A subsidiary of Leicester wealth management giant Mattioli Woods has acquired a competitor based in Blackpool, Lancashire.
Ludlow Wealth Management Group has acquired 100 per cent of the share capital of Opus Wealth Management for an initial consideration of £710,000 – which could double depending on hitting performance targets in the following 12 months.
Opus provides financial planning and wealth management services to around 100 private client families with approximately £53 million of assets under advice.
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In the year to April 30, it generated revenues of £370,000 with a pre-tax profit of £140,000.
Mattioli Woods saw the value of clients’ assets that it looks after rise £400 million to £15.3 billion in the year to May 31. Its revenues were up 2.8 per cent to £111.2 million.
Michael Wright, deputy chief executive of Mattioli Woods, said: "We're delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business.
“We've highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals."
Ludlow chief executive Ian Hemingway said: “Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months.
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“This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area."
New businesses brought under the Mattioli Woods umbrella in recent months include Doherty Pension & Investment Consultancy, Maven Capital Partners, Ludlow Wealth Management and Richings Financial Management. It also took a 50.1 per cent stake in White Mortgages.
The group’s medium-term plan is to deliver revenues of £300 million and grow client assets under management to £30 billion.