Broughtons bought by Mattioli Woods
An Oldbury wealth management business has been bought for up to £4 million by bigger rival Mattioli Woods.
Broughtons Financial Planning in Swallowfield Courtyard, Wolverhampton Road, was founded in 2001.
It provides wealth management advice and administration for 250 individual clients with over £120m of assets under advice.
Broughtons' experienced management team will be retained by the Mattioli Woods group following the acquisition.
The business made pre-tax profits of £620,000 on revenues of nearly £1 million in 2016-2017.
Mattioli Woods is paying an initial £2.7m with a further up to £1.3mn payable in cash in the two years following completion, subject to certain financial targets being met
Ian Mattioli, chief executive of Mattioli Woods, said: "Broughtons has a similar culture to Mattioli Woods and holds high values with the client being at the core of all it does. The combined business gives us all opportunities to grow and develop the client offering and we welcome Gary and his team. Long term stability and sustainability is key to growing a modern financial services group and we will all continue to strive to achieve this".
Gary Bond, Broughtons' managing director, 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."
