Tavistock Investments, an AIM listed financial services group, has purchased Northern Ireland-based insurance and protection business Precise Protect for up to £7 million.
Precise Protect has a network of over 200 advisers working with more than 37,000 UK clients. It offers its clients a wide range of products, including life and critical illness cover, private medical insurance, personal injury and income protection.
In the year to October 31, 2022, Precise Protect reported a profit before taxation of £1.45 million on turnover of £6.5 million and net assets of £1.23 million.
Following the transaction, the Tavistock group will have more than 400 advisers and other business introducers looking after over 110,000 private clients with estimated assets of over £5 billion, as well as 350 corporate and affinity clients with some 16,000 employees.
Tavistock, in an announcement posted on its website, stated that it has received change in control consent for the transaction from the Financial Conduct Authority, which regulates Precise Protect.
The group said Precise Protect is the first significant acquisition in the next phase of its growth plan, adding that the integration of Precise into the Tavistock group will provide opportunities for operational cost savings, such as software, systems and regulatory oversight.
Tavistock noted that it will also benefit from Precise Protect’s experienced and dedicated specialist team, with over 37,000 clients providing financial advice leads for both desk based and face-to-face advice teams, and mortgage and protection advisers getting upskilled to become independent financial advisers through the Tavistock Academy.
“Precise Protect’s revenues and EBITDA have grown rapidly, and we remain excited about its prospects,” Tony Close, managing director at Precise Protect, said. “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 (pictured), chief executive at Tavistock, added that they, too, were delighted to welcome Precise Protect into the group and add its 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,” Raven stated.
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