Market Update

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, which has been authorised for release by Brian Raven, Chief Executive, this information is now considered to be in the public domain.

Tavistock Investments Plc (“Tavistock”)

Market Update

Tavistock is pleased to announce that it has entered into (i) an agreement for the disposal of the business and assets of King Financial Planning (“KFP”) for a cash consideration of £3 million and (ii) an exclusivity agreement for the potential sale of Tavistock Group Holdings Limited (the “Disposed Entity”), the owner of Tavistock Private Client Limited (“TPC”), with EPF V UK Wealth Bidco Jersey Limited (the Jersey based holding company for the Atomos group) (“Atomos”).

Atomos has the exclusive right to exchange contracts for the acquisition of the Disposed Entity on or before 14 November 2026 (or such other later date as the parties may agree). Atomos has confirmed that it has completed and is satisfied with its due diligence process.

The sale of the Disposed Entity remains subject to the agreement of definitive documents and to change of control approval from the Financial Conduct Authority (the “FCA”) in respect of TPC. The terms of transaction remain confidential and there can be no certainty that the sale of the Disposed Entity will proceed to completion.

The Disposed Entity is the immediate holding company of TPC whose main activity, like KFP, is the provision of wealth management services to higher net worth individuals. This business area now sits outside the Group’s strategic refocus.

Strategic Refocus

The failure of the financial services industry to support more than the privileged few is not because there are too few financial advisers, but because the way the industry operates, advice costs too much to deliver.

Behind every piece of advice sits a great deal of work – gathering information, analysing a position, modelling options, writing a suitability report and compliance checking everything. This work sets an economic floor below which firms cannot serve clients at a profit. Tavistock is building a modern financial infrastructure that changes the economic parameters for retail clients and advisory firms.

Our refocus is being financed by disposals and achieved by like-minded firms joining the group. Alpha Beta Partners (ABP) is an asset manager with an excellent track record. Lifetime Financial Management and Plus Group are fintech firms that already work together to deliver integrated human-centric advice and support that makes appropriate use of AI to reduce costs and turbocharge productivity.

As the cost of providing advice is reduced, the floor above which firms can profitably serve the people they currently have to turn away, also falls. Crucially, operating costs are not reduced by removing the adviser or lowering standards, but by removing the cost barrier that keeps advice out of reach.