Mattioli Woods buys City Trustees for £1.85m
Mattioli Woods, the pension consultant based in Leicester, has acquired City Pensions and City Trustees - the pensions administration arm of independent financial advisers The Lighthouse Group. The London-based businesses, which trade together as City Trustees, were purchased for £1.85m.
City Trustees provides trustee and administration services to 965 self-invested personal pension schemes, 123 small self-administered pension schemes and 14 funded unapproved retirement benefit schemes. Funds under the trusteeship total more than £300m.
Bob Woods, executive chairman of Mattioli Woods, said: "In addition to providing a London base for our group and increasing the scale of our core SIPP and SSAS operations, the acquisition brings the opportunity to expand our range of services through the development of a separately branded administration proposition.
“I am delighted these services will be promoted as part of Lighthouse's Strategic Partnership Programme over the next 18 months. It is our ambition to continue expanding Mattioli Woods' operations both organically and by acquisition, as demonstrated by the purchase of City Trustees."
In the year ended 31 December 2009, City Trustees generated a loss after taxation of £56,000, on revenues of £780,000. City Trustees' net assets at 31 December 2009 were £413,000.
Law firm Cobbetts advised Mattioli Woods on the transaction.
