10th Oct 2014 08:42
LONDON (Alliance News) - Tavistock Investments PLC Friday said it is in an "increasing number of discussions" which may lead to further expansion in the coming months, while recent trading has been buoyed by recent acquisitions.
Tavistock Investments completed the reverse acquisitions of County Life & Pensions Ltd, an independent financial advisory business based in Kegworth, Derbyshire, and of Blacksquare Ltd, a discretionary investment management business based in Windsor, Berkshire, at the end of May.
Those two businesses were re-branded, with Country Life & Business renamed as Tavistock Partners Ltd and Blacksquare as Tavistock Wealth Ltd.
The company said that Tavistock Wealth has developed and launched a discretionary fund management service predominantly for use by clients of the advisory business. It said that since launching the discretionary funds management service in early August, more than 1,300 clients have appointed Tavistock Wealth as their DFM, and said it expects more to follow suit in the coming weeks.
"As a consequence of these developments Tavistock Wealth will now trade profitably. Tavistock Partners continues to trade profitably, as it has since its acquisition, and management's current expectation is that profitable trading at the group level will be achieved in the near future," the company said in a statement.
The company's stock was up 16% Friday morning, trading at 7.72 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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