SIPP provider and wealth manager Mattioli Woods has acquired a 50.1% stake in Lincoln-based mortgage adviser White Mortgages Ltd for £425,000.
White Mortgages offers independent mortgage and bespoke protection advice.
Founder in 2011, the firm employs nine staff including four advisers and five administration staff, all of whom will remain with Mattioli following completion.
Under the deal Mattioli has the option to acquire the remaining 49.9% of the mortgage adviser with the total consideration payable on exercise of the option dependent on the attainment of specified targets in the 12 months prior to the exercise date.
For the year ended 31 March 2022, White Mortgages generated revenues of £0.51m with a profit before taxation of £0.22m.
Mattioli said the acquisition was expected to be earnings enhancing in the first full year of ownership.
Michael Wright, group managing director of Mattioli Woods, said: “Our investment in White Mortgages is an exciting extension to our existing client proposition and is another step forward for Mattioli Woods as we continue to expand our operations.
“Over the past six-months we have seen significant changes in the economy, none more so than immediately after the mini-budget last September and the impact it had on the mortgage market, with a leap in mortgage interest rates, the withdrawal of many mortgage products and a rapid tightening in lenders’ underwriting criteria.
“By bringing Steve and his team into the Group, we are better positioned to help those clients looking to finance a new property purchase or re-finance existing lending.”
The acquisition is one of several recently made by the SIPP provider and wealth manager.
Doherty’s is one of Northern Ireland’s biggest Financial Planners and wealth managers with 1,320 private clients and £635m in Assets Under Management.
Mattioli said the acquisition was in line with the group’s strategy to secure “high quality” acquisition opportunities alongside a continuing focus on organic growth.
