London-listed Tavistock Investments has added Cornerstone Asset Holdings to its remit of acquired advisory firms.

UK-based Tavistock Investments has acquired Cornerstone Asset Holdings for an initial consideration of £1 and a deferred consideration of £100,000 ($148,000).

Tavistock's subsidiary, Tavistock Partners, which has historically managed Cornerstone's assets including Sutcliffe Solloway Financial Planning, has provided an inter-company account to facilitate the deferred payments. 

The vendors of Cornerstone are the three original owners of Tavistock Partners: Stephen Moseley, Kevin Mee and Paul Millott. 

As of the end of February, Cornerstone had gross assets of £1.25 million, including cash balances of £122,000 and total liabilities of £1.45 million, which sum included £639,000 owed to companies within the group, Tavistock said. 

“In the nine month period to the end of February 2015, Cornerstone reported a loss of £56,000 on nil turnover,” Tavistock said.

Tavistock kicked off this year with the acquisition of Standard Financial Group to create a combined group with assets under advice of over £3 billion.