Last checked at 22 Oct 2015 07:00
Tavistock Investments Plc
Update on integration of Standard Financial Group
22 October 2015
On 13 February 2015, Tavistock Investments plc ("Tavistock" or the "Company") completed the acquisition of Standard Financial Group Ltd ("SFG") together with its two trading subsidiaries, Financial Ltd ("FL") and Investments Ltd ("IL").
Since then, with approval from the Financial Conduct Authority (FCA), the Company has conducted a risk appraisal of all members of FL's advisory network; following which, it has transferred the significant majority of those members across to a newly established network, Tavistock Financial Ltd ("TFL"). Tavistock has also disposed of IL's sub-scale investment management business and transferred all of FL's and IL's support staff and operations across to TFL. The combined effect of these developments has reduced the operating costs of the network business by more than £1 million per annum, so that TFL trades profitably.
Tavistock now has a national network of 270 self-employed financial advisers and has secured the opportunity to offer the services of its investment management business, Tavistock Wealth Ltd, to their underlying clients, whose assets are estimated to exceed £3 billion.
Having secured the cancellation of regulatory permissions for FL and IL from the FCA, the final step in the integration process is to close down the three entities, SFG, FL and IL. The Company is therefore pleased to announce that it has now placed these three entities into Members Voluntary Solvent Liquidation and has appointed Moore Stephens and Co LLP to act as the liquidator for each company.
Brian Raven, Tavistock's Chief Executive, said.
"Whilst the integration of these businesses into the Tavistock Investments Group has absorbed a considerable amount of management's time over the past nine months, we are very pleased with the outcome and anticipate that the restructured business will contribute significantly to the Company's future profitability."
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For further enquiries, please contact:
Tavistock Investments plc
Oliver Cooke, Chairman
Brian Raven, Chief Executive Tel: 01753 867 000
Northland Capital Partners Limited
William Vandyk / Matthew Johnson Tel: 020 7382 1100
WH Ireland Limited
Tim Feather / Mark Leonard Tel: 020 7220 1660
Templars Communications Ltd
Kitty Parry / Kate Boothman-Meier Tel: 020 3642 3140
Notes to editors:
Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services group. Key group companies are: Tavistock Partners and Tavistock Financial which both provide compliance, administration and accounting services to the Group's independent financial advisers; and Tavistock Wealth which manages the Group's Centralised Investment Proposition (CIP) combining active and passive strategies across in-house and externally managed mandates. Tavistock has 270 advisers supported by the Group and an estimated £3 billion in assets under advice.