Acquisition of BDO NI EPUT Business

RNS Number : 7495L

Mattioli Woods PLC

14 January 2021

 

14 January 2021

Mattioli Woods plc

("Mattioli Woods" or "the Group")

Acquisition of the EPUT administration business of BDO Northern Ireland

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, is pleased to announce it has acquired the Exempt Property Unit Trust ("EPUT") administration business of BDO Northern Ireland ("BDO NI") for a nominal initial consideration plus (capped) deferred consideration representing 50% of BDO NI EPUT profits before tax for the 30 months following completion. 

Mattioli Woods has also acquired the entire issued share capital of Callender Street Nominees Limited  from Aqua Trust Company Limited in Jersey as part of the transaction. 

EPUTs are complementary to Mattioli Woods' core SSAS and SIPP proposition, widely used in Northern Ireland and the acquisition expands Mattioli Woods' operations in the region.  The EPUT business's experienced team of three employees will join Mattioli Woods and operate from the Group's existing office in Belfast.

The EPUT business provides trustee and administration services to over 100 EPUTs with total funds under trusteeship of over £233 million.  

Commenting on the transaction, Murray Smith, Founder Director of Mattioli Woods, said:

"We are delighted to expand our existing operation and client proposition in Northern Ireland by working with BDO NI to bring their highly experienced EPUT team together with our team in Belfast, to create a highly complementary addition to our specialist pension consultancy and administration services.  We intend to continue growing our wealth management business in Northern Ireland to deliver the best possible client service."

Nigel Harra, Senior Partner at BDO Northern Ireland, said:

"This announcement is a boost of confidence in the Northern Ireland market and in our EPUT team at BDO NI. We are thrilled to be working with Mattioli Woods who share our focus on putting the client first and providing them with a dedicated, bespoke service.  This investment and Mattioli Woods' shared client-focused approach provides the team with the opportunity for further growth and development, and as a spring-board for continuing success."

- Ends -

For further information please contact:

Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer	Tel: [phone]
Ravi Tara, Group Finance Director Michael Wright, Group Managing Director	www.mattioliwoods.com
Canaccord Genuity Limited (Nominated Advisor and Joint Broker)
Emma Gabriel		Tel: [phone]
Tom Diehl		www.canaccordgenuity.com
N+1 Singer (Joint Broker)
Justin McKeegan, Corporate Finance	Tel: [phone]
Pete Steel, Corporate Finance	www.n1singer.com
Tom Salvesen, Corporate Broking

Media enquiries:

Camarco
Ed Gascoigne-Pees	Tel: [phone]
	www.camarco.com

 

END

 

 

NRASFEFDLEFSEIF