Mattioli Woods PLC Acquisition of BDO NI EPUT Business
January 14 2021 - 8:00AM
RNS Non-Regulatory
TIDMMTW
Mattioli Woods PLC
14 January 2021
14 January 2021
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Acquisition of the EPUT administration business of BDO Northern
Ireland
Mattioli Woods plc (AIM: MTW.L), the specialist wealth
management and employee benefits business, is pleased to announce
it has acquired the Exempt Property Unit Trust ("EPUT")
administration business of BDO Northern Ireland ("BDO NI") for a
nominal initial consideration plus (capped) deferred consideration
representing 50% of BDO NI EPUT profits before tax for the 30
months following completion.
Mattioli Woods has also acquired the entire issued share capital
of Callender Street Nominees Limited from Aqua Trust Company
Limited in Jersey as part of the transaction.
EPUTs are complementary to Mattioli Woods' core SSAS and SIPP
proposition, widely used in Northern Ireland and the acquisition
expands Mattioli Woods' operations in the region. The EPUT
business's experienced team of three employees will join Mattioli
Woods and operate from the Group's existing office in Belfast.
The EPUT business provides trustee and administration services
to over 100 EPUTs with total funds under trusteeship of over GBP233
million.
Commenting on the transaction, Murray Smith, Founder Director of
Mattioli Woods, said:
"We are delighted to expand our existing operation and client
proposition in Northern Ireland by working with BDO NI to bring
their highly experienced EPUT team together with our team in
Belfast, to create a highly complementary addition to our
specialist pension consultancy and administration services. We
intend to continue growing our wealth management business in
Northern Ireland to deliver the best possible client service."
Nigel Harra, Senior Partner at BDO Northern Ireland, said:
"This announcement is a boost of confidence in the Northern
Ireland market and in our EPUT team at BDO NI. We are thrilled to
be working with Mattioli Woods who share our focus on putting the
client first and providing them with a dedicated, bespoke service.
This investment and Mattioli Woods' shared client-focused approach
provides the team with the opportunity for further growth and
development, and as a spring-board for continuing success."
- Ends -
For further information please contact:
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Tel: +44 (0) 116 240 8700
Officer
Ravi Tara, Group Finance Director www.mattioliwoods.com
Michael Wright, Group Managing
Director
Canaccord Genuity Limited (Nominated Advisor
and Joint Broker)
Emma Gabriel Tel: +44 (0) 20 7523
8000
Tom Diehl www.canaccordgenuity.com
N+1 Singer (Joint Broker)
Justin McKeegan, Corporate Finance Tel: +44 (0) 20 7496 3000
Pete Steel, Corporate Finance www.n1singer.com
Tom Salvesen, Corporate Broking
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757 4984
www.camarco.com
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END
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