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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Aveni forms AI advisory board with wealth management leaders

Aveni forms AI advisory board with wealth management leaders

Senior execs from Aviva’s Succession Wealth, Schroders Personal Wealth, 7IM and Rathbones join forum

Sahar Nazir
clock 01 July 2025 • 2 min read
Majority of UK wealth management sector eyes acquisitions this year

Majority of UK wealth management sector eyes acquisitions this year

Continued appetite and momentum in M&A space

Isabel Baxter
clock 30 June 2025 • 3 min read
How can firms improve client engagement with wealth products?

How can firms improve client engagement with wealth products?

Consumer first focus; Simplifying prodcut information

James Wood
clock 30 June 2025 • 4 min read