Consolidator Tavistock Investments has bought the entire issued share capital of Cornerstone Asset Holdings.
The business interests on behalf of Cornerstone have been managed by subsidiary Tavistock Partners. Among the assets of Cornerstone include IFA Sutcliffe Solloway Financial Planning.
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Tavistock will pay an initial consideration of £1 in cash for Cornerstone, with a deferred consideration of £100,000 payable on 30 June or at a later date agreed by the two parties.
The company may pay the deferred consideration in 1.3 million shares at 7.5 pence per share.
Tavistock purchased IFA business County Life & Pensions along with investment manager Blacksquare in January.
Following the acquisition, County Life & Pensions was renamed Tavistock Partners, while Blacksquare was rebranded as Tavistock Wealth.
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By GlobalDataThe acquisition of Cornerstone was originally planned to take place at the same time as County Life and Pensions. However, the move was prevented due to the existence of a clause in one of Cornerstone’s asset purchase agreements which has now been eliminated.
