Mattioli Woods buys Richings for up to £1.8m

Mattioli Woods has bought financial planning and wealth management business Richings from its shareholders for up to £1.8m.

The AIM-listed wealth manager said on Friday that it will pay an initial £0.9m and a potential further £0.9m dependent on the attainment of specified performance targets in the two years after completion.

Founded in 1991, Richings works with more than 270 private client families with around £70m of assets under advice.

In the year ended 30 April 2021, the company generated revenues of £0.66m and a pre-tax profit of £0.34m. At 30 April 2021, its gross assets were £0.35m and net assets were £0.26m.

Mattioli said the deal is expected to be earnings-enhancing in the first full year of ownership.

Chief executive officer Ian Mattioli said the acquisition further expands the company’s operations in the South East following other recent acquisitions.

"We believe the broader range of products and services offered by Mattioli Woods, including our enhanced product offering to clients from the recent acquisition of investment manager Maven Capital Partners, can help build on the great outcomes Richings' clients already achieve," he said.