IN BRIEF: Tavistock completes Lifetime acquisition after FCA nod

Tavistock Investments PLC - Ascot, England-based financial advice and investment management firm - Completes its acquisition of Lifetime Financial Management Intermediaries Ltd. Announed in September, the deal was for an initial cash consideration of £3.7 million, plus £2.3 million in cash for both debt reduction and strategic leadership incentives. The deal also includes additional payments over a four-year period based on Lifetime’s earnings before interest, tax, depreciation and amortisation. Notes this is capped at £9.9 million. Says the closing of the transaction follows the Financial Conduct Authority’s change of control approval.

‘Our conviction is that everyone deserves financial peace of mind regardless of age or wealth. Lifetime brings a proven, hybrid model that breaks down traditional barriers to financial advice and wealth creation. It is the answer for the financial well-being of UK adults today and offers our shareholders an opportunity for creating significant incremental value,’ says Tavistock Chief Executive Brian Raven.

Current stock price: 3.23 pence, down 3.7% on Thursday morning in London

12-month change: down 21%

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