News

8
Sep

Mattioli Woods acquires SIPP business

Mattioli Woods is pleased to announce the acquisition of SIPP administration business, MC Trustees, in a deal worth £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 £400 million 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’ experienced 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 £0.4 million on revenues of £1.6 million. At 31 December 2015 MC Trustees’ net assets were £0.3 million.
In addition to the acquisition of MC Trustees, the Company has reached agreement in principle, subject to contract, to acquire MC Holdings (Malta) Limited and its subsidiary (together “MC Malta”) for a total consideration of up to £0.6 million payable partly in cash and partly through the issue of new Ordinary Shares. MC Malta operates Qualifying Recognised Overseas Pension Schemes (“QROPS”), providing pension arrangements suitable for expatriates from the UK or people who have earned a pension in the UK and now live abroad.
Commenting on the acquisition, 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.”