Acquisition of The Turris Partnership Limited

RNS Number : 5639X

Mattioli Woods PLC

20 December 2019

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.  Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

20 December 2019

Mattioli Woods plc

("Mattioli Woods", "the Company" or "the Group")

Acquisition of The Turris Partnership Limited

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, is pleased to announce it has completed the acquisition of 100% of the issued share capital of The Turris Partnership Limited ("Turris") from its shareholders ("the Sellers") for a total consideration of up to £1.6 million. 

Turris specialises in providing chartered financial planning and wealth management advice to its clients, and has over £65 million of assets under advice.  Turris was established in 2003 and its experienced team of five staff based in Glasgow will be retained by Mattioli Woods following the acquisition.  

Turris generated revenues of £0.45 million and profit before taxation of £0.15 million for the year ended 30 September 2019.  As at 30 September 2019 Turris' gross assets were £0.23 million and its net assets were £0.20 million.  The acquisition is expected to be earnings enhancing in the first full year of ownership.  The total consideration comprises:

·     Initial cash consideration of £0.8 million (subject to adjustment for the value of net assets acquired); and

·     Deferred consideration of up to £0.8 million payable in cash on the first and second anniversaries of completion, subject to certain financial targets being met based on recurring revenue. 

Payment of the initial cash consideration, deal costs and estimated net asset adjustment resulted in a cash outflow at completion for Mattioli Woods of £0.85 million. 

Commenting on the acquisition, Ian Mattioli, Chief Executive Officer of Mattioli Woods, said:

"We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit.  We are very pleased that Brian and his team are joining Mattioli Woods.  It is an important acquisition for us, as we have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don't come along every day." 

Brian Steeples, Turris' Managing Director, added:

"We are really pleased to be part of the Mattioli Woods Group; one of the UK's top financial services companies.  Our clients and staff will continue to benefit from our strong ethos and culture of putting the clients' interests at the heart of everything we do.  These values are an embedded part of both Turris' and Mattioli Woods' operations and are a key reason why this deal is such a good fit.  The additional resources and support available as part of Mattioli Woods will benefit clients and staff and we very much look forward to this exciting new phase".

- Ends -

For further information please contact:

Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer
Nathan Imlach, Chief Financial Officer	Tel: [phone]
	www.mattioliwoods.com

Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Sunil Duggal
David Tyrrell	Tel: [phone]
	www.canaccordgenuity.com

N+1 Singer (Joint Broker)
Richard Lindley, Corporate Finance
Justin McKeegan, Corporate Finance	Tel: [phone]
Tom Salvesen, Corporate Broking	www.n1singer.com

Media enquiries:

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

 

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