The acquisition of Ludlow Wealth Management by Mattioli Woods faces a month delay, a note to investors has revealed.
Mattioli Woods requested more time since the FCA approved the acquisition the same day as the long stop date. The completion date has consequently been extended from the 31st of August to the 30th of September.
Failure to complete by the 30th September means that either party has the right to withdraw from the deal.
The purchase of Ludlow initially occurred in the midst of Mattioli Woods’ largest acquisition spree, which totalled a value of £143m. The acquisition of Ludlow will add £1.6bn in assets under management and 22 advisers to Mattioli Woods.
Speaking at the time of the acquisition, Ian Mattioli MBE, Chief Executive Officer of Mattioli Woods, said:
“These acquisitions mark significant milestones in Mattioli Woods’ journey. Since our admission to AIM in 2005 we have seen significant expansion in both the size and nature of our business, responsibly integrating asset management, financial planning and employee benefit services to serve personal and corporate clients throughout the UK.
“The acquisitions of Maven and Ludlow Wealth Management represent meaningful progress towards our ambitious medium-term goals. We have a strong track record of combining like-minded businesses that share the same client-centric culture and ethos. The teams at Maven and Ludlow share our passion for delivering exceptional client outcomes and going the extra mile. Throughout our discussions with Bill Nixon at Maven and Ian Hemingway at Ludlow, it has been apparent that we share a desire to continue growing the enlarged Group, further enhancing our client proposition and delivering sustainable shareholder returns.
“These transactions represent a complementary extension of the Group’s existing investment proposition and add to our distribution capacity. This allows us to continue developing our product offering, accelerate organic growth and realise both revenue and cost synergies.”
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