Newmarket: Atkinson Bolton acquired by Mattioli Woods in deal worth up to £5.99m

James Bolton, managing director of Atkinson Bolton Consulting

James Bolton, managing director of Atkinson Bolton Consulting - Credit: Archant

Wealth management and employee benefits specialist Atkinson Bolton has been acquired by Mattioli Woods plc in a deal valued at up to £5.99million.

Mattioli Woods, a major provider of pension consultancy and wealth management services, will add Atkinson Bolton’s operation in Newmarket to its network of offices in Leicester, London, Aberdeen and Glasgow.

It has acquired the company from managing director James Bolton, who founded the business in 2001, and co-owners David Thurlow and Simon Gibson.

Mattioli Woods said it would be retaining the Atkinson Bolton management team, under a lock-in deal, and the company’s staff of around 50.

The cash and shares deal involves an initial sum of £3.24m, consisting of £375,000 in cash and 946,256 in new shares. A deferred cash sum of £2.75m is payable over the next four years, subject to earnings targets being met.

Ian Mattioli, chief executive of Mattioli Woods, said: “The acquisition of Atkinson Bolton is an excellent cultural and strategic fit, offering real synergies with the wider Mattioli Woods group.

“This is another exciting step forward in our development as a broader wealth management businessand offers us the ability to provide additional value-added services to clients of both firms.”

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Bob Woods, chairman of Mattioli Woods, added:“As we have built a working relationship with James (Bolton) and his team over a number of years, we have certainty that their skill sets will add real value to our pension and wealth management division, and our corporate and employee benefits division.”

James Bolton said: “When I started Atkinson Bolton over 12 years ago, I always hoped it would grow to the company we have today. We are proud of the long-term friendships and business relationships we have built with our private, corporate and

consultancy clients.

“It is my goal, shared with my colleagues, to retain our relationships and to continue to deliver the professional, accessible and friendly service we are known for.”

He added: “We are proud of the business we have built over the last 12 years and excited about joining the Mattioli Woods Group. We look forward to continuing to develop Atkinson Bolton as an integral part of the group for the benefit of clients, employees and shareholders.

“ With the added benefits of scale, more locations and breadth of service, we can enhance delivery across each of our corporate employee benefit, wealth management and investment propositions.”

Atkinson Bolton has total funds under management and advice of around £420m and last year generated a post-tax profit before shareholder dividends of £610,000 on revenues of £2.88m.

Mattioli Woods said it expected the acquisition to be earnings enhancing in the first full year of ownership.