Blackpool wealth manager acquired by AIM-listed finance group Mattioli Woods
Blackpool based financial adviser Opus Wealth Management has been acquired by Ludlow, a subsidiary of stock market listed finance group Mattioli Woods plc and has indicated it is on the hunt for more regional acquisitions.
In a market statement the AIM listed group said its subsidiary Ludlow Wealth Management Group Limited has acquired 100% of the share capital of Opus Wealth Management for £0.71 million and potentially a further £0.71 million dependent on hitting performance targets over the next year.
Opus is based in Blackpool and provides financial planning and wealth management services to circa 100 private client families with approximately £53 million of assets under advice. In the year ended 30 April 2023, Opus generated revenues of £0.37 million with a profit before taxation of £0.14 million. At 30 April 2023, Opus had net assets of £0.10 million.
Michael Wright, Deputy Chief Executive Officer of Mattioli Woods, said: “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.”
Ian Hemingway, Chief Executive Officer of Ludlow, said: “Opus is a business we know well. I expect our familiarity with the Opus team and our shared approach to looking after clients to facilitate a smooth integration over the next few months. This acquisition further strengthens our operations in the North West as we look to build upon our existing presence in the area.”