- 10-year strategic partnership with Titan Wealth terminated
- Tavistock’s share price slumps 22 per cent
- Shares trading on less than half book value
Aim-traded financial services group Tavistock Investments (TAVI:2.9p) has terminated its 10-year strategic partnership with Titan Wealth Holdings citing unacceptable fund performance.
In August 2021, Titan acquired Tavistock’s multi-asset manager for a cash consideration of up to £40mn, half of which was paid on completion with the balance payable in three instalments. The third and final cash payment was due to be paid to Tavistock later this year and accounts for £5mn (0.9p) of the company’s net asset value of £40.7mn (7.25p).