Business
Acquisition of Morgan Financial Group Holdings Ltd
Acquisition of Morgan Financial Group Holdings Ltd.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5343Y\n Tavistock Investments PLC\n 17 January 2022\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n Tavistock Investments Plc\n \n \n (\"Tavistock\" or the \"Company\")\n \n \n Acquisition of Morgan Financial Group Holdings Limited\n \n \n \n \n \n \n \n \n \n \n \n 17 January 2022 \n \n \n \n \n \n Tavistock (AIM:TAVI) \n is pleased to announce that it has entered into an agreement to acquire the entire issued share capital of Morgan Financial Group Holdings Limited (\"Morgans\"), an independent financial advisory group with offices in Bath and Cheltenham. Morgans has two wholly owned subsidiaries, Morgan Financial Group Limited and Morgans Limited, the latter of which is regulated by the Financial Conduct Authority (the \"FCA\").\n \n \n \n \n \n Completion of the acquisition is conditional upon Tavistock's receipt of change in control approval from the FCA and upon there being no material adverse change in Morgans' financial standing prior to completion. \n \n \n \n \n \n Tavistock has agreed to acquire Morgans for a total cash consideration of £3.7 million, from Corimar Asset Management Fund LP. £3.1 million of the consideration will be paid upon completion and £0.6 million will be paid on a date that is twelve months after completion. \n \n \n \n \n \n Morgans 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 £500 million of assets under advice. Morgans' unaudited accounts for the financial year ended 30 April 2021 show that the group achieved gross revenues of £2.3 million, reported EBITDA of £0.3 million, had gross assets of £1.0 million and net assets of £0.8 million.\n \n \n \n \n \n \n Steve Thorrington, Morgan's Managing Director, said\n \n ; \"We look forward to joining a much larger, well resourced group and to working with Tavistock's management team to expand the Morgans business.\...