Mattioli Woods has acquired specialist wealth and asset management company Pole Arnold Financial Management for an initial consideration of £ 4 million and an additional consideration of up to £ 3 million if certain profit targets are met in the two years following completion.
Pole Arnold was founded in 2012 and specializes in paid financial planning. The company manages and advises around 360 private and corporate clients with assets of around GBP 245 million. The 16-strong team will stay with Mattioli Woods after the contract is signed.
On the subject of matching items
For the fiscal year ended March 31, 2020, Pole Arnold had sales of £ 2.1 million and pre-tax profit of £ 0.8 million.
We can achieve economies of scale to keep the rising costs of regulation and compliance down. ”
Mattioli Woods expected the deal to “increase profits in the first full year of ownership”.
Mike Pole, Managing Director of Pole Arnold, said, “With a larger and more comprehensive infrastructure and support team with shared values and culture, we can achieve economies of scale to keep rising regulatory and compliance costs down.”
He added, “Myself and my co-directors Mike Nevill, Rob Bunting and Richard Todd are still in business, as is all of our support team in our Leicester office.”
Ian Mattioli, CEO of Mattioli Woods (pictured) said: “I have known Mike for many years and admire how he and his team have built a great company built on a strong customer-centric culture and a commitment to the extra mile.
“The transaction expands the Group’s presence in Leicester and London and underscores our commitment to growing both organically and through acquisitions.”
In February Mattioli Woods acquired Montagu’s financial planning business for £ 2.3 million.
First published by our sister company Professional Adviser