Aim-listed financial services group Tavistock has acquired insurance and protection business Precise Protect for £7m ($8.7m, €8m).
Precise Protect is regulated by the Financial Conduct Authority (FCA) and is based in Bangor, Northern Ireland.
The business has a network of over 200 advisers working with more than 37,000 UK clients, with an average age of under 40. The firm offers its clients a wide range of products (including life and critical illness cover, private medical insurance, personal injury and income protection), several of which were developed in-house and are unique to the firm.
Following the deal, the Tavistock group will have more than 400 advisers and other business introducers looking after over 110,000 private clients with estimated assets of over £5bn, as well as 350 corporate and affinity clients with some 16,000 employees.
Tavistock said that the Precise Protect deal is the “first significant acquisition” in the next phase of Tavistock’s growth plan. Integration of Precise into the Tavistock group will provide opportunities for operational cost savings, including software, systems and regulatory oversight.
Brian Raven, Tavistock chief executive, said: “We are delighted to welcome Tony and his team into the group and to add Precise Protect’s products to the wider group’s service proposition. We look forward to benefitting from numerous synergies, including operational cost savings, increased profitability and new business leads.”
The deal comes several months after Tavistock announced it had received an offer from the Bank of Ireland for up to £20m to assist with its acquisition strategy.
