Sanlam UK to acquire Tavistock Financial for £1m

Network of 158 advisers

Sanlam UK is set to acquire Cheltenham-based Tavistock Financial's network of 158 financial advisers, along with 25 support staff, from Tavistock Investments in a deal worth £1m.

Completion of the acquisition, which is part of Tavistock Investments' new focus on building closer relationships with its advisory partner firms, is subject to regulatory approval, which the company anticipated would be granted "in the near future". Tavistock Investments grows FUM by 332% in just one year Tavistock Investments said it would use the total cash consideration of £1m, which is payable in full on completion, for working capital purposes, adding: "As a consequence of the transaction, the group's cash resources will be strengthened and simultaneously its regulatory capital ...