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Mattioli Woods buys advice firm for £8.3m

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Wealth manager and Sipp provider Mattioli Woods has acquired Preston-based advice firm Taylor Patterson in a deal worth £8.3m.

Taylor Patterson provides wealth management and employee benefit services to personal and corporate clients, and employs 38 staff.

Its management team will be retained by Mattioli Woods following the acquisition.

Mattioli Woods will pay an initial consideration of £5m for the firm, comprising £2.5m in cash and 419,888 new ordinary shares of 1 pence each in Mattioli Woods.

It will also pay a deferred consideration of £3.3m in cash subject to certain financial targets being met.

Mattioli Woods chief executive Ian Mattioli says: “This acquisition is an important step for Mattioli Woods, as we continue to expand our operations. Taylor Patterson is a great fit culturally and strategically, serving a similar client base to our existing business, while expanding our geographic footprint into the north west of England.”

Taylor Patterson managing director Gillian Bardin adds: “We are all very excited about this next chapter in the Taylor Patterson story.

“As we have got to know the team at Mattioli Woods, we know we share the same culture and values in building long-term relationships with clients and professional introducers.”

Also today, Mattioli Woods reported a pre-tax profit for the year to 31 May 2015 of £5.3m, up by 3 per cent from £5.1m in the previous year.

The firm’s client assets under management, administration and advice increased by 17 per cent from £4.6bn in 2014 to £5.4bn in 2015.

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