Mattioli buys London Planner for £2.34m Wealth manager and SIPP provider Mattioli Woods has bought London-based Financial Planner Montagu Limited in a deal worth up to £2.34m. Montagu is based in Twickenham and employs four staff who will stay on with Mattioli Woods following completion. Montagu was established in 1996 and provides wealth management advice and administration to 150 private and corporate clients with approximately £80m of assets under advice. The managing director is Chris Simpkin. Mattioli Woods said the business is based, like Mattioli Woods, on the provision of fee-based Financial Planning advice. {loadposition hidden2} In the year ended July, Montagu saw revenues of £0.77m with a pre-tax profit of £0.31m. At 31 July 2020 Montagu's gross assets were £1.05m and net assets were £0.95m, including £0.91m of cash. The acquisition is expected to be earnings enhancing in the first full year of ownership. The deal involves an initial cash payment of £1.39m compromising £1.09m in cash plus 40,161 new ordinary shares of 1p each in Mattioli Woods, which are valued at £0.3m, and contingent consideration of up to £0.95m payable in cash on the first and second anniversaries of completion, subject to revenue targets being met.