£1.6m acquisition for Mattioli Woods

Mattioli Woods has acquired chartered financial planning and wealth management advisory firm The Turris Partnership for £1.6 million.

Turris, established in 2003, currently has over £65 million of assets under advice. Its-five strong team will be retained by Mattioli Woods following the acquisition.

The Glasgow-based firm generated revenues of £0.45 million and profits before tax of £0.15 million for the year ended 30 September 2019. 

As at 30 September 2019 Turris boasted gross assets of £0.23 million and net assets of £0.20 million. 

The acquisition is expected to be earnings enhancing in the first full year of ownership. 

Ian Mattioli, chief executive officer at Mattioli Woods, said: “We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. 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.”