UK-based Duchy Independent Financial has become the latest purchase in Tavistock Investments' acquisition spree.

London-listed Tavistock Investments has acquired Cornwall-based Duchy Independent Financial Advisers for an initial consideration of £220,000 ($334,000) in cash and £130,000 in shares.

The deal also involves a deferred sum of up to £156,000 to be paid upon satisfactory performance.

The acquisition will see the IFA become a subsidiary of Tavistock's advisory business, Tavistock Partners. Duchy's managing director will move over to lead the firm's new regional operation in the South West.

Over the year to 5 April 2015, Duchy had net assets of £195,000 and a pre-tax profit of £182,000, according to its unaudited management accounts.

“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,” said Tavistock's chief executive, Brian Raven.

“This business, under Tim’s leadership, is an ideal fit, sharing our commitment to the quality of private investor experience.”

Just last month, Tavistock purchased advisory firm Cornerstone Asset Holdings for an initial consideration of £1 and a deferred amount of £100,000. 

Tavistock Investments now has over 300 advisors and around £3 billion in assets under advice.