Glasgow wealth firm acquired

Mattioli Woods, the specialist wealth management and employee benefits business, has snapped up Glasgowbased peer Turris Partnership in a £1.6 million deal.

Turris, which was established in 2003, specialises in providing chartered financial planning and wealth management advice to its clients, and has more than £65 million of assets under advice.

Stock market-listed Mattioli Woods said the Scottish firm’s “experienced team” of five staff would be retained following the takeover.

The group is paying an initial cash consideration of £800,000 and a deferred amount of up to £800,000 in cash on the first and second anniversaries of completion, “subject to certain financial targets being met based on recurring revenue”.

Payment of the initial sum, deal costs and estimated net asset adjustment has resulted in a cash outflow at completion for Leicester-based Mattioli of £850,000.

Brian Steeples, managing director of Turris, said: “We are really pleased to be part of the Mattioli Woods Group; one of the UK’S top financial services companies.

“Our clients and staff will continue to benefit from our strong ethos and culture of putting the clients’ interests at the heart of everything we do. These values are an embedded part of both Turris’ and Mattioli Woods’ operations and are a key reason why this deal is such a good fit.

“The additional resources and support available as part of Mattioli Woods will benefit clients and staff and we very much look forward to this exciting new phase.”

Ian Mattioli, chief executive of Mattioli Woods, added: “We are very pleased that Brian and his team are joining Mattioli Woods. It is an important acquisition for us, as we have been looking to expand our operations in Scotland and opportunities to acquire such a well-respected business don’t come along every day.”