Specialist wealth and asset management business Mattioli Woods has acquired Buckinghamshire-based financial planning firm Richings Financial Management.
The deal will see the wealth firm buy 100% of the share capital for an initial consideration of £900,000 ($1.2m, €1m), and a potential further consideration of £900,000 dependent on performance targets in the two years after completion.
Richings was founded in 1991 and works with over 270 private client families with approximately £70m of assets under advice.
The firm’s team of four will remain with Mattioli Woods after the deal completes.
Clive Ridge, director of Richings, explained that “the increasing regulatory burden and resources required to successfully run an independent financial advisory business” was the driver behind the sale.
Ian Mattioli, chief executive of Mattioli Woods, said: “Not only is this transaction a great addition because Clive shares the same philosophy as us, putting client’s best interests at the forefront of his advice, but it further expands our operations in the south east following our other recent acquisitions.
“We believe the broader range of products and services offered by Mattioli Woods, including our enhanced product offering to clients from the recent acquisition of investment manager Maven Capital Partners, can help build on the great outcomes Richings’ clients already achieve. We look forward to working with Clive and his experienced team now that they have joined the Mattioli Woods group.”