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IFA network set to be acquired


Jonathan Polin

Tavistock Investments PLC has announced that it has entered into an agreement for the sale of the whole of the issued share capital of Tavistock Financial Limited to Sanlam UK.

The completion of the sale is subject only to change in control approval being granted by the FCA.

The transaction will see Sanlam UK – part of Sanlam Limited – acquire the Cheltenham-based Tavistock Financial’s network of 158 financial advisers along with 25 support staff for a total of £1m, which will be payable in full on completion.

It is estimated that in the year ended 31st March 2017, Tavistock Financial would have reported gross revenues of approximately £13.4m with attendant costs of sales of £12m. 

The regulatory capital requirement of the business on a stand-alone basis would have been in excess of £500,000.

“We are very pleased to welcome Tavistock Financial’s network of high-quality advisers to Sanlam,” said Jonathan Polin, chief executive of Sanlam UK (pictured above).

“Earlier this year I announced the launch of Sanlam Partners, a way for adviser firms to leverage the benefits of the wider Sanlam Group, while retaining control of their business.

“The initial response from advisers has been hugely positive and today’s acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board other adviser firms.”

Brian Raven, chief executive of Tavistock Investments PLC, added: “Our focus is on building closer relationships with our advisory partner firms, rather than on operating a traditional network business such as Tavistock Financial.

“We are now working with over 100 registered individuals and 40 appointed representative firms, all of whose businesses we would be pleased to acquire. 

“Therefore, the Tavistock Financial business no longer fits with our strategy.”





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