Mattioli Woods snaps up West Mids pensions firm

Mattioli Woods, the Leicester wealth management and employee benefits business, has bought West Midlands-based Old Station Road Holdings in a deal which could be worth up to £2.2 million.

MC Trustees was founded in 1986 and provides pension administration and trustee services to over 1,500 SIPP and SSAS clients with over £400m of assets under administration. Based in Hampton-in-Arden in the West Midlands and employing 26 staff, the business specialises in the provision of personal service and strong technical advice. MC Trustees’ management team will be retained by Mattioli Woods following the acquisition, which is expected to be earnings enhancing in the first full year of ownership.

In the year ended 31 December 2015, MC Trustees generated a profit before taxation of £0.4m on revenues of £1.6m. At 31 December 2015 MC Trustees’ net assets were £0.3m.

Ian Mattioli, chief executive of Mattioli Woods, said: “This acquisition is another important step forward for Mattioli Woods, as we continue to expand our operations. MC Trustees is a great fit culturally and strategically, serving a similar client base to our existing business, while complementing our current operations in the East Midlands”.

“The MC Trustees team has a proven ability to win high-quality new business and the transaction gives us an exciting new distribution channel for Mattioli Woods’ services. I believe this will strengthen our position in a market that is continuing to consolidate.”

Martin Cadman, MC Trustees’ managing director, added: “We are excited to become part of the Mattioli Woods group and believe this transaction benefits our clients, employees and partners.”