Mattioli Woods swoops for Lincoln mortgage advisory firm
Leicester wealth management firm Mattioli Woods has taken a majority stake in a Lincoln mortgage advisory firm.
Mattioli Woods has bought a 50.1% share in White Mortgage in a deal worth £425,000. The transaction includes an option to buy the remaining 49.9% from directors Steven White, Mark Sutton and Robert White which will see the deal value rise to £2.6m.
White Mortgages is based in Lincoln and employs nine staff, comprising four advisers and five administrative staff, all of whom will remain with Mattioli Woods following completion.
In the year ended 31 March 2023, White Mortgages generated revenues of £680,000 with a profit before tax of £350,000.
Michael Wright, group managing director of Mattioli Woods, said: “Our investment in White Mortgages is an exciting extension to our existing client proposition and is another step forward for Mattioli Woods as we continue to expand our operations.
“Over the past six-months we have seen significant changes in the economy, none more so than immediately after the Government’s mini-budget last September and the impact it had on the mortgage market, with a leap in mortgage interest rates, the withdrawal of many mortgage products and a rapid tightening in lenders’ underwriting criteria.
“By bringing Steve and his team into the group, we are better positioned to help those clients looking to finance a new property purchase or re-finance existing lending.”
Steven White, director of White Mortgage, added: “We are very excited to partner with a like-minded management team with high growth ambitions. The sale will help accelerate our growth plan by broadening our proposition with the support of Mattioli Woods. We will continue to place integrity; reliability and a commitment to excellence at the heart of our business.”
Last week, Mattioli Woods bought Doherty Pension & Investment Consultancy, one of the largest financial planning and wealth management businesses in Northern Ireland, in a deal worth £15m.
