Tavistock acquires IFA Abacus in £5m deal

Hereford-based Abacus is set to join the Tavistock Group on 1 April following approval from financial regulators. Abacus operates with 45 predominantly self-employed financial advisers covering the North East, the Midlands and the South West of the country. Pre-tax profits at the firm stood at £781,000 last year with a turnover of about £4.5m. The £5m deal will see £4m paid on completion. A further £1m will be settled on the first anniversary of completion, details of the deal revealed. Tavistock will retain the Abacus brand and Malcolm Harper, founder and managing director, will c...