Acquisition of Opus Wealth Management
18/09/2023 16:41
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RNS Number : 8163M Mattioli Woods PLC 18 September 2023
18 September 2023
Mattioli Woods plc
("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."
- Ends -
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer Tel: +44 (0) 116 240 8700
Ravi Tara, Chief Financial Officer www.mattioliwoods.com (http://www.mattioliwoods.com)
Michael Wright, Deputy Chief Executive Officer
Ian Hemmingway, Chief Executive Officer Ludlow
Canaccord Genuity Limited (Nominated Advisor and Joint Broker)
Emma Gabriel Tel: +44 (0) 20 7523 8000
Harry Pardoe www.canaccordgenuity.com (http://www.canaccordgenuity.com)
Singer Capital Markets (Joint Broker)
Tom Salvesen Tel: +44 (0) 20 7496 3000
Justin McKeegan www.singercm.com (http://www.singercm.com/)
Alaina Wong
Media enquiries:
Camarco
Julia Tilley Tel: +44 (0) 20 3757 4998
Alex Campbell www.camarco.co.uk
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