A Financial Planning firm attached to Chartered Accountants is set to be taken over in a deal worth £3.6million, it emerged this morning.

Consolidator Tavistock announced that it has entered into a conditional agreement to acquire Price Bailey Financial Services.

The firm is the independent financial advisory arm of Price Bailey, a group of Chartered Accountants with UK offices in London, Bishop’s Stortford, Cambridge, Ely and Norwich.

PBFS, which employs eight advisors and fourteen support staff, will continue to share offices with, and benefit from client introductions from Price Bailey, Tavistock said in a statement.

PB lists its Financial Planning services as including:
• A full tax planning service with lifestyle cash flow modelling
• Discretionary portfolio management
• Inheritance tax and estate planning
• Pensions advice and retirement planning

PBFS has £313 million of new Funds under Advice, including £166 million of funds being managed on a discretionary basis.

A Tavistock statement read: “The acquisition of this multi award winning business will enhance the group’s profile and will provide a platform from which to launch the group’s investment management services to higher net worth clients.

“The group will also benefit from a significant enhancement to its earnings as a consequence of PBFS’ profitable trading and the additional FUM being introduced to the Group.

Completion of the acquisition still requires consent from the Financial Conduct Authority.

Tavistock Investments expressed its intention to raise up to £2.1 million in new equity capital as it agrees the terms of the deal.