02:00 Fri 27 Aug 2021
Mattioli Woods PLC - Acquisition of Richings Financial Management Ltd
Mattioli Woods plc
("Mattioli Woods", "the Company" or "the Group")
Acquisition of Richings Financial Management Ltd
Mattioli Woods plc (AIM: MTW.L), the specialist wealth and asset management business, is pleased to announce the acquisition of 100% of the share capital of Richings Financial Management Ltd ("Richings") from its shareholders ("the Sellers") for an initial consideration of
Founded in 1991, Richings is an established financial planning and wealth management business, working with over 270 private client families with approximately
In the year ended
The total consideration comprises:
· An initial consideration of
· Contingent consideration of up to
Payment of the initial cash consideration, deal costs and estimated net asset completion adjustment has resulted in a net cash outflow at completion of
Commenting on the acquisition,
"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. 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."
"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."
- Ends -
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
For further information please contact:
Mattioli Woods plc |
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Ian Mattioli MBE, Chief Executive Officer |
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Tel: +44 (0) 116 240 8700 |
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Canaccord Genuity Limited (Nominated Advisor and Joint Broker) |
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Tel: +44 (0) 20 7523 8000 |
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Singer Capital Markets (Joint Broker) |
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Tel: +44 (0) 20 7496 3000 |
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Media enquiries:
Camarco |
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Tel: +44 (0) 20 3757 4998 |
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