Companies

Mattioli Woods acquires Pole Arnold for up to £7m

Some 72,940 new ordinary shares of 1p each are to be included in the deal, with an application submitted to AIM for the admission of the consideration shares to trading

Wealth management firm Mattioli Woods has announced the acquisition of Pole Arnold Financial Management, a financial advisory company, for an initial consideration of £4m.

The deal will also include a potential further consideration of up to £3m dependent on the attainment of specified performance in the two years following the completion of the transaction.

Some 72,940 new ordinary shares of 1p each are to be included in the acquisition, with an application submitted to AIM for the admission of the consideration shares to trading.

Ian Mattioli, CEO at Mattioli Woods, said: “I have known Mike [Pole] 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.  

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“The transaction expands the group’s presence in both Leicester and London, underlining our commitment to continuing growing both organically and by acquisition.”

Founded in 2012, Pole Arnold provides personalised advice to roughly 360 private and corporate clients operating over roughly £24m in assets under management and advice.

The Leicester-based group employs 16 staff members who will remain with Mattioli Woods upon completion of the takeover.

Mike Pole, managing director at the company, said that the “increasing resources and regulatory burden needed to run a professional advisory business” led the group to “explore options to ensure the long-term continuity” of its services.

He added: “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.

“We have known a number of the senior management team at Mattioli Woods for 25 years, and given their successful track record we are looking forward to joining forces with them to achieve our objectives and to secure our advisory services to our clients.”

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