30th Jan 2006 07:00
Mattioli Woods PLC30 January 2006 Press Release 30 January 2006 Mattioli Woods plc ("Mattioli Woods" or "the Group") Business Update Acquisition of Suffolk Life Trustee Company Limited Mattioli Woods (AIM: MTW), the specialist pensions consultancy, today announcesthe acquisition of the entire issued share capital of Suffolk Life TrusteeCompany Limited ("SLT"), together with Suffolk Life Group plc's ("Suffolk Life")portfolio of administration services to small self-administered pension scheme("SSAS") clients ("the SSAS business"). SLT and the SSAS business have beenacquired from Suffolk Life for an initial cash consideration of £701,149 fundedfrom the Group's existing cash resources. The acquisition agreement alsoprovides for deferred consideration to be paid to Suffolk Life by way of anearn-out based on investment commissions earned by the Group during the threeyears from 27 January 2006. The SSAS business administers 170 active schemes with total funds undertrusteeship of £103.6 million. SLT is pensioneer trustee to the schemes. Thisacquisition follows the successful integration into Mattioli Woods of theGeoffrey Bernstein portfolio acquired in June 2005, and both deals complementthe Group's strong organic growth to date. Commenting on the deal, Bob Woods, Executive Chairman of Mattioli Woods said: "This acquisition is in accordance with our stated strategy of using funds raisedwhen the Group joined AIM in November to make acquisitions to consolidate ourposition within the pension consultancy market ahead of "A-day". HMRC Approval for new Self Invested Personal Pension Scheme The Group has also successfully secured HM Revenue & Customs (HMRC) approval fora new Mattioli Woods Self Invested Personal Pension ("SIPP") scheme, which hasbeen developed in conjunction with Bank of Scotland (part of the HBOS Group). This offering utilises Bank of Scotland's specialist, on-line pension fundbanking facility to further strengthen Mattioli Wood's existing SIPP productrange. The Bank of Scotland's technology is built upon a streamlined andefficient administrative platform for clients, underpinned by the ability todownload scheme transactions on a daily basis. The SIPP market continues togrow at a rapid pace, which is set to accelerate in light of the forthcominglegislative changes effective from 6 April 2006, known as "A-day". The new Mattioli Woods SIPP will allow clients to take full advantage of thegreater level of flexibility afforded by "A-day" legislation, in relation bothto planning opportunities and to transactions. Through its trust structure, thescheme facilitates the creation of multiple-member and 'family SIPP'arrangements which enable a client's pension assets to be protected and passedto their family upon death. Mattioli Woods has over 14 years' experience in the SSAS and SIPP markets and,following the acquisition of SLT and the SSAS business, now acts for over 1,300SSAS and SIPP clients throughout the UK, with total funds under trusteeship inexcess of £700 million. In relation to the new SIPP, Ian Mattioli, Chief Executive of Mattioli Woodssaid: "We believe that the new, HMRC-approved SIPP not only gives our clients agreater level of choice as we approach "A-day" but it also strengthens MattioliWoods' leading position within this growing market." Both initiatives are the result of close working relationships forged overrecent years, with Suffolk Life and Bank of Scotland respectively. Woods concludes; "The Board of Mattioli Woods is confident that our integratedgrowth strategy, founded on a combination of highly targeted acquisitions andinnovative new products, is the most effective way to deliver the increasinglytailored solutions that our SSAS and SIPP clients demand." - Ends - For further information: Mattioli Woods plc Bob Woods, Executive Chairman Tel: +44 (0) 116 240 8700 [email protected] Ian Mattioli, Chief Executive [email protected] Nathan Imlach, Finance Director [email protected] www.mattioli-woods.com Williams de Broe Plc Joanne Lake / Richard Lindley Tel: +44 (0) 113 243 1619 www.wdebroe.com Media enquiries: Abchurch Justin Heath / Katherine Murphy Tel: +44 (0) 113 203 1340 [email protected] www.abchurch-group.com Notes to Editors Mattioli Woods plc was established in 1991 by Ian Mattioli and Bob Woods. TheGroup provides pensions consultancy and administration services primarily toowner-managers, senior executives and professionals. Mattioli Woods' key activities include complex pensions consultancy, theprovision of self-invested personal pensions ("SIPP") and smallself-administered pension schemes ("SSAS"), advice on related business affairs,including pension investment services and the facilitation and administration ofsyndicated property schemes. Its focus is at the higher end of the market whereclients require bespoke service and specialist advice. Headquartered in Leicester and employing 76 staff including 12 pensionconsultants, Mattioli Woods has a strong network of intermediary contactsthroughout the UK. The practice has grown rapidly over the last decadeproviding consultancy and pension trustee services. In 1995 the businessdeveloped its first bespoke SIPP, and has since developed five SIPP products inconjunction with other financial institutions. In the year ended 31 May 2005,Group turnover was £6.4 million with normalised operating profit of £1.9million. Mattioli Woods joined AIM on 23 November 2005. Mattioli Woods will announce its interim results for the six months ended 30November 2005 on 21 February 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MTW.L