News

23
Jun

Wealth Matters acquires Poptani Financial Solutions

Wealth Matters, the Luton-based independent financial adviser, has announced that it has acquired the clients of Poptani Financial Solutions’ pensions and investment business, in a deal brokered by Gunner & Co. The deal is Wealth Matters’ fifth acquisition, and the two businesses were well matched in terms of investment proposition and client service level, as well as location and client base.

The deal was already in progress when the coronavirus pandemic took hold, and both businesses were keen to continue despite the backdrop. The team at Gunner & Co. were able to agree new terms that de-risked the deal and enabled both parties to proceed at the initial valuation, even accounting for the drop in the market – to understand how Covid-19 has impacted the M&A market, join Gunner & Co.’s webinar in July.

As part of the agreement, Jim Poptani, owner of Poptani Financial Solutions, will continue to offer protection advice amongst other services, while handing the majority over to Wealth Matters as he plans a retirement centred around his hobby as an amateur magician. “Finding the right buyer for my business was so important – it’s not just about the financials,” Poptani said. “The key to the right deal is knowing my clients will be well looked after, and I am confident Wealth Matters will exceed mine and my clients’ expectations.” 

“We’re an ambitious business, and it was a pleasure to use Gunner & Co. to help us actively grow through acquisitions,” said Julian Gilbert, director at Wealth Matters. “Poptani Financial Solutions was a good match for us in terms of geography, clients and service offering, and we’re grateful to the team at Gunner & Co. for their management of the deal, especially in these challenging circumstances.”

Louise Jeffreys, MD at Gunner & Co. commented: “We’re delighted to assist Julian and Jim in structuring and completing this deal, despite the unusual working practices Coronavirus dealt us.  Both parties have been clients of Gunner & Co. for a number of years, so spotting the match came easy. The structure of the deal was tweaked to reduce risk to both parties, whilst delivering sufficient opportunity for all parties, especially Jim’s clients.”

Joshua Lee, senior broker at Gunner & Co. commented: “This is the third deal we’ve completed during lockdown, and further proof of the flexibility of deal making in the current market. Both parties have been very innovative to keep this deal’s momentum.  As brokers we are still seeing considerable activity in the market, with average offer prices matching 2019.”

Wealth Matters are a key regional acquirer – to know more about selling your business to Wealth matters, contact joshua.lee@gunnerandco.com