Tavistock Investments returns to profit following reorganisation

£1.2m for year ending March 2020

Tavistock Investments has reported an operating profit of £1.2m for the year ending March 2021, following a loss of £5.5m the previous year.

Last year the business undertook a reorganisation project, which cost £1.2m, to reduce its overhead costs by £750,000 in a full year. The project was funded, in part, by a decision to furlough almost one-in-four employees, lower rents negotiated with landlords and a payment holiday on £1.4m in outstanding debt. Within its investment business, Tavistock reported funds under management increased for a seventh consecutive year, up 15% year-on-year to £1.2bn. The sale of Tavistock Wealth, Tavistock's multi-asset manager, to Titan Wealth completed last week (31 August) and will be renam...