Tavistock acquires South West firm for £3.7m

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...