Tavistock Investments PLC Acquisition of LEBC Hummingbird Limited (3388M)
23 Maggio 2022 - 8:00AM
UK Regulatory
TIDMTAVI
RNS Number : 3388M
Tavistock Investments PLC
23 May 2022
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock" or the "Company")
Acquisition of LEBC Hummingbird Limited
23 May 2022
Tavistock (AIM:TAVI) is pleased to announce that it has entered
into an agreement to acquire the entire issued share capital of
LEBC Hummingbird Limited ("Hummingbird"). Hummingbird is an
unregulated business that provides research on the asset class
allocations to be used within funds and model portfolios. Its
service is designed to help investment managers match their
investment solutions with the differing risk profiles identified
through the use of "attitude to risk" questionnaires completed by
clients.
Tavistock has agreed to acquire Hummingbird from LEBC Group
Limited ("LEBC Group") (which is regulated by the Financial Conduct
Authority) for a total cash consideration of GBP3.0 million. GBP1.5
million of the consideration will be paid upon completion and
GBP1.5 million will be paid on 30 November 2022.
Hummingbird began trading in 2020 as a provider of financial
research for the LEBC Group. Hummingbird's audited accounts for the
financial year ended 30 September 2021 show that the company
achieved gross revenues of GBP0.61 million, profit before tax of
GBP0.43 million and had gross assets of GBP0.13 million as at 30
September 2021.
This acquisition of Hummingbird follows the recent announcement,
on 3 May 2022, that Tavistock has completed the purchase of 21% of
the issued share capital of Hummingbird's ultimate parent company,
LEBC Holdings Limited. LEBC Group is a subsidiary of LEBC Holdings
Limited.
Derek Miles, LEBC's Managing Director, said ; "Hummingbird's
revenues and EBITDA have grown rapidly, and we are excited about
our future prospects. We look forward to continuing to work closely
with Tavistock's management team to enhance both businesses."
Brian Raven, Tavistock's Chief Executive, said ; "We are pleased
to welcome Hummingbird into the Tavistock Investments group and
look forward to working with Derek and his team as we extend our
commercial partnership."
For further information:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Allenby Capital Limited Tel: 020 3328 5656
(Nominated adviser and broker)
Corporate Finance:
Nick Naylor, Liz Kirchner, Freddie
Wooding
Sales and Corporate Broking:
Tony Quirke
Powerscourt Tel: 07711 380 007
Gilly Lock 020 7250 1446
Chloe Retief
About Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services
group that has over 175 advisers across the UK helping over 40,000
clients look after more than GBP4 billon of investments. The
Company was established in 2013.
Tavistock's advisory business operates throughout the UK. The
Tavistock Partners network supports over 130 Registered Individuals
(IFAs), providing compliance, administration, technology, training
and accounting services. The Tavistock Partnership is a network
that does the same for 30 Appointed Representative firms. Tavistock
Private Client provides wealth management and financial planning to
high-net-worth individuals.
The Tavistock Platform, launched in 2020, provides a low-cost
platform service to the Group's advisory and investment
clients.
Tavistock Asset Management ("TAM") markets the Group's
centralised investment proposition, both the ACUMEN UCITS funds and
the Group's Model Portfolio Service ("MPS"). In June 2021 the
Company announced its entry into a ten-year strategic partnership
with Titan Wealth Holdings Limited ("Titan Wealth"). Tavistock acts
as Titan Wealth's retail distribution partner. TAM retains Titan
Wealth as investment manager for the MPS.
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