UK financial services firm Tavistock has agreed to acquire the entire issued share capital of Bath and Cheltenham-based IFA group Morgan Financial Group Holdings.
Morgans has two wholly owned subsidiaries, Morgan Financial Group and Morgans Limited, the latter of which is regulated by the Financial Conduct Authority (FCA).
The IFA group was established in 1992 as a provider of financial planning and consultancy services to private and corporate clients.
Morgans employs 10 financial advisers and has over 1,500 clients with an estimated £500m ($684m, €599m) of assets under advice.
The deal is subject to regulatory approval.
Finances
Tavistock has agreed to acquire Morgans for a total cash consideration of £3.7m from Corimar Asset Management Fund LP.
Some £3.1m will be paid upon completion and £600,000 will be paid 12 months after completion.
Brian Raven, Tavistock’s chief executive, said; “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.”
This acquisition comes a week after Tavistock bought 21% of the issued share capital of independent financial advisory group LEBC Holdings for £10m.
