Wealth manager Tavistock has made a pre-tax loss of £1.6m following its takeover of troubled adviser network Financial Ltd - up 70% on the year before - its latest half year results show.
The firm said a large part of the losses in the six months to September was due to one-off costs from activities it discontinued in its restructure of the merged group. The firm made a £920,000 loss in the first half of last year. Tavistock acquired Financial's parent group Standard Financial in February in a deal for which they raised £2.7m. The firm planned to offer a home to 324 advisers but has managed to retain about 270, most of which it placed in newly formed network Tavistock Financial. As part of the merger Tavistock transferred all of Financial's support staff and oper...
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