Tavistock Investments is to acquire Price Bailey's independent financial advisory arm PBFS for £3.6m, in a bid to launch its investment management services to higher net worth clients.
The acquisition is expected to complete on 29 November subject to regulatory approval. PBFS is a firm of eight advisers and fourteen support staff. It currently has £313m of funds under advice and £166m of funds under discretionary management (FUM). In the year ended 31 March PBFS reported earnings before interest, taxation, depreciation and amortisation of £391,000 on a turnover of £2.1m. Tavistock raised £2.1m through issuing 70,000,000 ordinary shares to pay for the deal. It will issue a further 21,263,462 shares upon completion followed by another cash payment of up to £650,000...
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