Acquisition of Ferguson Financial Management Ltd
12 May 2022
Mattioli Woods plc
("Mattioli Woods", the "Company" or "the Group")
Acquisition of Ferguson Financial 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 the trade and assets of Ferguson Financial Management Limited ("Ferguson") for an initial consideration of £0.6 million and potential further consideration of up to £0.6 million dependent on the attainment of specified performance targets in the year after completion.
Ferguson provides financial planning and wealth management services to over 200 private client families with approximately £80 million of assets under advice. Ferguson is based in Glasgow and as part of the deal an experienced employee will join Mattioli Woods and operate from the Group's existing Glasgow office.
In the year ended 31 October 2020, Ferguson generated revenues of £0.34 million with a profit before taxation of £0.16 million. At 31 October 2021, Ferguson's gross assets were £0.19 million and net assets were £0.19 million.
Commenting on the transaction, Michael Wright, Group Managing Director of Mattioli Woods, said:
"We are pleased to complete Ludlow's first acquisition since joining the Group. We continue to work closely with Ludlow's experienced team as we pursue other transactions of a similar nature to further expand our growing wealth management presence in the north of England and Scotland".
Ian Hemingway, Chief Executive of Ludlow, said:
"Ludlow has a track record of successful deals involving retiring financial advisers, a model which Mattioli Woods continues to support. We look forward to working with the Ferguson team to responsibly integrate their clients into the Group over the coming months, whilst continuing to explore other opportunities within the market".
- Ends -
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Mattioli Woods plc |
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Ian Mattioli MBE, Chief Executive Officer Ravi Tara, Chief Financial Officer Michael Wright, Group Managing Director |
Tel: +44 (0) 116 240 8700 |
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Canaccord Genuity Limited (Nominated Advisor and Joint Broker) |
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Adam James Tom Diehl |
Tel: +44 (0) 20 7523 8000 |
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Singer Capital Markets (Joint Broker) |
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Justin McKeegan Tom Salvesen Alaina Wong |
Tel: +44 (0) 20 7496 3000 |
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Media enquiries: Camarco |
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Julia Tilley Daniel Sherwen |
Tel: +44 (0) 20 3757 4998 www.camarco.co.uk |
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