UK-based financial advisory firm Tavistock has announced it will no longer acquire Morgan Financial Group Holdings.
In January 2022, Tavistock agreed to buy the Bath and Cheltenham-based IFA group for a total cash consideration of £3.7m ($5m, €4.4m) from Corimar Asset Management Fund LP.
But less than a month after the announcement, Tavistock has backed out of the deal.
Brian Raven, Tavistock’s chief executive, said in a London Stock Exchange statement: “The transaction is no longer in Tavistock’s strategic interests and therefore will not proceed. We wish the Morgans team well with the future development of their business.”
Morgan Financial Group was established in 1992 and provides financial planning to over 1,500 clients with around £500m of assets under advice.
