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Mattioli Woods buys Midlands firm for £4m

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpgNational IFA Mattioli Woods has bought West Midlands advice firm Broughtons Financial Planning for up to £4m.

Broughtons has 250 clients and more than £120m assets under advice.

In the year ended 31 July Broughtons reported profit before tax of £620,000 on revenue of £990,000. Its net assets at that date were £560,000.

Mattioli Woods will pay £2.7m initially with £1.3m to be paid in the two years after the deal completes, subject to financial targets being met.

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The Broughtons management team will stay with Mattioli Woods after the acquisition.

Mattioli Woods chief executive Ian Mattioli says: “The combined business gives us all opportunities to grow and develop the client offering and we welcome Gary and his team. Long-term stability and sustainability is key to growing a modern financial services group and we will all continue to strive to achieve this.”

Broughtons managing director Gary Bond says: “From our initial discussions with Mattioli Woods it was clear that we shared the same values and business culture.”



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