Lindley offloads pension business

ALTRINCHAM-based financial services firm Lindley Group has sold its pension administration business to AIM-listed Mattioli Woods for nearly £200,000.

The acquisition comprises the pension administration business of Lindley Group and the entire share capital of Lindley Trustees.

Mattioli Woods, a wealth management and employee benefits company, has paid £199,001 in cash for the business from its existing resources. It is the company’s second North West acquisition in the last month, having snapped up Preston-based Taylor Patterson in September for £8.3m.

Founded in 1979, the pension business provides trustee and administration services to more than 130 small self-administered pension schemes, with assets of more than £116m under administration. In 2014, it generated revenues of £310,323.

Mattioli Woods said the acquisition is expected to be earnings enhancing in its first full year of ownership.

North West corporate finance firm Hurst (partner Tim Scott and corporate finance executive Lauren Roberts) advised Lindley Group on the deal.

Nina Latham and Sara Bluston, of JMW Solicitors in Manchester, provided legal advice.

Stephen Roberts, of the Manchester office of Gateley, provided legal advice to Mattioli Woods.

Ian Mattioli, chief executive of Mattioli Woods, said: “This acquisition extends the existing relationships we have with intermediaries like the Lindley Group, where Mattioli Woods has proven to be a sound strategic partner with the expertise, scale and systems to give the very best SIPP and SSAS administration, delivering an enhanced service and long-term security for clients.”

Scott said: “We are delighted to have worked with Lindley Group and this is a fantastic result for all parties.

“It was crucial to find a buyer who would uphold the excellent levels of client service that have been at the heart of the business over many years. Mattioli Woods is the perfect fit.”