Mattioli Woods has announced the acquisition of 100% of the share capital of Richings Financial Management for an initial consideration of £0.9m and a potential further consideration of up to £0.9m if the firm attains specified performance targets in the two years after completion.
Founded in 1991, Richings is a financial planning and wealth management business working with over 270 private client families with approximately £70m of assets under advice. The firm is based in Iver and has a four-strong team, including director Clive Ridge, all of whom will remain with Mattioli Woods following completion. The acquisition will consist of an initial consideration of £0.9m cash on a cash-free, debt-free basis, and a second contingent consideration of up to a further £0.9m payable on the first and second anniversaries of completion, if the firm reaches certain profit t...
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