Wealth manager expands with South East acquisition

Wealth management group Mattioli Woods has bought a small financial planning business in a deal worth up to £1.8m.

Richings Financial Management, which is based near Slough, has £70m of assets under management for 270 private client families. Its four staff will move over to Mattioli Woods.

Clive Ridge, director of Richings, said the “increasing regulatory burden and resources required” to run an IFA business was the reason for seeking a deal for the firm.

The firm has been established for 30 years and in the year to April 2021 made a pre-tax profit of £0.34m.

The agreement will see £0.9m paid on completion and a further £0.9m is dependent on performance over the next two years.

Ian Mattioli, chief executive of Mattioli Woods, said: “Not only is this transaction a great addition because Clive shares the same philosophy as us, putting client’s best interests at the forefront of his advice, but it further expands our operations in the South East following our other recent acquisitions.”