Saltus has paid up to £37.75m to acquire Tavistock’s financial advice businesses, Tavistock Partners Limited and Tavistock Partners (UK) Limited, including the Abacus and Duchy brands.

Financial Planning firm Tavistock, which is in the middle of a legal spat with former business partner Titan Wealth Services, said profits climbed fifteenfold to £2.23m in the year to end of March, up from £0.14m in the previous 12 months.