Acquisition and SIPP approval
Mattioli Woods PLC
30 January 2006
Press Release 30 January 2006
Mattioli Woods plc
('Mattioli Woods' or 'the Group')
Business Update
Acquisition of Suffolk Life Trustee Company Limited
Mattioli Woods (AIM: MTW), the specialist pensions consultancy, today announces
the acquisition of the entire issued share capital of Suffolk Life Trustee
Company Limited ('SLT'), together with Suffolk Life Group plc's ('Suffolk Life')
portfolio of administration services to small self-administered pension scheme
('SSAS') clients ('the SSAS business'). SLT and the SSAS business have been
acquired from Suffolk Life for an initial cash consideration of £701,149 funded
from the Group's existing cash resources. The acquisition agreement also
provides for deferred consideration to be paid to Suffolk Life by way of an
earn-out based on investment commissions earned by the Group during the three
years from 27 January 2006.
The SSAS business administers 170 active schemes with total funds under
trusteeship of £103.6 million. SLT is pensioneer trustee to the schemes. This
acquisition follows the successful integration into Mattioli Woods of the
Geoffrey Bernstein portfolio acquired in June 2005, and both deals complement
the Group's strong organic growth to date.
Commenting on the deal, Bob Woods, Executive Chairman of Mattioli Woods said: '
This acquisition is in accordance with our stated strategy of using funds raised
when the Group joined AIM in November to make acquisitions to consolidate our
position within the pension consultancy market ahead of 'A-day'.
HMRC Approval for new Self Invested Personal Pension Scheme
The Group has also successfully secured HM Revenue & Customs (HMRC) approval for
a new Mattioli Woods Self Invested Personal Pension ('SIPP') scheme, which has
been developed in conjunction with Bank of Scotland (part of the HBOS Group).
This offering utilises Bank of Scotland's specialist, on-line pension fund
banking facility to further strengthen Mattioli Wood's existing SIPP product
range. The Bank of Scotland's technology is built upon a streamlined and
efficient administrative platform for clients, underpinned by the ability to
download scheme transactions on a daily basis. The SIPP market continues to
grow at a rapid pace, which is set to accelerate in light of the forthcoming
legislative changes effective from 6 April 2006, known as 'A-day'.
The new Mattioli Woods SIPP will allow clients to take full advantage of the
greater level of flexibility afforded by 'A-day' legislation, in relation both
to planning opportunities and to transactions. Through its trust structure, the
scheme facilitates the creation of multiple-member and 'family SIPP'
arrangements which enable a client's pension assets to be protected and passed
to their family upon death.
Mattioli Woods has over 14 years' experience in the SSAS and SIPP markets and,
following the acquisition of SLT and the SSAS business, now acts for over 1,300
SSAS and SIPP clients throughout the UK, with total funds under trusteeship in
excess of £700 million.
In relation to the new SIPP, Ian Mattioli, Chief Executive of Mattioli Woods
said: 'We believe that the new, HMRC-approved SIPP not only gives our clients a
greater level of choice as we approach 'A-day' but it also strengthens Mattioli
Woods' leading position within this growing market.'
Both initiatives are the result of close working relationships forged over
recent years, with Suffolk Life and Bank of Scotland respectively.
Woods concludes; 'The Board of Mattioli Woods is confident that our integrated
growth strategy, founded on a combination of highly targeted acquisitions and
innovative new products, is the most effective way to deliver the increasingly
tailored solutions that our SSAS and SIPP clients demand.'
- Ends -
For further information:
Mattioli Woods plc
Bob Woods, Executive Chairman Tel: +44 (0) 116 240 8700
bob@mattioli-woods.com
Ian Mattioli, Chief Executive
ian@mattioli-woods.com
Nathan Imlach, Finance Director
nathan.imlach@mattioli-woods.com www.mattioli-woods.com
Williams de Broe Plc
Joanne Lake / Richard Lindley Tel: +44 (0) 113 243 1619
www.wdebroe.com
Media enquiries:
Abchurch
Justin Heath / Katherine Murphy Tel: +44 (0) 113 203 1340
justin.heath@abchurch-group.com www.abchurch-group.com
Notes to Editors
Mattioli Woods plc was established in 1991 by Ian Mattioli and Bob Woods. The
Group provides pensions consultancy and administration services primarily to
owner-managers, senior executives and professionals.
Mattioli Woods' key activities include complex pensions consultancy, the
provision of self-invested personal pensions ('SIPP') and small
self-administered pension schemes ('SSAS'), advice on related business affairs,
including pension investment services and the facilitation and administration of
syndicated property schemes. Its focus is at the higher end of the market where
clients require bespoke service and specialist advice.
Headquartered in Leicester and employing 76 staff including 12 pension
consultants, Mattioli Woods has a strong network of intermediary contacts
throughout the UK. The practice has grown rapidly over the last decade
providing consultancy and pension trustee services. In 1995 the business
developed its first bespoke SIPP, and has since developed five SIPP products in
conjunction with other financial institutions. In the year ended 31 May 2005,
Group turnover was £6.4 million with normalised operating profit of £1.9
million.
Mattioli Woods joined AIM on 23 November 2005.
Mattioli Woods will announce its interim results for the six months ended 30
November 2005 on 21 February 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
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