Tavistock Investments PLC Acquisition of LEBC Hummingbird Limited (3388M)

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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May 23, 2022 02:00 ET (06:00 GMT)

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