Taylor Patterson acquired for £8m

Mattioli Woods has acquired the entire share capital of financial advisory group, Taylor Patterson for up to £8.3m.

AIM-listed Mattioli Woods, of Leicester, is one of the UK’s leading providers of pension consultancy and wealth management services and its purchase of the Preston firm adds to its network of offices which includes Aberdeen, Buckingham, Glasgow, Leicester, London and Newmarket.

The deal consists of an initial £5m payment, consisting £2.5m in cash and 420,000 shares. Additionally, up to £3.3m more will be paid if certain targets are met over the next three years.

Bob Woods, Mattioli Woods chairman, said: “We are delighted to welcome the Taylor Patterson team to the group, which extends the group’s national footprint. Their knowledge and experience will add real value to both our wealth management and employee benefits divisions.”

Gillian Bardin, Taylor Patterson’s managing director, said: “We are all very excited about this next chapter in the Taylor Patterson story. As we have got to know the team at Mattioli Woods we are certain that we share the same culture and values in building long term relationships with clients and professional introducers."

Taylor Patterson currently employs 39 and registered turnover of £3.2m and a pre-tax profit of £900,000 to July 31, 2015.

Mattioli Woods will retain the entire team at the Preston office to continue current service levels and establish a platform for continued growth within the North West.