18 September 2023
("Mattioli Woods", the "Company" or "the Group")
Acquisition of Opus Wealth Management Limited
Mattioli Woods plc (AIM: MTW.L), the specialist wealth and asset management business, is pleased to announce that its subsidiary Ludlow Wealth Management Group Limited ("Ludlow") has acquired 100% of the share capital of Opus Wealth Management Limited ("Opus") for an initial consideration of £0.71 million and potential further consideration of up to £0.71 million dependent on the attainment of specified performance targets in the year after completion.
Opus is based in Blackpool and provides financial planning and wealth management services to circa 100 private client families with approximately £53 million of assets under advice. In the year ended 30 April 2023, Opus generated revenues of £0.37 million with a profit before taxation of £0.14 million. At 30 April 2023, Opus had net assets of £0.10 million.
Commenting on the transaction, Michael Wright, Deputy Chief Executive Officer 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."
Ian Hemingway, Chief Executive Officer of Ludlow, 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. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area."
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Mattioli Woods plc |
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Ian Mattioli MBE, Chief Executive Officer Ravi Tara, Chief Financial Officer Michael Wright, Deputy Chief Executive Officer Ian Hemmingway, Chief Executive Officer Ludlow |
Tel: +44 (0) 116 240 8700 |
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Canaccord Genuity Limited (Nominated Advisor and Joint Broker) |
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Emma Gabriel Harry Pardoe |
Tel: +44 (0) 20 7523 8000 |
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Singer Capital Markets (Joint Broker) |
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Tom Salvesen Justin McKeegan Alaina Wong |
Tel: +44 (0) 20 7496 3000 |
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Media enquiries: Camarco |
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Julia Tilley Alex Campbell |
Tel: +44 (0) 20 3757 4998 www.camarco.co.uk |
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