Tavistock Investments has announced its acquisition of Bangor-based Precise Protect Limited.
Precise Protect is an adviser specialising in insurance and protection. Last year, the Northern Irish firm posted a turnover of £6.5m in its annual results, alongside net assets of £1.23m and an impressive profit of £1.45m.
Tavistock has purchased Precise Protect for £7mn during a critical period of transition – following the sale of its wealth management arm, Tavistock Wealth, to Titan back in 2021.
The deal will pad out Tavistock’s books, adding 37,000 clients to bring its total up to 110,000. Meanwhile, an additional 200 advisers nearly doubles its adviser headcount to over 400. Assets under management are set to exceed the £5bn mark.
Tony Close, Precise Protect’s Managing Director, said: “Precise Protect’s revenues and EBITDA have grown rapidly and we remain excited about its prospects. However, we are very pleased to be joining the Tavistock group which will enable us to offer a much wider range of services to our clients, as well as deliver a development pathway for advisers and career development opportunities for staff.”
Brian Raven, Tavistock’s Chief Executive, said; “We are delighted to welcome Tony and his team into the group and to add Precise Protect’s products to the wider group’s service proposition. We look forward to benefitting from numerous synergies, including operational cost savings, increased profitability and new business leads.”
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