6th May 2015 07:55
LONDON (Alliance News) - Financial services company Tavistock Investments PLC on Wednesday said it has struck a deal to acquire Duchy Independent Financial Advisers Ltd in Cornwall.
Tavistock said Duchy, which has officers in Truro and St Ives, has been integrated into its Tavistock Partners advisory business.
It will pay GBP220,000 in cash for the company, plus a further GBP130,000 in shares issued at 7.5 pence per share, which would mean Duchy is issued 1.7 million shares in Tavistock. A further GBP156,000 consideration will be due to Duchy, payable in cash or shares, dependent on it meeting performance targets.
"We are delighted that Duchy has become part of the Tavistock Investments group, after looking for some time to establish a regional hub in the South West," said Tavistock Chief Executive Brian Raven.
Shares in Tavistock were up 8.2% to 2.462 pence on Wednesday, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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