Tavistock acquires South West firm for £3.7m

Tavistock's second deal in a week

Tom Ellis
clock • 1 min read

Tavistock Investments has spent £3.7m on the acquisition of Bath and Cheltenham advice firm Morgan Financial Group.

Morgans has 10 financial advisers and more than 1,500 clients with an estimated £500 million of assets under advice. The firm's 2020/21 accounts showed £2.3m revenues, reported EBITDA of £0.3 million, gross assets of £1m and net assets of £0.8m. The majority of the fee (£3.1m) will be paid up front and the remaining £0.6m will be paid 12 months after completion. The deal is subject to approval by the Financial Conduct Authority. The acquisition comes just a week after Tavistock bought a 21% stake in LEBC Group. The firm bought £10m worth of shares from Marie McVitie, the widow of LEBC...

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