Pollen Street takeover of Mattioli Woods on track

Pollen Street Capital’s acquisition of Mattioli Woods has taken another step towards completion, it was confirmed on Thursday.

In a brief update, the wealth manager said approval required under the National Security and Investment Act was likely to be satisfied in August.

It means that the court sanctioned scheme of arrangement, under which the deal is being implemented, will now likely become effective in September, and not August as originally thought.

Regulatory approval from the Financial Conduct Authority has already been received, however.

AIM-listed Mattioli agreed to be taken private by private equity firm Pollen Street in a £432m deal in March. Mattioli has more than 20,000 wealth clients and around £15bn of assets under management.

Mattioli Woods, which also provides employee benefit services, was founded in 1991 by Bob Woods and chief executive Ian Mattioli. Woods served as chair until he stepped down from the board in 2016.

The firm debuted on AIM in 2005.

As at 1015 BST, shares in Mattioli Woods were largely unchanged at 794.3p.