Business
Completion of disposal of Tavistock Wealth
Completion of disposal of Tavistock Wealth.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0753K\n Tavistock Investments PLC\n 31 August 2021\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 Tavistock Investments Plc\n \n \n \n \n \n (\"Tavistock\" or the \"Company\")\n \n \n \n \n \n Completion of disposal of Tavistock Wealth\n \n \n \n \n 31 August 2021\n \n Tavistock has completed the sale of Tavistock Wealth Limited (\"TWL\") to Titan Wealth Holdings Limited (\"Titan Wealth\"). \n \n \n The Company announced on 14 June 2021 that it had entered a 10-year strategic partnership with Titan Wealth. As a part of these arrangements Titan Wealth has acquired TWL for a consideration of up to £40 million in cash, together with a ten-year earn out.\n \n \n \n \n \n Tavistock's shareholders gave their approval for the transaction on 23 July 2021. The Financial Conduct Authority granted change in control approval on 9 August 2021.\n \n \n \n \n \n James Kaberry and Andrew Fearon, joint-CEOs of Titan Wealth, said: \"We are very pleased to have completed the acquisition of Tavistock Wealth. We value the strong relationship we have built with Tavistock and look forward to working closely with them. Tavistock Wealth will be renamed Titan Asset Management. John Leiper will continue in his role as Chief Investment Officer, overseeing a well-established team who have an excellent investment track record, and who will play a key part in the roll-out of Titan Wealth's central investment proposition that is being launched for both large and smaller IFA groups.\"\n \n \n Brian Raven, Tavistock's Chief Executive, said: \"We are pleased to have completed this transaction which endorses our corporate strategy. Our partnership with Titan Wealth will enable us to accelerate our growth plans and deliver maximum value to our shareholders.We also look forward to continuing to work closely with the highly successful investment team at TWL.\"\n \n \n \n \n For further information:\n \n \n \n \n \n Tavistock Investments Plc\n \n \n Oliver Cooke\n \n \n Brian Raven\n \n \n \n \n Tel: 01753 867...