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Tavistock buys Cambridge-based advisor Chater Allan

Published: 08:27 15 Jun 2021 BST

Tavistock Investments PLC -

Tavistock Investments PLC (LON:TAVI) returned to profit in its latest financial year as higher gross margins combined with lower overheads.

The group yesterday announced the sale of its fund manager arm TWL to Titan Wealth for up to £40mln as part of a strategic partnership but announced its own acquisition today with the purchase of Chater Allan, a Cambridge-based financial advisor.

Chater Allan has £110mln of funds under advice and is expected to add to profits this year, said the statement.

Brian Raven, Tavistock’s chief executive, said: “Yesterday we announced the launch of our long-term strategic partnership with Titan Wealth and our commitment to accelerate the growth of our advice business, so I am particularly pleased to welcome on board everyone from Chater Allan.

“The firm has an excellent track record, and we are delighted that they have decided to become part of Tavistock. We remain acquisitive."

Tavistock added profits for the year to end-March 2021 were £1.2mln after a £1.2mln reorganisation charge, compared to a loss in the previous year of £5.7mln, which included a £5mln one-off charge.

Revenue was little changed at £28.7mln (£28.8mln), with funds under management of around £1.1bn. Cash at the year-end was about £4.5mln.

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