IFA firm bought in £5m deal
AN INDEPENDENT financial advisory firm has been bought by Berkshire rival Tavistock Investments for more than £5m.
Abacus Associates Financial Services is headquartered in Hereford, and has 45 predominantly self-employed financial advisers covering the Midlands, North East and the South West of the country.
For the year ended January 2016, Abacus reported pre-tax profits of £781,000 on turnover of £4.5m. It also reported net assets of £1.59m, which included £1.23m in cash. The company’s assets under influence are estimated to exceed £650m, of which some £250m are managed directly by Abacus on an advisory basis.
Tavistock has paid £5.16m for the firm.
Malcolm Harper, Abacus’ founder and managing director, said: “I’ve been searching for the right partner to help me take Abacus to the next level, and Tavistock impressed me as the best option.
“The transaction has also ensured the potential for a retirement exit for each of our advisers at a time that suits them.”
Tavistock will retain the Abacus brand and Mr Harper will continue to lead the business, as well as take on wider responsibility as part of the group’s senior management team.
