Mattioli Woods buys Sipp and SSAS administrator for £8m

Sipp provider Mattioli Woods has agreed an £8,300,000 deal to take over SSAS and Sipp administration firm Taylor Patterson. Mattioli said it would keep the “experienced management team” of Preston-based Taylor Patterson, which has 38 staff.The Lancashire firm specialises in strategic financial planning and provides wealth management and employee benefits services. It was founded in 1979.Ian Mattioli, chief executive of Mattioli Woods, said: "This acquisition is an important step for Mattioli Woods, as we continue to expand our operations.“Taylor Patterson is a great fit culturally and strategically, serving a similar client base to our existing business, while expanding our geographic footprint into the North West of England.{desktop}{/desktop}{mobile}{/mobile}"The Taylor Patterson 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 market position and is an exciting step forward in the development of Mattioli Woods as a broader wealth management business".Gillian Bardin, Taylor Patterson's managing director, said: "We are all very excited about this next chapter in the Taylor Patterson story. As we have got to know the team at Mattioli Woods, we know we share the same culture and values in building long-term relationships with clients and professional introducers.“We are looking forward to continuing to deliver clear, flexible and high-quality, client-focused financial solutions, while introducing the new possibilities that being part of the Mattioli Woods Group brings."The deal comprises an initial £5m, made up of £2.5 million in cash and 419,888 new ordinary shares which are valued at £2.5 million.Up to £3.3 million more could be handed over in the three years following completion if certain financial targets are met.These are based on growth in revenues and earnings before interest, tax, depreciation and amortisation generated during that period.

Mattioli Woods buys Sipp and SSAS administrator for £8m

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