AIM-quoted Tavistock Investments has updated shareholders on its acquisition of Standard Financial Group Ltd (including its two trading subsidiaries Financial Ltd and Investments Ltd), which was completed on 13 February, 2015.
It reports that since the acquisition, it has conducted a risk appraisal of all members of Financial Ltd’s advisory network and has transferred the significant majority of those members across to a newly established network, Tavistock Financial Ltd. It has also disposed of Investment Ltd’s sub-scale investment management business and transferred all of the subsidiaries support staff and operations across to Tavistock Financial Ltd. This, says the company, has reduced the operating costs of the network business by more than £1 million per annum, so that TFL trades profitably.
In a statement, the company said: “Tavistock now has a national network of 270 self-employed financial advisers and has secured the opportunity to offer the services of its investment management business, Tavistock Wealth Ltd, to their underlying clients, whose assets are estimated to exceed £3 billion.
“Having secured the cancellation of regulatory permissions for FL and IL from the FCA, the final step in the integration process is to close down the three entities, SFG, FL and IL. The Company is therefore pleased to announce that it has now placed these three entities into Members Voluntary Solvent Liquidation and has appointed Moore Stephens and Co LLP to act as the liquidator for each company.”
Tavistock’s Chief Executive Brian Raven said: “Whilst the integration of these businesses into the Tavistock Investments Group has absorbed a considerable amount of management’s time over the past nine months, we are very pleased with the outcome and anticipate that the restructured business will contribute significantly to the Company’s future profitability.”