Atkinson Bolton Consulting says its acquisition by Mattioli Woods is a natural progression as the business grows and will kick off “the next chapter” for the firm.
Specialist pensions consultancy and wealth management business Mattioli Woods will buy holding company Thoroughbred Wealth Management and Atkinson Bolton Consulting from shareholders in a deal worth up to £6m.
It will pay £3.2m in cash and new Mattioli Woods shares, and up to £2.8m in cash over four years subject to earnings targets being met. Atkinson Bolton’s management team will be retained after the acquisition.
Atkinson Bolton, which won Money Marketing IFA of the year in 2012, has a discretionary management service and an open-ended investment company, the IM Thoroughbred Funds ICVC. Total funds under management and advice are around £420m.
The Newmarket-based firm now also covers Mattioli Woods’ regional areas of Aberdeen, Leicester and London.
Atkinson Bolton director Simon Gibson says it is gaining in-house Sipp and Ssas administration while Mattioli Woods can expand its planning and employee benefits services.
He says: “We have explained this to clients as the next chapter in the business, rather than closing the book.
“Mattioli Woods has said it is the whole Atkinson Bolton package they are interested in.”