25 May 2012

Mattioli Woods buys City Trustees

10/08/2010 Robert Tyerman

Acquisitive pension consultant Mattioli Woods is paying £1.85 million for trustee and administration services specialist City Trustees.

Mattioli is paying cash to fellow AIM counter Lighthouse Group, present owner of the company, which currently caters for 965 self-invested personal pension schemes, 125 small self-administered pension schemes and 14 funded unapproved retirement benefit schemes.

City Trustees has total funds under trusteeship of £300 million and £100,000 of its own cash, cutting Mattioli's takeover cash outfllow to £1.75 million. The deal brings Leicester-based Mattioli Woods a separately branded administration business, a London base and opportunities for 'synergies' and cross-selling.

It is these prospects which make Mattioli claim the takeover will be 'earnings enhancing in the first full year of ownership', even though City Trustees lost a net £56,000 last year on £780,000 revenues. Mattioli chairman Bob Woods declares 'it is our ambition to continue expanding our operations, both organically and by acquisition'.

Shares in Mattioli Woods, which made a flat £2 million in the six months to last November and in June warned of 'challenging investment conditions' in the year to May, now trade at 208.5p, against a year's high of 251.25p, while Lighthouse shares are up 0.75p today at 8.25p.

Tags: AIM, Growth Stocks, Mergers & acquisitions

Sector: General Financial

Companies: Mattioli Woods

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