Mattioli Woods has acquired specialist wealth and asset management firm Pole Arnold Financial Management for an initial consideration of £4m, and a further consideration of up to £3m subject to certain profit targets being met in the two years following completion.
Pole Arnold, which was established in 2012 and specialises in fee-based financial planning, has around 360 private and corporate clients with approximately £245m of assets under management and advice. Its team of 16 staff will remain with Mattioli Woods once the deal completes.
In the year ended 31 March 2020, Pole Arnold generated revenues of £2.1m and pre-tax profits of £0.8m.
We can achieve the economies of scale to keep down the spiralling costs of regulation and compliance."
Mattioli Woods expected the deal to be "earnings enhancing 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 behind us with shared values and culture, we can achieve the economies of scale to keep down the spiralling costs of regulation and compliance."
He added: "I and my co-directors Mike Nevill, Rob Bunting and Richard Todd continue in the business, as well as all of our support team in our Leicester office."
Mattioli Woods chief executive Ian Mattioli (pictured) said: "I have known Mike for many years and admired how he and his team have grown a great business, built on a strong client-focussed culture and a commitment to going the extra mile.
"The transaction expands the group's presence in both Leicester and London, underlining our commitment to continuing growing both organically and by acquisition."
In February, Mattioli Woods acquired financial planning business Montagu for £2.3m.
First published by our sister title Professional Adviser
