Tavistock has terminated its 10-year strategic investment partnership agreed on 14 June 2021 with Titan Wealth, citing “unacceptable performance.”
Tavistock said in the statement issued on 8 June: “This follows a sustained period of unacceptable performance by Titan.”
It further said: “It is the board’s expectation that the final sums due under the agreement will be received in due course and further updates will be made as appropriate.”
In April last year the plc company acquired Precise Protect, a UK-wide protection business based in Bangor, Northern Ireland.
This deal added to its network to create more than 400 advisers and other business introducers working with more than 110,000 UK retail clients with total assets estimated to be more than £6bn, as well as 350 corporate and affinity clients with some 16,000 employees.
In a separate statement, Titan noted Tavistock’s announcement dated 8 July 2024 that its 10-year partnership with Titan has come to an end, it said: “Tavistock’s suggestion that the partnership has been terminated because of ‘unacceptable performance’ by Titan is wrong and strongly denied. The partnership was terminated by Titan against a background of serious wrongful conduct by Tavistock and certain individuals associated with it who, Titan believes, have deliberately acted contrary to the terms of the partnership.
“In light of those matters, and contrary to the ‘expectation’ of Tavistock’s board, as reflected in its announcement, there are no further sums which Titan expects to pay to Tavistock under the agreement. In fact, by reason of the wrongful conduct referred to, it is Titan that has claims against Tavistock for substantial damages.
“Those claims are now the subject of pre-action correspondence between the parties’ legal representatives in accordance with the applicable court protocols, and accordingly, it would be inappropriate for Titan to comment further on them at this stage.”
