Growing wealth management specialist Mattioli Woods has made another acquisition – this time buying Richings Financial Management Ltd, in Buckinghamshire.
It is the latest in a number of buy-outs by the listed, Leicester-based financial services company which in recent months have included Maven Capital Partners, Ludlow Wealth Management and Pole Arnold.
Mattioli Woods said it had bought the business for £900,000 upfront and a potential further £900,000 in two years depending on performance.
Recent trading figures for Mattioli Woods showed it was now looking after around £4.1 billion of client assets, with more than £480 million added in the last year.
Founded in 1991, Richings is an established financial planning and wealth management business, with more than 270 private client families with around £70 million of assets under advice.
Based in Iver, it employs four staff, all of whom will remain with Mattioli Woods following completion.
In the year to April 30, it generated revenues of £660,000, with pre-tax profits of £340,000.
Mattioli Woods chief executive Ian Mattioli said: "Not only is this transaction a great addition because Clive shares the same philosophy as us, putting client's best interests at the forefront of his advice, but it further expands our operations in the South East following our other recent acquisitions.
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“We believe the broader range of products and services offered by Mattioli Woods, including our enhanced product offering to clients from the recent acquisition of investment manager Maven Capital Partners, can help build on the great outcomes Richings' clients already achieve.
“We look forward to working with Clive and his experienced team now that they have joined the Mattioli Woods group."
Clive Ridge said: "The increasing regulatory burden and resources required to successfully run an independent financial advisory business led us to explore the options available to ensure the long-term continuity of the quality advisory service we offer our clients.
"I believe that with Mattioli Woods' more comprehensive infrastructure and larger support team behind us, Richings' clients and employees will benefit from the considerable additional resources and support now available as part of the Mattioli Woods group, enabling our team to enhance and expand the personal service our clients expect from us, while continuing to put them at the forefront of our advice.
“We are very much looking forward to this exciting new phase."