Tavistock to buy struggling adviser network in £2.7m deal

Listed financial services group Tavistock Investments has agreed to buy Standard Financial Group, the parent company of adviser network Financial, in a bid to grow the size and reach of its advisory business.

The reverse takeover deal, to be completed following investor approval on 12 February, will create a group of 324 advisers, serving more than 65,000 clients with around £3bn funds under advice, Tavistock announced this morning. The firm said it has set aside a total of £2.7m to cover the cost of the acquisition and provide further funding. The firm will initially pay £500,000 in cash, followed by tranches of working capital if required. It will also offer £2,000 for each adviser within Financial who remains within the group from the date of completion of the acquisition until 31 Ma...