(Alliance News) - Tavistock Investments PLC on Monday said it agreed to acquire Morgan Financial Group Holdings Ltd for GBP3.7 million in cash.
The Bracknell, England-based investment manager said completion of the acquisition of Morgans from Corimar Asset Management Fund LP is conditional upon its receipt of change in control approval from UK regulator the Financial Conduct Authority.
Morgans is a Cheltenham, England-based independent financial advisory firm. It generated gross revenue of GBP2.3 million and earnings before interest, tax, depreciation, and amortization of GBP300,000 in the year that ended April 30 last year.
Morgans had gross assets of GBP1.0 million and net assets of GBP800,000 at that point.
Tavistock said that GBP3.1 million of the GBP3.7 million consideration will be paid upon completion, and the remaining GBP600,000 will be paid 12 months later.
"We look forward to joining a much larger, well-resourced group and to working with Tavistock's management team to expand the Morgans business," Morgans Managing Director Steve Thorrington said.
Tavistock Chief Executive Brian Raven added: "We are pleased to welcome Morgans into the Tavistock Investments group and look forward to working with Steve and his team to improve Morgans' operational efficiency and accelerate its commercial development,"
Shares in Tavistock were down 1.9% at 3.78 pence each Monday afternoon in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Tavistock (TAVI)