Wealth manager Tavistock today reported an operational loss after a turbulent last six months, during which time the firm quarrelled with former investment partner Titan Wealth and sold its advice business.

Tavistock said it lost £0.2m in the half year to the end of September, compared to a £0.9m profit in the same period in 2023.

Revenue fell slightly from £20.6m to £19.6m while adjusted profits dropped two-thirds from £1.8m to £0.7m.

Earlier this month it confirmed it will reposition the business after receiving £22m from The Saltus Partnership today for its network of self-employed registered individuals.

It sold its advice business to Saltus for a total of £38m, including a performance-related deferred consideration of up to £15.75m.

Oliver Cooke, Tavistock chairman, said: “The reduction of the group's appointed representative network has inevitably had an adverse impact on the level of gross revenue and reported EBITDA for the period.”

In November it acquired asset manager Alpha Beta Partners as part of a “key strategic step in the company's refocused proposition.”

Tavistock acquired ABP in November, adding £3bn in assets under management.

Brian Raven, Tavistock's chief executive, said: "I am pleased with the significant progress we've made with the strategic refocussing of the group's activities. I anticipate that the non-advised provision of investment management services to the clients of third-party advice businesses and directly to the public will become a substantial part of Tavistock's service proposition.”

He said the company’s debt facility with Bank of Ireland and cash resources following the disposal of its network of self-employed IFAs “give us the wherewithal to expand our scope and profitability and we are in active talks with a number of targets."

Tavistock remains in the middle of a legal spat with former business partner Titan Wealth Services.

In July Tavistock terminated its 10-year strategic investment partnership with Titan Wealth, blaming “unacceptable performance.”

Titan subsequently issued a counter statement accusing Tavistock of “serious wrongful conduct” in ending the deal under which Titan managed Tavistock funds.