British wealth manager Mattioli Woods has agreed to purchase 100% of the share capital of Leicester-based Pole Arnold Financial Management.
As part of the deal, Mattioli Woods will retain the entirety of Pole Arnold’s 16-strong workforce.
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The buyer will pay £4m initially and up to £3m based on the fulfilment of certain performance targets in the two years following closing.
Commenting on the purchase, Mattioli Woods CEO Ian Mattioli said: “I have known Mike for many years and admired how he and his team have grown a great business, built on a strong client-focussed culture and a commitment to going the extra mile.
“The transaction expands the Group’s presence in both Leicester and London, underlining our commitment to continuing growing both organically and by acquisition.”
Set up in 2012, Pole Arnold has nearly £245m of assets under management and advice.
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By GlobalDataThe firm serves 360 private and corporate clients, focusing on fee-based financial planning similar to Mattioli Woods.
Pole Arnold reported pre-tax profit of £0.81m and revenues of £2.11m in the year ended 31 March 2020.
Its gross assets totalled £1.12m at the end of this period.
Mattioli Woods expects the takeover to be earnings enhancing in the first full year of ownership.
Pole Arnold managing director Mike Pole said: “The increasing resources and regulatory burden needed to run a professional advisory business led us to explore options to ensure the long term continuity of our quality advisory service to our clients.
“With a larger and more comprehensive infrastructure and support team behind us with shared values and culture, we can achieve the economies of scale to keep down the spiralling costs of regulation and compliance.”
In February this year, Mattioli Woods acquired Twickenham-based Montagu for £2.34m on a cash-free, debt-free basis.
Montagu, with around £80m in assets under advice, offers wealth management advice and administration.
