Mattioli Woods Plc  

Mattioli Woods subsidiary buys Opus Wealth Management

Mattioli Woods subsidiary buys Opus Wealth Management
(Ketut Subiyanto/Pexels)

Ludlow Wealth Management Group Limited has acquired 100 per cent of the share capital of Opus Wealth Management Limited.

Ludlow, which is a subsidiary of specialist wealth and asset management business Mattioli Woods, has bought Opus for an initial consideration of £710,000 with a potential further consideration of up to £710,000.

This potential further consideration is dependent on the attainment of specified performance targets in the year after completion.

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Opus is based in Blackpool and provides financial planning and wealth management services to around 100 private client families with approximately £53mn of assets under advice.

In the year ending April 30 2023, Opus generated revenues of £370,000 with a profit before taxation of £140,000.

As at April 30 2023, Opus had net assets of £100,000.

Mattioli Woods deputy chief executive officer, Michael Wright, said: “We’re delighted to welcome Opus Wealth Management to the Mattioli Woods Group, as part of the Ludlow business.

“We’ve highlighted we have a strong pipeline of bolt-on acquisition opportunities that can help us accelerate and complement our organic growth.”

He added that the transaction “marks another step towards our strategic goals".

Based in Leicester, Mattioli Woods is a business that aims to grow both organically and by buying and integrating similar businesses.

Ludlow chief executive officer, Ian Hemingway, added: “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.

He added that this acquisition “further strengthens” the business's operations in the North West as they look to build upon its existing presence in the area.

tom.dunstan@ft.com

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