 'welcomes debate' over regulatory easing

Speaking at Treasury Committee hearing after five-year plan release

Sorin Dojan
clock 25 March 2025 • 3 min read
Pivotal moment in advice: The power of a holistic and behavioural approach

Pivotal moment in advice: The power of a holistic and behavioural approach

The shift to outcome-based strategies

Rio Stedford
clock 25 March 2025 • 3 min read
FCA to publish smaller firm guide this year

FCA to publish smaller firm guide this year

Regulator has heard that smaller firms would like further Consumer Duty support

Isabel Baxter
clock 25 March 2025 • 3 min read