Wealth management firm acquires Blackpool company

Michael Wright (Credit: Mattioli Woods)

A subsidiary of the Leicester-based wealth management company Mattioli Woods has acquired a competitor located in Blackpool, Lancashire.

Ludlow Wealth Management Group has purchased 100% of Opus Wealth Management’s share capital for an initial sum of £710,000, with the potential to double depending on meeting performance goals in the next year.

Opus Wealth Management offers financial planning and wealth management services to approximately 100 private client families, managing around £53m in assets. In the year ending April 30, it reported revenues of £370,000 and a pre-tax profit of £140,000.

In the year ending May 31, Mattioli Woods experienced a £400m increase in the value of assets it manages for clients, reaching a total of £15.3bn. The company’s revenues also grew by 2.8%, reaching £111.2m.

Mattioli Woods has recently added several new businesses to its portfolio, including Doherty Pension & Investment Consultancy, Maven Capital Partners, Ludlow Wealth Management, and Richings Financial Management.

Additionally, the company acquired a 50.1% stake in White Mortgages.

Michael Wright, deputy chief executive of Mattioli Woods, said: “We’re delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business.

“We’ve highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth. This transaction marks another step towards our strategic goals.”