Tavistock Investments has agreed to acquire Price Bailey Financial Services, the independent financial advisory arm of Price Bailey chartered accountants, for up to £3.6m.

PBFS currently employs eight advisors and 14 support staff and will bring with it approximately £313m in assets under advice, with £166m managed on a discretionary basis.

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Tavistock said the acquisition will provide a platform to launch its investment management services to high-net-worth-clients.

The deal is expected to be completed on 29 November, with £2m paid in cash and with over 21.2 shares.

To pay for the acquisition, Tavistock is looking to about £2.1m by placing up to 70 million shares at or around 3p each, a discount from recent levels close to 4p. The AIM-listed company said the placing will only be open to existing shareholders.

“Certain of the directors have indicated an intention to participate in the Subscription. In addition, certain of the Company’s significant shareholders have also indicated their intention to participate in the Placing and Subscription,” Tavistock said in a statement.