Mattioli Woods is to pay up to £1.6m for a Glasgow financial planning firm founded by Brian Steeples.
The Turris Partnership has over £65m in assets under advice and was founded by Steeples in 2003. He is well known as the first president of the Personal Finance Society, which he helped create in 2005 through the merger of The Society of Financial Advisers (Sofa) and the Life Insurance Association.
Turris generated revenues of £450,000 and profit before tax of £150,000 for the year ended 30 September 2019.
The five-strong team at Turris will move into Mattioli’s offices in Glasgow in Q1 2020.
The acquisition is expected to be earnings enhancing in the first full year of ownership, a regulatory filing published on Friday morning said.
The deal includes an initial cash consideration of £800,000 and a deferred consideration of £800,000 payable on the first and second anniversaries of completion, subject to certain revenue targets being met.
Mattioli chief executive Ian Mattioli (pictured) said: “We put a great deal of thought into any acquisition that we consider, as it is so important to make sure it is a good cultural fit. We have known Brian for many years and are pleased that he and his team are joining Mattioli Woods.”
“It is an important acquisition for us, as we have been looking to expand our operations in Scotland, and opportunities to acquire such a well-respected business don’t come along every day.”
Steeples said: “It isn’t an easy decision to sell a business that you founded and successfully grew. I took a long time to find the right firm and am really pleased to now be part of the Mattioli Woods Group.
He added: “The additional resources and support available within the Mattioli Woods Group will benefit clients and staff and we very much look forward to this exciting new phase.”
