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Ludlow Wealth Administration, a subsidiary of wealth supervisor and SIPP supplier Mattioli Woods, has acquired Blackpool-based Opus Wealth Administration Restricted in a deal probably price greater than £1.4m.
Southport-based Ludlow pays £0.71m initially and an extra £0.71m if efficiency targets are reached a yr after completion of the acquisition.
The entire deal is price £1.42m if targets are met.
Opus supplies Monetary Planning and wealth administration providers to 100 personal shopper households with roughly £53 million of belongings underneath recommendation.
Within the yr ended 30 April, Opus earned revenues of £0.37m with a pre-tax revenue of £0.14m. As at 30 April, Opus had internet belongings of £0.10 million.
Ludlow has expanded steadily in current instances. Final yr it acquired £80m AUM Glasgow Monetary Planner Ferguson Monetary Administration in a deal price as much as £1.2m.
Michael Wright, deputy chief government of Mattioli Woods, stated: “We’re delighted to welcome Opus Wealth Administration to the Mattioli Woods Group, as a part of the Ludlow enterprise. We have highlighted we’ve got a robust pipeline of bolt-on acquisition alternatives that may assist us speed up and complement our natural progress. This transaction marks one other step in direction of our strategic targets.”
Ian Hemingway, chief government Officer of Ludlow, stated: “Opus is a enterprise we all know effectively. I anticipate our familiarity with the Opus workforce and our shared strategy to taking care of shoppers to facilitate a easy integration over the subsequent few months. This acquisition additional strengthens our operations within the North West as we glance to construct upon our present presence within the space.”
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