Tavistock assets boosted by sale of wealth arm

Tavistock Wealth sold August 2021

Tavistock has seen its net assets surge more than 200% since the end of March, hitting £49.8m as of the end of September.

According to its interim results for the six-month period, the net assets were boosted by the £20m sale of Tavistock Wealth to Titan Wealth Holdings that took place in August. The firm said this allowed it to repay its outstanding borrowings of £3.5m, buy back and cancel 4.7% of the company's issued share capital and pay an interim dividend of 0.05p - a five-fold increase on its maiden payment made in 2019. Tavistock's revenue for the period was up 27% at £17m, while its pre-tax profit was £35.5m - up from the £416,000 loss in the first half of 2020. Tavistock £1bn wealth business a...