Mattioli Woods makes £8.7m buy
Pension consultant Mattioli Woods has acquired TCF Global Independent Financial Services and its subsidiary Kudos for £8.69m. The Leicester-based company announced the acquisition as it revealed its annual results.
TCF is the holding company of Kudos, an employee benefits and wealth management business.
Mattioli Woods acquired the Aberdeen-based company partly in cash and partly through the issue of 462,572 new ordinary shares of 1p each in Mattioli Woods.
The initial cash payment is being funded from existing resources and results in a cash outflow at completion of £2.4m, said Mattioli Woods.
The company announced its intention to acquire the Scottish company as it revealed its annual results for the year to 31 May 2011.
Revenue was up 12.3 per cent on its 2010 results to £15.36m. Pre-tax profit was also up 9.8 per cent to £4.95m.
Over the 12-month period, Mattioli Woods acquired rival firm City Trustees, which it said had "bedded-in well".
Bob Woods, executive chairman of Mattioli Woods, said: "I am delighted to report another strong set of results and our sixth year of growth on AIM.
"Recent changes in pension legislation, combined with other market developments such as the demise of defined benefit pensions, all lead to an increasing need for people to plan for their own financial futures.
"I expect demand for impartial advice and our 'trusted adviser' status to deliver further growth against a backdrop of deep changes in the world's economies.
"This morning we have announced the acquisition of Kudos, an employee benefits and wealth management business based in Aberdeen, with offices in Glasgow and London.
"Kudos is an excellent cultural and strategic fit with Mattioli Woods, offering real synergies for both organisations, including the ability to promote additional services to existing and prospective clients of each business."
