Duchy – which has net assets of around £195,000 – has become a subsidiary of the firm’s advisory business Tavistock Partners.
The initial consideration for the deal comprises £200,000 in cash and £130,000 to be satisfied through the issue to the vendors of new ordinary shares.
Tim Mears, Duchy’s managing director, will head up Tavistock’s new South West regional operation.
He said: “I’ve been looking to find the right partner for some time and have had discussions with several parties. Tavistock impressed me as the best option, not just for me, but also to secure the potential for an eventual retirement exit for our advisers.”
Brian Raven, Tavistock’s chief executive, commented: “We are delighted that Duchy has become part of the Tavistock Investments group, after looking for some time to establish a regional hub in the South West. This business, under Tim’s leadership, is an ideal fit, sharing our commitment to the quality of private investor experience.”
