Wealth management firm Mattioli Woods has acquired Broughtons Financial Planning for a total consideration of up to £4m.
The West Midlands-based firm will add 250 clients and more than £120m assets under advice to Mattioli Woods. The Broughtons management team will be retained by the wealth manager.
The acquired firm generated a pre-tax profit of £0.6m in the year ending 31 July 2017 on revenues of £0.99m. Last November, Mattioli Woods reported having client assets of £8.3bn and a revenue of £28.4m.
"The combined business gives us all opportunities to grow and develop the client offering and we welcome Gary and his team," said Mattioli Wood CEO Ian Mattioli. "Long-term stability and sustainability is key to growing a modern financial services group and we will all continue to strive to achieve this."
Broughtons managing director Gary Bond added: "From our initial discussions with Mattioli Woods it was clear that we shared the same values and business culture.
"We are all excited by the opportunity this gives us as we work to create a great financial services business and to be part of a large group which has clients at its core."
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